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Mukul Kumar Singh Versus The Commissioner, Income Tax (Patna High Court)
The trust deficit between the Department and the Assessee, perhaps has led to the litigation being prolonged for more than a decade and a half. Every public body and Institution has a duty not only to build goodwill and defend its reputation but also to instill faith in the mind of public with regard to its functionality. There are times when the Institution has to show magnanimity, even in the existence of a bonafide error, and not unnecessarily embroil a party to litigation and prolong his agony.Stratagem Portfolio (P.) Ltd., Vs. Dy. Commissioner of Income Tax
On perusal of the above reasons, it is evident that the material suggests that client code modification has been carried out by the broker in the case of the assessee. According to the information available in the reasons recorded, client code modification is allowed to the brokers by the stock exchange, within a limited window of time after business hours, for rectification of any mistakes in punching of the client code while carrying out transaction of purchase and sale on behalf of the customers. The Learned Assessing Officer, however has alleged in the reasons recorded that client code modification has been done for shifting of the profit or loss by the assessee. But there is no material to infer that such client code modification has been done with malafide purpose of shifting of the profit or evasion of the tax. There is no material before the Assessing Officer to form such a belief that income had escaped due to such client code modification and thus there is no live link between the material before the Assessing Officer and inference made151 LandMark Judgements Of The Supreme Court – Download PDF
The AIFTP and other leading professional organizations have issued a publication containing 151 landMark judgements of the Hon'ble Supreme Court of India. The judgements cover Direct taxes, Indirect taxes and Allied laws. A pdf copy of the publication is available for downloadHonouring the Honest Is A Game Changing Fiscal Policy But The Dept Has To Satisfy At Least 10 Expectations Of High Tax Payers To Eliminate The "Trust Deficit" Between Itself & The Taxpayers
Dr. K. Shivaram, Senior Advocate, has lauded the recent philosophy of the Income-tax Dept of "Honouring the Honest". He has described it as a "Game Changing Fiscal Policy". He has advised that the tax administration has to make sincere affords to satisfy at least 10 expectations of high tax payers. He has opined that this will be a way forward to eliminate the so-called "Trust Deficit" between the Tax Department and the AsseesseesOwing to the ravages of Covid-19, our editorial staff is unable to process judgements and articles in an efficient and timely manner. We are accordingly requesting our learned readers to upload any important judgement that they may possess and also to publish articles on interesting legal topics.
See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
CBDT Issues Guidelines To Clarify TDS/ TCS Law U/s 194-0 And 206C (1H) Of The Income-tax Act, 1961
The CBDT has vide Circular No. 17 of 2020 dated 29th September, 2020 issued Guidelines under section 194-0 (4) and section 206C (1-1) of the Income-tax Act, 1961__._,_.___
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