Income Tax : Karnataka High Court allows PCIT's appeal, upholding a Section 263 revision for non-disallowance of commission payments without TD...
Income Tax : Understand the penalties, interest, and disallowance of expenditure under Section 201 for failure to comply with TDS provisions in...
Income Tax : Learn about disallowed expenses under PGBP in India's Income Tax Act. Understand key sections like 37, 40, and 40A, and their impa...
Income Tax : Learn about disallowances under Income Tax Act sections and their reporting requirements in Form 3CD during tax audits. Key provis...
Income Tax : Delhi HC rules reimbursements to NRAEs not subject to TDS as "fees for technical services," clarifying scope of Section 9(1)(vii) ...
Income Tax : Section 40(a)(ia) is amended via Finance (No. 2) Act, 2014 to restrict the amount of disallowance for non-deduction of tax to 30% ...
Income Tax : The existing provisions of section 40(a)(ia) of Income-tax Act provide for the disallowance of expenditure like interest, commissi...
Income Tax : ITAT Delhi set aside Section 154 rectification holding the Section 40(a)(ia) TDS disallowance involved a debatable issue requiring...
Income Tax : ITAT Ahmedabad set aside rejection of books under Section 145(3) and remanded business promotion expense verification to the Asses...
Income Tax : ITAT Bangalore deleted additions treating agricultural income as income from other sources after finding audited books were not re...
Income Tax : ITAT Bengaluru remanded the Section 40(a)(ia) appeal after holding that the CIT(A) should have decided it on merits despite non-ap...
Income Tax : Vodafone Idea Limited Vs ACIT (ITAT Mumbai) Conclusion: Only the net profit element embedded in the unaccounted sales was taxa...
Income Tax : Circular No. 3/2015 Section 40(a)(i) of the Act stipulates that in computing the income chargeable under the head "Profits or gain...
Income Tax : Sub: Deduction of tax at source under Section 195 read with Sections 201 of the Income-tax Act, 1961 relating to payment made to a...
Income Tax : Circular No. 10/DV/2013-Income Tax It has been brought to the notice of the Board that there are conflicting interpretations by j...
ITAT Delhi set aside Section 154 rectification holding the Section 40(a)(ia) TDS disallowance involved a debatable issue requiring detailed enquiries.
ITAT Ahmedabad set aside rejection of books under Section 145(3) and remanded business promotion expense verification to the Assessing Officer.
ITAT Bangalore deleted additions treating agricultural income as income from other sources after finding audited books were not rejected.
ITAT Bengaluru remanded the Section 40(a)(ia) appeal after holding that the CIT(A) should have decided it on merits despite non-appearance.
Vodafone Idea Limited Vs ACIT (ITAT Mumbai) Conclusion: Only the net profit element embedded in the unaccounted sales was taxable and directed the AO to compute the addition by applying a 2% net profit rate, recognising both direct and indirect business expenses evidenced by the seized material. Held: Pursuant to a search, AO found incriminating material […]
The Delhi High Court held that the issues raised by the Revenue were either covered by binding precedents or based on factual findings of the ITAT. It dismissed the appeal after finding no substantial question of law for consideration.
The Tribunal restricted the Section 14A disallowance to exempt income and deleted additions relating to bad debts, tea and coffee expenses, and hotel accommodation after finding the statutory requirements for disallowance were not met.
The ITAT Chandigarh held that no TDS was deductible where professional fees paid to each payee were below the statutory threshold. It also deleted the branch stock addition after finding that the unsold stock represented an amount recoverable from the branch and not taxable income.
Bangalore ITAT held that mine development expenditure incurred by a mining contractor was allowable as a revenue deduction under Section 37 and not governed by Section 35E. The Tribunal followed its earlier decision in the assessee’s own case and dismissed the Revenue’s appeal.
The ITAT Delhi held that an adjustment against excess contributions already made to an approved gratuity fund could not be disallowed under Section 40A(7). It also held that contributions to an approved gratuity fund are allowable under Section 40A(7)(b), resulting in deletion of the disallowance.
