Assessment

CASE LAW DETAILS Decided by: ITAT, SPECIAL BENCH `L’ MUMBAI In The case of: J. M. Baxi & Co. v. DDIT (Int’l Taxation) Appeal No.: ITA No. 2965 to 2968/M/06 Decided on: March 5, 2009 SUMMARY OF CASE LAW The option is with the Income-tax Authorities and not with the non-resident or his agent to [...] Full Article

SUMMARY OF CASE LAW The municipality being talked about in both sections, i.e. section 2(14)(iii)(a) as well as section 2(14)(iii)(b) of IT Act, is one and the same, i.e., one and only one municipality; therefore, if the Central Government specifies, by notification in the official Gazette, any area as an area falling outside the local [...] Full Article

SUMMARY OF CASE LAW The unabsorbed depreciation for the assessment years 1993-94 to 1995-96 pertains to the period ended before 1-4-2001 and the same could not be set off against the income of the assessment year for 2003-04 as per section 10A(6). CASE LAW DETAILS Decided by: ITAT, `F’ BENCH, NEW DLEHI In The case [...] Full Article

SUMMARY OF CASE LAW The assessee is entitled to claim only the deductions as enumerated under section 24 in computation of its income assessable under section 22. CASE LAW DETAILS Decided by: ITAT, AHMEDABAD BENCH `D’, AHMEDABAD In The case of: J. B. Patel & Co. v. DCIT Decided on: February 29, 2008 RELEVANT EXTRACTS: [...] Full Article

The Council in its 281st meeting held from 3rd to 5th October, 2008 decided that an internal auditor of an assessee, whether working with the organization or an independently practicing Chartered Accountant being an individual chartered accountants or a firm of chartered accountants, could not be appointed as his tax auditor. The said decision came [...] Full Article

The Supreme Court has ruled that the foreign exchange earned by transferring the rights of exploitation of the films outside India by way of lease is admissible for deduction under Section 80HHC of the Income-Tax Act, 1961. The court turned down the plea of the revenue department, which had said that films are not goods [...] Full Article

DCIT vs. M/s Premsons (ITAT Mumbai) Where during a survey, the assessee surrendered an amount of Rs. 29 lakhs towards “any other discrepancy” but later retracted from the same and the question arose whether the assessee could be assessed despite the said retraction, HELD: (a) While conducting a survey u/s 133A the department has no [...] Full Article

Under the Income Tax Act, the total tax liability has to be paid in installments as advance tax on or before specified due dates. Credit is given to the assessee for advance tax paid by him at the time of determining his final tax liability. Any remaining amount has to be paid as self-assessment tax [...] Full Article