Assessment

SUMMARY OF CASE LAW Merely because some optical fibre lines or connection lines have been laid, the road cannot get converted into a plant; even if the assessee constructs some restaurant etc., on a particular road or provides some other amenities, then on such assets depreciation may be claimed as per Appendix but that would [...] Full Article

SUMMARY OF CASE LAW Merely because other clubs follow the very same accounting policy, it cannot be said to be beyond scrutiny or verification as to the correctness and completeness of the accounting practice followed, and there is any deficiency in such accounting practice or policy, it can very well be tinkered with howsoever universally [...] Full Article

To file I-T returns, the choice for salaried individuals will be between the Indian Income Tax Return – 1 (ITR-1) and ITR-2 forms. If your earnings for the year are through salary income and interest earned on bank deposits, then ITR-1 is the form you should fill up. If you are a salaried individual and [...] Full Article

CASE LAW DETAILS Decided by: ITAT, “B-1″ BENCH : MUMBAI, In The case of:Neelam Mercantile Pvt. Ltd. v.ITO,  AppealNo. ITA No. 194/Mum/2008, Decided on: April 17, 2009 RELEVENT PARAGRAPH 7. The scope of section 263 has been determined by the propositions pro-founded by the Hon’bie Apex Court as well as other courts. For the revenue, an incorrect [...] Full Article

SUMMARY OF CASE LAW The grants and payment of royalty claimed under the head “expenses on direct operations/ grants” are not allowable under section 37(1), but they are allowable under section 36(1)(xii) CASE LAW DETAILS Decided by: ITAT, DELHI BENCH `E’ : NEW DELHI, in the case of : Oil Industry Development Board v.ACIT, AppealNo. : [...] Full Article

The income tax department is set to start an online ‘judicial reference system’ in order to streamline thousands of departmental cases being fought in various courts and I-T tribunals across the country. The facility, to be used by I-T department officials initially, will put in place all the cases, petitions and Special Leave Petitions (SLPs) [...] Full Article

It has been proposed under the IT Circular 3/2009 that if the return is electronically furnished under a digital signature, the tax-payer is not required to furnish the Form ITR-V with the Income-tax Department as a follow up to the electronic transmitting of data in the return. Similarly, any return which is digitally signed by [...] Full Article

It has been directed that ITR-1 to ITR-8 shall require the quoting of the relevant UTN for every TDS or TCS claim made by an assessee and that the credit for any TDS/TCS claim will be allowed only if the assessee quotes the relevant UTN and the said UTN matches with that in the database [...] Full Article