SUMMARY OF CASE LAW The omission to allow cross examination merely prevents the ITO from making an addition and can be corrected by allowing the cross examination and the AO can be directed to proceed further to examine the matter afresh on the basis of cross examined statement.

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 [...]

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 [...]

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 [...]

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 [...]

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. : [...]

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) [...]

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 the assessee and filed with an E-Return Intermediary (ERI), who, in turn, submits the return to the Income Tax Department under his digital signature, will also be deemed to have been filed under a digital signature of the assessee and no Form ITR-V is required to be submitted. In such cases, the date of electronic transmission of the data in the return shall be the date of furnishing the return.

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 [...]

The AAR upholds the importance of the transfer pricing provision over the capital gains provision in case of an international transaction  In a recent ruling in case of Canoro Resources Limited1 (the taxpayer) the Authority for Advance Ruling (AAR) has held that   The transfer pricing provisions shall override the general provisions provided for computing capital [...]