As we are dealing with admissibility of expenditure u/s 37 and not u/s 36(i)(vii) according to which, there must be an expenditure at the first instance which has crystallized during the impugned AY as against deduction u/s 36(i)(vii) which is allowable to the assessee the moment bad debt is written off in the books of accounts, notwithstanding the fact that whether the same has actually become bad or not.
The contention of the Ld. D.R. has no merit that ITO, Ward-1(1), Faridabad was empowered to issue notice as per PAN or it was issued as per Computerized System of the Department because it is against the provisions of Law. As such the issue would be in violation of the principles of law and as such the internal procedure provided by the department would not justify the illegality committed by the ITO, Ward-1(1), Faridabad.
Learn about ITAT Pune’s decision on deduction under section 10B/10A in relation to TP adjustment by Approva Systems Pvt. Ltd vs. DCIT.
Payment for IUC Charges is not chargeable to tax in India in the hands of the non-resident recipients and hence TDS was not deductible as per provisions of section 195 of the Act.
The Writ Petitioner prays for a Writ of Certiorari calling for the records of Order-in-Original dated 21.04.2017 passed by the respondent and quashing of the same as arbitrary and illegal.
The challenge in this writ petition is to an order dated 21stDecember, 2016 passed by the Principal Commissioner of I ncome Tax (PCIT) rejecting the Petitioners application under Section 264 of the Income Tax Act, 1961 (Act) on the ground of limitation.
Shri Amod Shivlal Shah Vs ACIT (ITAT Mumbai) Assessments ought not to be based merely on the confession obtained at the time of search and seizure and survey operations, but should be based on the evidences/material gathered during the course of search/survey operations or thereafter, while framing the relevant assessments.
ICAI has come across a Press Release issued by Central Bureau of Investigation (CBI), Guwahati wherein it has been mentioned that two of the accused involved in a criminal ease i.e Ramesh Goenka and Amit Goenka are chartered Accountant.
In order to curb structuring by the multinational group Companies having their presence through subsidiaries/ associate companies or permanent establishments in India, the Finance Act 2017 introduced a new section 94B under the Income-tax Act, 1961 (the Act), in line with the recommendations of OECD BEPS Action Plan 4
Availability of input tax credit ought to be viable only up to the extent it is used as against taxable supplies. There exists no ambiguity in determining input tax credit where a supplier is engaged exclusively in either taxable or on otherwise exclusively in exempted goods, inputs for former business being totally eligible as against inputs for latter business being fully disallowed.
