Follow Us :

Archive: 13 May 2021

Posts in 13 May 2021

Explanation 2(c) to Section 147 is merely to explain the scope of re-assessment

May 13, 2021 2118 Views 0 comment Print

Sanmina-SCI Technology India Private Ltd. Vs ACIT (Madras High Court) Explanation 2(c) to Section 147 will not come to the aide of the relevance as, while the income chargeable has been made subject to excessive relief, the explanation cannot override the statutory prescription of limitation as set out in the proviso to Section 147. The purpose of the […]

Section 68 not applies when assessee explained nature & source of Income

May 13, 2021 2001 Views 0 comment Print

Harish Sharma Vs ITO (ITAT Chandigarh) Admittedly, in the present case the notebook entries containing entry pertaining to the business of M/s Sharma Overseas Services was recovered from the possession of the assessee. The authorities below have not rejected the contention of the assessee that the entries in note book pertained to the business concern […]

Refund & Drawback Disposal Drive from 15.05.2021 to 31.05.2021

May 13, 2021 1422 Views 0 comment Print

This Special Drive shall be in place from 15th May 2021 to 31st May 2021. It is expected that during this period all refund and drawback claims that are pending as on 14th May 2021 shall be disposed.

No addition against wife merely based on statement of husband

May 13, 2021 7494 Views 0 comment Print

Any material collected at the back of assessee or any statement recorded under section 131 at the back of assessee could not be read in evidence against assessee, unless same was confronted to assessee and that assessee should be allowed to cross-examine to such statements.

Registration of Trust under Income Tax – Analysis of New Provisions

May 13, 2021 116133 Views 13 comments Print

Finance Act, 2020 introduced various amendment related to the registration of Charitable trust and Religious trust for availing the exemption u/s 11 and 12 of the Income Tax Act, 1961 (Act). Thereby, the legislature introduced section 12AB in the Act and made erstwhile provision of registration (i.e. section 12AA) inoperative.

SC judgement regarding allowance of expenses incurred for obtaining loan along with interest on loan

May 13, 2021 2052 Views 0 comment Print

In principle , apart from any statutory provisions, there is no distinction as drawn by the revenue , between interest in respect of a loan and an expenditure incurred for obtaining the loan . It is erroneous to consider a liability as an asset or an advantage. The nature of the expenditure incurred in raising […]

Income Tax Calculator Utility from FY 2015-16 to FY 2021-22

May 13, 2021 6486 Views 0 comment Print

Income Tax Calculator Utility from FY 2015-16 to FY 2021-22 with New Tax Regime and Old Tax Regime This is an Automated Income Tax Calculator from FY 2016 – 17 to 2021 – 22 in a single click under Old and New Tax Regime with easy comparison. You can use 10000 Employees Income Tax calculation […]

Concept of Contribution & Average Clause under Insurance Policy

May 13, 2021 20874 Views 0 comment Print

Understand the concept of Contribution & Average Clause in insurance policies. Learn how insurers distribute loss among multiple policies, preventing excessive claims. Explore the nature of contribution, contribution clause, and its application in insurance. Differentiate contribution from subrogation and delve into the average clause, ensuring fair compensation for underinsured properties.

Relaxation of Time for Filing Charge Related Forms under Companies Act, 2013

May 13, 2021 2514 Views 0 comment Print

Due to resurgence of Covid- 19 pandemic and after considering requests received from Stakeholders Ministry of Corporate Affairs (‘MCA’) has decided to allow relaxation of time and condone the delay in filing of forms related to creation and modification of charges that are required to filed under Companies Act, 2013 (‘ACT’), pursuant to General Circular […]

Constitutional Right Vs Fundamental Right

May 13, 2021 57705 Views 0 comment Print

The fundamental rights are basic and inalienable rights which are granted to each citizen of India through Part III of the constitution, and in some rare/exceptional cases to non-citizens too. These rights are enshrined in Part III of the Constitution of India.

Search Post by Date
May 2021
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31