"10 September 2021" Archive - Page 4

ITAT not allows 100% depreciation on mobile valued less than ₹ 5000

Niho Construction Limited Vs DCIT (ITAT Delhi)

Niho Construction Limited Vs DCIT (ITAT Delhi) Assessee claimed 100% Depreciation on Mobile Phones, each of which cost less than Rs. 5,000/-. But Assessing Officer (AO) restricted the depreciation to 15%, treating them general plant & Machinery. Assessee approached ITAT and AO argued that List of items on which 100% depreciation is al...

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Mobile phone cannot be fixed to a particular place, Depreciation allowable

Rangbahar Vs CIT (ITAT Mumbai)

Rangbahar Vs Commissioner of Income Tax (ITAT Mumbai) In this case CIT (Commissioner of Income tax), disallowed depreciation on mobiles, as the assessee has not provided ‘the place of installation’ of Mobile Phones. Vide para 18 of the Revision Order of the CIT was of the opinion that the assessee has not provided “the place...

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Extended due dates of Income Tax Return, Tax Audit & TP Audit

Extension of time lines for filing of Income-tax returns (Audit /Non-Audit cases both and Furnishing of belated/revised Return of Income for the Assessment Year 2021-22) and various reports of audit including Tax Audit/ Transfer Pricing Audit for the Assessment Year 2021-22 by the Central Board of Direct Taxes (CBDT) vide Circular No. 17/...

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Posted Under: Income Tax |

Green Tax: An International Perspective

Climate change is the biggest threat that the human population is facing in this current scenario. With the race between the developing nations and the developed nations to grow more that each other we have somewhere lost our planet in that race....

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Posted Under: Income Tax |

Transfer of Shares without Providing Pre-Emptive Right to Existing Shareholders Amounts To Oppression and Mismanagement

Transfer of Shares without Providing Pre-Emptive Right to Existing Shareholders Amounts To Oppression and Mismanagement MEANING OF OPPRESSION: In the Black Law Dictionary, the term ‘persecution’ is characterized as ‘the demonstration or a case of unjustly exercising power.’ It can also be described as the action of aut...

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Posted Under: Income Tax |

GST/Interest/Penalty cannot be collected without Section 74(1) notice

GST Department Not Allowed Collecting Any Tax/Interest/Penalty without Issuance of Notice U/s. 74(1) Telangana High Court gave a decision in the case of Deem Distributors Private Ltd Vs Union of India, in which GST department will not allowed to collect any Tax/Interest/Penalty without issuance of notice under section 74(1) of the Goods a...

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Posted Under: Income Tax |

Penalty of Rs. 10,000 on ATM Soon, For Non-Replenishment with Cash

The RBI has concerned as the most of the ATM does not have sufficient funds and it creates nuisance for people. So the RBI has finalised that if any ATM goes out of cash for more than 10 hours in a single month with effect from 1 October, 2021, they will be liable of a […]...

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Posted Under: Income Tax |

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