ITAT Pune held that deduction under section 54B of the Income Tax Act is available only if the land was used for agricultural purpose in the immediate two preceding years. in absence of the same, deduction u/s 54B ineligible.
ITAT Pune held that addition u/s 68 of the Income Tax Act merely on the basis of presumption or suspicion without any corroborated evidence is unsustainable.
Indian Companies Act, 2013 (Act) allows the incorporation of Subsidiary Company of Foreign Company in India. The Subsidiary Company of Foreign Company means either controls the composition of the Board of directors or exercises or controls more than half of the total share capital.
ITAT Ahmedabad held that disallowance of loss on share on mere conjecture and surmises is unsustainable as assessee duly submitted all the evidences.
Understand all about External Commercial Borrowing (ECB) & how it can be used to finance business growth, asset purchase & more. RBI regulation applies.
ITAT Mumbai held that the interest income earned by a cooperative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Income Tax Act.
ITAT Chennai held that UPS and Printers being part of a computer systems and hence eligible for higher depreciation at the rate 60%
Analysis of Maharashtra AAAR ruling on Composite Supply under GST – Learn about M/s. Kasturba Health Societys case and its implications for GST
The narcotic drugs, psychotropic substances and controlled substances seized under the Act shall be classified based on physical properties and results of the drug detection kit, if any, and shall be weighed separately.
Supreme Court in JCIT v. M/s. Chambal Fertilizers & Chemicals Limited held that the term tax under Section 40(a)(ii) of the Income Tax Act, 1961 should also include cess.
