ITAT Visakhapatnam held that merely by converting the share application money by allotting shares at a subsequent date cannot attract the provisions of section 56(2)(viia) of the Income Tax Act 1961 as there is no change in the shareholding pattern subsequent to the allotment of shares by the subsidiary company.
Delhi High Court held that power of Enforcement Directorate (ED) stands confined to the offense of money laundering as defined in terms of Prevention of Money Laundering Act, 2002.
ITAT Ahmedabad held that gift items given to business associates and executives qualifies as sales promotion expenditure allowable under section 37 of the Income Tax Act.
K.L. Suneja Vs Dr. (Mrs.) Manjeet Kaur Monga (D) (Supreme Court of India) An interesting question arose in this case where an apartment buyer was returned the money paid by her by way of a Pay-order by the developer instead of giving the flat. This was disputed by the flat allottee as she was willing […]
ITAT Delhi held that once the expenditure is allowable as business expenditure u/s 30 to 38 of the Income Tax Act there is no requirement of generation of income for claiming business expenditure.
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ITAT Ahmedabad held that invocation of provisions of section 263 of the Income Tax Act justified as AO allowed deduction u/s 54B without necessary inquiry about applicability of the same.
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ITAT Chennai held that the expenditure incurred towards the purchase of the off-the-shelf software products is not in the nature of Royalty for use of copyright in the software and thus not liable for withholding of tax u/s.195 of the Act.
Memorandum Explaining the Provisions in Finance Bill, 2023 released by Finance ministry explains proposed Changes in Income Tax, GST, Customs & Excise.
