Search warrant is issued regarding premises and not necessarily regarding an assessee, and a common search warrant and panchnama issued against multiple assesses operating from the same premises are justifiable.
Mumbai ITAT rules in Lalita Troy Caeiro Vs ITO case that assessment can’t be reopened beyond 4 years if there’s full disclosure by assessee. Detailed analysis and conclusion provided.
in terms of section 249(4)(a) of the Act, stipulation as to payment of tax ante filing of first appeal is only directory and not mandatory, where appeal is filed without payment of tax but subsequently required amount of tax is paid, appeal shall be admitted on making payment of tax and taken up for hearing on merits.
Explore the detailed analysis of JS Capital LLC Vs ACIT (ITAT Mumbai) regarding the offsetting of Short Term Capital Loss (STCL) against Short Term Capital Gain (STCG) under section 70(2) of the Income Tax Act.
Appellant’s bank statements confirm full payment, complying with Section 56(2)(x)(b)(B). ITAT deletes addition of Rs. 60.1 Lakhs. Detailed analysis & conclusion.
In the case of Pukhraj Nathmal Jain Vs ITO, ITAT Mumbai deletes addition u/s 68 of Income Tax Act, as the source for deposits made during demonetisation period was substantiated.
In the case of Piramal Enterprises Ltd vs DCIT, ITAT Mumbai directed deletion of Fringe Benefit Tax (FBT) addition on business promotion expenses due to absence of an employer-employee relationship.
In case of Balaji Mines And Minerals Pvt Ltd vs ACIT, Bombay High Court ruled that reassessment cannot be based solely on reasons borrowed from other departments or reports, such as Justice M.B. Shah Commission Report.
Introduction Conventionally, the tangible assets are preferred as collaterals in financing businesses by the financial institutions. Over the period of time, these tangible assets’ value tends to depreciate. However, with the advancement in science and technology, intangible assets like intellectual property rights are becoming the way of financing many businesses around the world. Usually, the […]
In the case of Honda Motorcycle & Scooter India Pvt Ltd vs. ACIT, ITAT Delhi directed the Transfer Pricing Officer (TPO) and Assessing Officer (AO) to delete the adjustment made on account of the arm’s length price (ALP) of export commission payment.
