"CA. Ajit Sharma (Mob.No. 9871097656) is an Chartered Accountant since January 2010, has taken bachelor degree of commerce in 2001. He is a fellow member of the Institute of Chartered Accountant of India (ICAI). In 2017 he is also qualified the course of Certified Concurrent Auditor of Bank conducted by the ICAI. He is also a Bachelor of Legislative Law (LLB). He is Co-Founder of A A J P & ASSOCIATES. He is currently doing practicing in Delhi in the field of Assessment and Appeals of Income Tax. He is also appeared before appellate authority in various cities in India. He is specially taking the case of income tax appeal before Income Tax Appellate Tribunals, Commissioner of Income Tax (Appeal) and the assessment and reassessment cases before Income Tax Assessing Officer."
ITAT Mumbai dismissed revenue’s appeal against Thirumalai Chemicals, allowing gratuity, bad debts, and other expenses while also allowing the assessee’s cross-objection.
The Delhi High Court ruled that Common Area Maintenance (CAM) charges are subject to TDS under Section 194C, not Section 194I, as they are for services and not rent.
The Bombay High Court rules that for Section 32AB deductions, profit must be based on the Profit & Loss Account finalized under the Companies Act, not on adjusted figures.
The Delhi ITAT has deleted an addition under Section 69A for unexplained cash deposits made during demonetization, finding the assessee’s explanation to be justified.
ITAT Delhi has deleted a disallowance of cash salary payments, finding that assessee had provided sufficient employee details that were not properly considered by tax authorities.
The ITAT Mumbai has ruled that a company’s share of a partnership loss cannot be added back to its book profits under Section 115JB, clarifying the computation of book profits under the Income Tax Act.
The ITAT Mumbai has ruled against an arbitrary 3% net profit addition for a liquor dealer. The court found the addition was based on assumptions, not evidence, as the books were audited
ITAT Delhi overturns an AO’s ad-hoc disallowance of 90% of revenue expenses for a real estate company, upholding the use of the Percentage of Completion Method and ICAI’s accounting standards.
A criminal complaint for tax evasion, based on unauthenticated documents from a foreign government, was quashed due to a lack of credible and corroborative evidence.
Rajesh Shantaram Chavan vs. ACIT (ITAT Mumbai) M/s.Century Textiles and Industries Limited was incurring heavy losses and shut down its Worli Textile Mill Unit in 2008. Around 6300 of its 6600 Mill workers opted for the voluntary retirement scheme, however, 275 workers had opposed for closure of the Mill. Assessee is one of the 275 […]
