Explore the ITAT Pune ruling on the disallowance of car expenses incurred by a private limited company for personal use by directors, citing relevant case law and legal principles.
Explore the ITAT Ranchi ruling on penalty imposition for non-audit of books, analyzing the distinction between maintenance and audit requirements under Sections 44AA and 44AB of the Income Tax Act.
Sri. Sandeep Patwari Vs DCIT (ITAT Bangalore) Violation of procedural norm does not extinguish substantive right of claiming Foreign Tax credit (FTC) Assessee received 143(1) intimation wherein the foreign tax credit (FTC) of Rs.14,02,442 was not granted. Rectification application filed u/s 154 too did not allow the claim of the assessee. CIT(A) confirmed the 154 […]
mere non-disclosure of agricultural income in the return of income does not change the characteristics of land. Subsequent use of land by the purchaser has no connection to decide the nature of land, whether it is an agricultural land.
Mehala Machines India limited Vs ITO (TDS) (Madras High Court) TDS Delay- Offence u/s 276/278- Separate notice u/s 2(35) is not necessary before issuance of SCN to consider Directors as principal officers The Company assessee had deducted TDS but failed to pay within the prescribed time. As the Petitioners (Company & directors) had delayed the […]
Ravindra Dayanand Sankeshwar Vs DCIT (ITAT Bangalore) Assessee, an individual/ proprietor claimed expenses towards interest on unsecured loans. 30% disallowance of interest expenditure for non-deduction of TDS was upheld by CIT(A) holding that Act requires the forms to be submitted before the competent authority during the year under consideration and not at the time scrutiny […]
Core issue involved in the appeals is the scope of assessment u/s 153A. question posed for consideration is, as to whether in respect of completed assessments/unabated assessments, whether the jurisdiction of AO to make assessment is confined to incriminating material found during the course of search u/s 132 or requisition u/s 132A or not,
As a consequence, any loss incurred by way of an expenditure by an assessee for any purpose which is an offence or which is prohibited by law is not deductible in terms of Explanation 1 to Section 37 of the Act.
In a pivotal decision, the Supreme Court has granted bail to a chartered accountant involved in a complex money laundering case, setting significant conditions.
The issue involved in this case is whether the benefit of indexation is available on ‘advance payment’ made for acquisition of property or whether the benefit of indexation is available from the year of registration of purchase deed.
