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The article is all about the confusion in both the definitions. If we read both the definitions, at first glance it seems overlapping because there is mention of technical consultancy in the definition of professional services as well as technical consultancy is also mentioned under definition of fees for technical services.
Explore effective tax planning strategies for individuals as the year-end approaches. Discover deductions under various sections like 80C, 80D, 80E, and more. Maximize savings and minimize tax liability.
The ITAT allowed appeal of the assesse wherein the LD. CIT(E) have rejected registration under 12A of the I.T. Act, 1961, by observing that various allegations made by the ld.CIT(E) while denying registration u/s. 12A of the I.T.Act requires verification and proper appreciation of facts by the ld. CIT(E). In addition, it was also observed that the matter requires a revisit to the file of the PCIT for deciding the issue afresh and in accordance with law after giving due opportunity of being heard to the assessee.
Bombay High Court dismissed the writ petition as an alternate remedy of appeal is available to the petitioner which needs to be filed before the Commissioner of Income Tax (Appeals) as per the provisions of Section 246 of the Income Tax Act.
ITAT Hyderabad held that AO has neither made any enquiry nor asked any questions to the assessee nor any information was called for. Therefore, the order passed by AO was erroneous and prejudicial to the interest of revenue within the meaning of section 263 of the Income Tax Act.
ITAT Mumbai held that reopening of assessment was undertaken by AO without application of mind on complete incorrect assumption of fact that no return of income was filed for the relevant Assessment year and hence said reopening of assessment is invalid.
The Income Tax Act, 1961 deals essentially with the imposing of taxes, exemptions and procedure to be followed therewith. The income that is accrued or deemed to accrue on the tax payer is the tax income and the application and diversion of income are two fundamental yet confusing concepts in the Indian Tax law. Also, both of these are court made concepts.
ITAT Kolkata held that advance given in relation to business transaction for setting up hospital project which was abandoned, the said advance is irrecoverable and hence allowable as revenue expenditure.
ITAT Ahmedabad held that the Assessing Officer is required to pass the assessment order within the time limit prescribed under section 153(1) of the Income Tax Act and hence any order passed belatedly is unsustainable in law.
Bombay High Court held that expenditure towards development of a software which never came into existence is revenue in nature as it doesn’t give rise to any new asset.
