Income Tax - The due date for a person (other than a company) whose accounts are required to be audited under the Income Tax Act, 1961, may be increased to 31st October 2019 as the numbers of cases of audit are increasing and auditors have to incorporate data of GST Returns in the audit report apart from checking of the purchases, turnover, ITC, etc.,...
Read MoreIncome Tax - Taxpayers faced a lot of problem last year and even pensioners/ senior citizens paid late fees on late filing of returns. With a view to make tax system taxpayers friendly and cooperative, the due date of 31st July should be changed to 31st December, every year. The coming central budget(on 5 July 2019) may consider the above mentioned ...
Read MoreIncome Tax - Assessees as well as tax-practitioners are very much worried about the penal provisions in section 234F of the Income Tax Act, 1961 as well as harsh provisions in respect of newly introduced section 80AC of the Act where return of income is not furnished upto due date under section 139(1) of the Act....
Read MoreIncome Tax - Section 10A of the Income Tax Act, 1961 (the Act for short) deals with special provision in respect of newly established undertakings in free trade zone, etc. For the purposes of section 10A, total turnover is sum of export turnover as well as domestic turnover...
Read MoreIncome Tax - Many times reference has been sought regarding the question whether inaugural expenses incurred by a person are deductible under section 37(1) or not while computing the profits & gains from business or profession (of that person)....
Read MoreDCIT Vs M/s Larsen & Toubro Limited (ITAT Mumbai) - The assessee had challenged reopening of assessment on two grounds. The CIT(A) had accepted the arguments of the assessee, in light of provisions of section 147 of the Act, and the assessment order passed by the AO u/s 143(3) of the Act, dated 29/12/2018 and came to the conclusion that the assessmen...
Read MoreDCIT Vs. BSE Ltd. (ITAT Mumbai) - We noted that in the very first year i.e. AY 2011-12, the depreciation has already allowed the claim of depreciation. We noted that in the income tax code, there is a provision/ concept of block of asset and once any asset enters into block asset and claim of depreciation in very first year is allow...
Read MoreACIT Vs Eichers Motors Ltd (ITAT Delhi) - The estimate of warranty made by the assessee on the basis of past history cannot be treated as a provision for any ascertained liability and allowed the provision for warranty as deduction....
Read MoreDCIT vs. Compass Group (India) Support Services P. Ltd.(ITAT Chennai) - Recently in the DCIT vs. Compass Group (India) Support Services P. Ltd. ITAT Chennai decided on 12.06.2019, one of the ground taken by Revenue in the appeal was that the Learned CIT(A) has erred in providing relief to the assessee by holding that the appellant was entitled to depreciation on non Â...
Read MoreACIT Vs M/s. International Cars & Motors Ltd (ITAT Delhi) - Where no satisfaction had been recorded by the AO for initiation of penalty in the assessment order the same cannot invite the assessee to penalty under section 271(1)(c)...
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DCIT Vs M/s Larsen & Toubro Limited (ITAT Mumbai) -
DCIT Vs. BSE Ltd. (ITAT Mumbai) -
ACIT Vs Eichers Motors Ltd (ITAT Delhi) -
DCIT vs. Compass Group (India) Support Services P. Ltd.(ITAT Chennai) -
ACIT Vs M/s. International Cars & Motors Ltd (ITAT Delhi) -
AT & T Global Network Services (India) Pvt. Ltd. Vs JCIT (ITAT Delhi) -
Carrier Air-conditioning & Refrigeration Ltd. Vs ACIT (ITAT Delhi) -
Mercedes Benz Education Academy Vs ITO (ITAT Pune) -