Akhilesh Kumar Sah

Good knowledge of law a must for those in practice

Income Tax - Time For Full/Good Knowledge Of Laws For Tax Practitioners, Chartered Accountants In Order To Save Themselves And Doing Work Of Clients As Per Legal Provisions...

Claiming of Expenditure on Puja Expenses as Business Expenditure

Income Tax - The Puja Expenses incurred by an assessee can be allowed as an expenditure, depending on the facts & circumstances of the case as per section 37(1) of the Income Tax Act, 1961 (for short the Act)....

Whether Inaugural Expenses Deductible Under Section 37 (1)

Income 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)....

For section 10A, total turnover is sum of export & domestic turnover

Income 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...

Requirement to extend due date to file Tax audit report and related ITR

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.,...

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L&T Case: Classic example of change of opinion

DCIT 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...

Allowance of depreciation on the basis of consistency: BSE Ltd. case

DCIT 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...

Liability for provisions can be measured only by using a substantial degree of estimation

ACIT 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....

Depreciation on non compete fee payment treating it as an intangible asset

DCIT 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 �...

Initiation of penalty not valid if AO fails to record satisfaction for the same

ACIT 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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Recent Posts in "Akhilesh Kumar Sah" | Total 198 Posts

Good knowledge of law a must for those in practice

Time For Full/Good Knowledge Of Laws For Tax Practitioners, Chartered Accountants In Order To Save Themselves And Doing Work Of Clients As Per Legal Provisions...

Posted Under: Income Tax | Articles

Claiming of Expenditure on Puja Expenses as Business Expenditure

The Puja Expenses incurred by an assessee can be allowed as an expenditure, depending on the facts & circumstances of the case as per section 37(1) of the Income Tax Act, 1961 (for short the Act)....

Posted Under: Income Tax | Articles

Whether Inaugural Expenses Deductible Under Section 37 (1)

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)....

Posted Under: Income Tax | Articles

For section 10A, total turnover is sum of export & domestic turnover

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...

Posted Under: Income Tax | Articles

Requirement to extend due date to file Tax audit report and related ITR

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.,...

Posted Under: Income Tax | Articles

L&T Case: Classic example of change of opinion

DCIT 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 assessment has been reopened on change of opinion...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai

Allowance of depreciation on the basis of consistency: BSE Ltd. case

DCIT 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 allowed, in subsequent year the deprecation c...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai

Liability for provisions can be measured only by using a substantial degree of estimation

ACIT 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....

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Delhi

Depreciation on non compete fee payment treating it as an intangible asset

DCIT 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 compete fee as an intangible asset unde...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Chennai

Initiation of penalty not valid if AO fails to record satisfaction for the same

ACIT 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)...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Delhi