Akhilesh Kumar Sah

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)....

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Review of extension of date for filing audit reports & ITRs is a must

Income Tax - It is estimated that a large number of cases are pending, countrywide, for audit as well as filing of related Income Tax Return(ITR), where there is compulsory requirement of audit & filing of ITR upto 31st of October 2017. Central Board of Direct Taxes (CBDT) has done a great job by already extending the due date of 30.09.2017 to 31.10.2...

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Extend Due Dates for Composite scheme & GST Return filing

Income Tax - There are many assessees who are still in the process of migration & many files have not been yet converted at the GST portal as final due to some technical and procedural problems. Also, there are problems in respect of claim of ITC in filing of GST Returns....

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Request to extend due date of filing ITRs from 31st July, 2017 to 30th Sep, 2017

Income Tax - Due to the implementation of the GST law from 01.07.2017 and the necessity of linking of PAN with Aadhaar Number from 01.07.2017 while filing ITR, has caused severe problems to tax-payers....

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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...

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Section 263: Failure to issue notice on any particular issue

Bses Rajdhani Power Ltd. Vs. Principal CIT (Delhi High Court) - Failure to issue notice on any particular issue does not vitiate the exercise of power under Section 263 as long as the assessee is heard and given opportunity...

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Subsidy received for setting up of or expansion of industry: Whether ‘Capital receipt’ or a ‘Revenue Receipt’

LG Electronics India Pvt. Ltd. vs. ACIT (ITAT Delhi) - Even if a subsidy is given to attract industrial investment or expansion, which is a otherwise a capital receipt under the pre- amendment era, shall be treated as income chargeable to tax, except where it has been taken into account for determining the actual cost of assets in terms of Explanation 1...

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Share premium cannot be treated as capital employed for Section 35D: SC

M/s Berger Paints India Ltd. Vs CIT (Supreme Court of India) - The appellant contended therein that it had issued shares on a premium which, according to them, was a part of the capital employed in their business. The appellant, therefore, contended that it was on this basis it claimed the said deduction and was, therefore, entitled to claim the same under Sect...

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Exemption U/s. 10A / 10B can be claimed on incidental income from export of goods

CIT Vs. Hewlett Packard Global Soft Ltd (Karnataka High Court) - Profits of the business of the Undertaking for the purposes of Section 10-A/ 10-B includes the Profits and Gains from export of the articles as well as all other incidental incomes...

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Amendment U/s. 254(2): Six month time limit for rectification is Prospective

Lucent Technologies GRL LLC Vs. ADIT (ITAT Mumbai) - The Amendment Under Section 254(2) In Respect Of Time Limit Of Six Months For Rectification Is Prospective And Applicable To The Orders Passed After 01.06.2016...

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Recent Posts in "Akhilesh Kumar Sah"

Section 263: Failure to issue notice on any particular issue

Bses Rajdhani Power Ltd. Vs. Principal CIT (Delhi High Court)

Failure to issue notice on any particular issue does not vitiate the exercise of power under Section 263 as long as the assessee is heard and given opportunity...

Read More

Subsidy received for setting up of or expansion of industry: Whether ‘Capital receipt’ or a ‘Revenue Receipt’

LG Electronics India Pvt. Ltd. vs. ACIT (ITAT Delhi)

Even if a subsidy is given to attract industrial investment or expansion, which is a otherwise a capital receipt under the pre- amendment era, shall be treated as income chargeable to tax, except where it has been taken into account for determining the actual cost of assets in terms of Explanation 10 to section 43(1) of the Act....

Read More

Share premium cannot be treated as capital employed for Section 35D: SC

M/s Berger Paints India Ltd. Vs CIT (Supreme Court of India)

The appellant contended therein that it had issued shares on a premium which, according to them, was a part of the capital employed in their business. The appellant, therefore, contended that it was on this basis it claimed the said deduction and was, therefore, entitled to claim the same under Section 35D of the Act. ...

Read More

Exemption U/s. 10A / 10B can be claimed on incidental income from export of goods

CIT Vs. Hewlett Packard Global Soft Ltd (Karnataka High Court)

Profits of the business of the Undertaking for the purposes of Section 10-A/ 10-B includes the Profits and Gains from export of the articles as well as all other incidental incomes...

Read More

Amendment U/s. 254(2): Six month time limit for rectification is Prospective

Lucent Technologies GRL LLC Vs. ADIT (ITAT Mumbai)

The Amendment Under Section 254(2) In Respect Of Time Limit Of Six Months For Rectification Is Prospective And Applicable To The Orders Passed After 01.06.2016...

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Applicability of DTAA cannot be determined suo-moto by AO

M/s. Google India Private Ltd. Vs. Addl. CIT (ITAT Bangalore)

M/s. Google India Private Ltd. Vs. Addl. CIT (ITAT Bangalore); TDS on royalty payments under section 195(2): Applicability of DTAA cannot be determined suo-moto by AO without there being any application...

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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)....

Read More
Posted Under: Income Tax |

Review of extension of date for filing audit reports & ITRs is a must

It is estimated that a large number of cases are pending, countrywide, for audit as well as filing of related Income Tax Return(ITR), where there is compulsory requirement of audit & filing of ITR upto 31st of October 2017. Central Board of Direct Taxes (CBDT) has done a great job by already extending the due date of 30.09.2017 to 31.10.2...

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Posted Under: Income Tax |

Mere non-allowability of claim not sufficient to impose penalty U/s. 271(1)(c)

DCIT Vs. Parinay Organizers Pvt. Ltd. (ITAT Ahemdabad)

In an appeal before Ahmedabad ITAT, DCIT vs. Parinay Organizers Pvt. Ltd., one of the grounds raised was that whether on the facts of the circumstances of the case, the CIT(A) was justified in deleting the penalty levied by the AO on account of dis allowances of interest expenses of Rs. 44,19,194/- without considering the merits of the c...

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Deletion of Penalty in case of Bonafide belief supported by Factual Circumstances & Decision

DCIT Vs American Express India Pvt. Ltd. (ITAT Delhi)

Deletion Of Penalty In Case Of Bonafide Belief Of An Assessee: Especially When The Action Of Assessee Is Supported By Factual Circumstances And A Decision- Section 271 (1)( c) of the Income Tax Act, 1961 deals with the penalty in respect of failure to furnish returns, comply with notices, concealment of income, etc....

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