Akhilesh Kumar Sah

Need to remove penal provisions in respect of Income Tax Returns due dates

Income 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 More

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...

Read More

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)....

Read More

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...

Read More

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....

Read More
Sorry No Post Found

If two Views are Possible, Revision U/s. 263 is not permissible

Tata Motors Ltd. vs. CIT (LTU) (ITAT Mumbai) - As the issue of allowability of deduction u/s 37(1) of foreign tax credit on which tax credit is not available u/s 90 has been admitted by the Hon’ble Bombay High Court in the case of Tata Sons (supra), the same being a debatable issue, no revisionary proceedings u/s 263 is tenable....

Read More

No Penalty U/s. 271(1)(c ) for human error with no willful concealment

Jefferris India Pvt. Ltd. Vs. ACIT (ITAT Mumbai) - Jefferris India Pvt. Ltd. Vs. ACIT (ITAT Mumbai) When there was no willful concealment and mistake involved human error, penalty under section 271(1)(c ) deleted...

Read More

Provision for warranty made on scientific basis is allowable

Grundfos Pumpas India Ltd. Vs DCIT (Madras High Court) - Grundfos Pumpas India case: Where the provision was made on a scientific basis and not on an adhoc estimate, deduction in respect of provision for warranty was allowed...

Read More

Completed Assessment cannot be opened if Incriminating Material not found during search

ACIT Vs Ms. Varun Beverages Ltd. (ITAT Delhi) - Where Any Incriminating Material Was Not Found During The Course Of Search, The Completed Assessments Could Not Be Opened: Varun Beverages Appeal...

Read More

Expenditure on payment of software – Revenue or Capital?

DCIT Vs Lovelock & Lewes ITAT (ITAT Kolkata) - Lovelock & Lewes  case: Expenditure incurred by the assessee on payment of software licence fees for applications software for the right to use the software for limited/particular period of time held to be revenue expenditure...

Read More
Sorry No Post Found

Recent Posts in "Akhilesh Kumar Sah"

If two Views are Possible, Revision U/s. 263 is not permissible

Tata Motors Ltd. vs. CIT (LTU) (ITAT Mumbai)

As the issue of allowability of deduction u/s 37(1) of foreign tax credit on which tax credit is not available u/s 90 has been admitted by the Hon’ble Bombay High Court in the case of Tata Sons (supra), the same being a debatable issue, no revisionary proceedings u/s 263 is tenable....

Read More

No Penalty U/s. 271(1)(c ) for human error with no willful concealment

Jefferris India Pvt. Ltd. Vs. ACIT (ITAT Mumbai)

Jefferris India Pvt. Ltd. Vs. ACIT (ITAT Mumbai) When there was no willful concealment and mistake involved human error, penalty under section 271(1)(c ) deleted...

Read More

Provision for warranty made on scientific basis is allowable

Grundfos Pumpas India Ltd. Vs DCIT (Madras High Court)

Grundfos Pumpas India case: Where the provision was made on a scientific basis and not on an adhoc estimate, deduction in respect of provision for warranty was allowed...

Read More

Completed Assessment cannot be opened if Incriminating Material not found during search

ACIT Vs Ms. Varun Beverages Ltd. (ITAT Delhi)

Where Any Incriminating Material Was Not Found During The Course Of Search, The Completed Assessments Could Not Be Opened: Varun Beverages Appeal...

Read More

Expenditure on payment of software – Revenue or Capital?

DCIT Vs Lovelock & Lewes ITAT (ITAT Kolkata)

Lovelock & Lewes  case: Expenditure incurred by the assessee on payment of software licence fees for applications software for the right to use the software for limited/particular period of time held to be revenue expenditure...

Read More

Future Development Expenses provision for unascertained liability by Builder Allowable

DCIT Vs Ashiana Housing Ltd. (ITAT Kolkata)

He held that the amount in question thus represented provision for meeting unascertained liabilities which was not allowable as deduction in the case of the assessee. He accordingly made a disallowance of Rs. 2,25,01,129/- on account of future development expenses and made addition to that extent to the total income of the assessee in the...

Read More

Reopening of Completed Assessment based on change of opinion on same facts is invalid

ITO Vs TechSpan India Private Ltd. & Anr. (Supreme Court of India)

Reopening Of A Completed Assessment Not Allowed On A Issue Which Was Based On Nothing But A Change Of Opinion On The Same Facts And Circumstances Which Were Already In Knowledge Of Income Tax Officer Even During The Original Assessment Proceedings...

Read More

Addition not justified for expense which was not claimed as Expenditure or Deduction

ITO Vs Mother Dairy Fruit & Vegetable Pvt. Ltd. & vice-versa (ITAT Delhi)

Mother Dairy Fruit & Vegetable Pvt. Ltd. Appeal: AO Failed To Establish A Legal Basis For The Addition On Account Of Disallowance Of Interest Expense, When The Assessee Had Not Even Claimed It As Expenditure Or Deduction, Addition Unjustified...

Read More

HC allows interest on borrowed Funds advanced to Subsidiary Companies

Pr. CIT Vs DLF Hotel Holding Ltd. (Delhi High Court)

DLF Hotel Holding Case: Interest On Borrowed Funds Allowed As Deduction Under Section 36(1)(iii) Even If Some Of Funds Financed To Subsidiary Companies...

Read More

Director remuneration cannot be disallowed merely for loss Shown by Assessee

Bombay Samachar Pvt. Ltd. Vs DCIT (ITAT Mumbai)

The Bombay Samachar Pvt. Ltd. Case: Where Disallowance Of Remuneration To Directors Is Because Of Loss Shown By The Assessee The Remuneration Cannot Be Disallowed...

Read More

Browse All Categories

CA, CS, CMA (4,088)
Company Law (4,567)
Custom Duty (7,249)
DGFT (3,893)
Excise Duty (4,187)
Fema / RBI (3,655)
Finance (3,860)
Income Tax (29,472)
SEBI (3,091)
Service Tax (3,442)

Search Posts by Date

April 2019
M T W T F S S
« Mar    
1234567
891011121314
15161718192021
22232425262728
2930