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....

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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...

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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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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...

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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...

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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...

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Penalty U/s. 271(1)(c) not sustainable on deletion of addition for relevant expenses

DCIT Vs Prabhudas Liladhar P. Ltd. (ITAT Mumbai) - Prabhudas Liladhar P. Ltd. Case: Once The Whole Basis Of Addition Itself As Made By The AO In Quantum Has Been Deleted By The Tribunal And Expenses Were Related To The Business Penalty Levied By The AO Under Section 271(1)(c) Deleted...

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Loss on Loan Foreclosure deductible while Computing taxable Income

ACIT Vs Maruti Countrywide Auto Financial Services Pvt. Ltd (ITAT Delhi) - Maruti Countrywide Auto Financial Services Pvt. Ltd. Appeal: Loss On Foreclosure Of Loan Held To Be Deductible While Computing Its Income...

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Recent Posts in "Akhilesh Kumar Sah"

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...

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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...

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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...

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Penalty U/s. 271(1)(c) not sustainable on deletion of addition for relevant expenses

DCIT Vs Prabhudas Liladhar P. Ltd. (ITAT Mumbai)

Prabhudas Liladhar P. Ltd. Case: Once The Whole Basis Of Addition Itself As Made By The AO In Quantum Has Been Deleted By The Tribunal And Expenses Were Related To The Business Penalty Levied By The AO Under Section 271(1)(c) Deleted...

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Loss on Loan Foreclosure deductible while Computing taxable Income

ACIT Vs Maruti Countrywide Auto Financial Services Pvt. Ltd (ITAT Delhi)

Maruti Countrywide Auto Financial Services Pvt. Ltd. Appeal: Loss On Foreclosure Of Loan Held To Be Deductible While Computing Its Income...

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Assessment cannot be completed on the basis of past Incident

CIT Vs Sahara India Mutual Benefit Co. (Calcutta High Court)

Sahara India Mutual Benefit Co. Ltd appeal: The income tax department cannot presume something to have happened five years ago, it did not mean that assessee indulged in similar activity in the previous year...

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ITAT should not remand an issue to TPO which can be considered at its end

Sony Pictures Networks India Pvt Ltd Vs ITAT, Mumbai & Ors. (Bombay High Court)

Sony Pictures Networks India appeal: By not dealing with an issue which is otherwise ripe for consideration and instead remanding to the TPO, the Tribunal ensures further litigation and continued uncertainty for both the Revenue and the assessee, non-consideration of the basic submission made at the hearing as recorded, is clearly a mista...

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Expense without supporting document / evidence is not allowable

Schwing Stetter (India) Private Limited Vs DCIT (ITAT Chennai)

Expense without supporting document / evidence is not allowable...

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Gain on settlement of sales tax deferred liability not taxable

DCIT Vs Alfa Laval India Ltd. (ITAT Pune)

Alfa Laval India Ltd. case: Difference between the Net Present Value against the future liability credited by the assessee under the capital reserve account in its books of account, is a capital receipt, the addition made on account of the gain on settlement of the sales tax deferred liability not taxable...

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Jackie Shroff allowed claim of loan written off given to wife

Mr. Jackie Shroff Vs. A.C.I.T. (ITAT Mumbai)

When The Moneys Are Advanced As Measure Of Commercial Expediency Such Advances Are In The Nature Of Business Advances And The Write Off Of Such Advances By The Assessee Should Be Allowed As Deduction Under Section 37(1) Or Under Section 28 Of The Income Tax Act As Business Loss: Jackie Shroff Recent Case...

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