Income Tax : Where a person required to furnish a return of income under Section 139, fails to do so within the time prescribed in sub-section ...
Income Tax : The Section 2(13) of the Income Tax Act, 1961, contains an inclusive definition of the term business. There are differences betwe...
Income Tax : The Delhi High Court, has held in CIT vs. Samara India(P) Ltd. (2013) 216 Taxman 93 , following the decision of Supreme Court in T...
Income Tax : The provisions of the Income-tax Act relating to allowances disclose that the expenditure or outgoing sought to be deducted should...
Income Tax : In CIT vs. Bharti Hexacom Ltd. [2014] 221 TAXMAN 323, the Delhi High Court has observed (at page 341), that if the money paid rela...
Income Tax : In our view this is not a fair or proper procedure. If not in the first notice, at least at the time of furnishing the reasons the...
Income Tax : The assessee had challenged reopening of assessment on two grounds. The CIT(A) had accepted the arguments of the assessee, in ligh...
Income Tax : We noted that in the very first year i.e. AY 2011-12, the depreciation has already allowed the claim of depreciation. We noted tha...
Income Tax : The estimate of warranty made by the assessee on the basis of past history cannot be treated as a provision for any ascertained li...
Income Tax : Where no satisfaction had been recorded by the AO for initiation of penalty in the assessment order the same cannot invite the ass...
Taxability of income earned by an assessee during the period when the project was not complete and business had not commenced has remained a debatable point in many cases.
License fee, Connectivity charges and co-ordination charges paid to a US based company GE Capital Corporation for use of ‘Vision Plus’ software held to be revenue in nature and allowable under section 37
A tax like Goods and Services Tax was highly publicised and termed as popular. We had yet not seen a celebration of New Tax regime, but that has followed with great hue and cry. These celebrations mean nothing.
Loss or expenditure or some benefit in respect of any such trading liability by way of remission or cessation shall be includible by a unilateral act by the first person who is assessee, i.e., debtor. There is no stipulation of such unilateral act by the creditor.
Renault India case: Just because assessee mentioned that marketing expenditure incurred by it helped promotion of Renault brand in India, it cannot be presumed that such expenditure resulted in any international transaction
IT search and seizure case of Priyanka Chopra: with reference to the materials found specific amount to various heads given wherein the undisclosed income had been utilized, later on retraction by her mother: additions to income held to be justified
In the present case, a perusal of reasons for initiating reassessment proceedings clearly show that they are against the sprit of provisions of section 147 of the Act. The AO has issued notice under section 148 of the Act on the directions of JCIT and CIT. The learned Members of the ITAT held that in our considered opinion the notice issued under section 148 of the Act was bad in law and the subsequent proceedings arising there from are vitiated.
When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle
Revenue authorities and other Government Departments should not avail constitutional remedies for not good reasons, waste the public money and time of constitutional court for frivolous writ petitions
Maruti Suzuki India Ltd. Vs ACIT (ITAT Delhi) The royalty paid to Suzuki Motor Corporation Japan by Maruti Suzuki India Ltd. for the use of licensed information held to be revenue expenditure
