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...
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).
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
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., and also tax audit forms have seen changes.
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 without there being any tangible material, in the possession of the AO, which suggest escapement of income.
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 cannot be disallowed in case the first year is not
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.
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)
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 under Section 32( l)(ii) of the Income Tax Act, 1961 (hereinafter referred in short as the Act).
Taxpayers faced a lot of problem last year and even pensioners/ senior citizens paid late fees on late filing of returns. With a view to make tax system taxpayers friendly and cooperative, the due date of 31st July should be changed to 31st December, every year. The coming central budget(on 5 July 2019) may consider the above mentioned problems.
Revenue share based licence fee held to be allowable expense under section 37(1), merely because the Revenue has not accepted the decision of the Hon’ble Delhi High Court and an SLP has been filed against the said order, the same cannot be a ground to disallow the expenditure unless and until the same is reversed or stayed by the Supreme Court
