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...
1. Whether the failure to issue a notice under Section 143(2) of the Act in course of reassessment proceedings would vitiate the reassessment proceedings altogether? 2. What is the effect in view of Section 292BB of the Act when a notice under Section 143(2) of the Act is not issued at all?
Reuters case: When a duty is cast on the payer to deduct tax at source, on failure of the payer to do so, no interest can be imposed on the payee under Section 234B of the Act
ITAT opined that the assessee derived advantage by deferring its income to the extent of excess warranty provision to subsequent years. Therefore, such excess provision cannot be allowed as a deduction as it cannot be said to be reliable.
When all requisite details were already on record with supporting evidences and same were duly examined by AO, the order of AO was not erroneous and prejudice to interest of Revenue.
Expenditure incurred on the software is eligible for depreciation @60%, depreciation on the block of assets of website development cost eligible @ 60%: Re: appeal A.Y. 2006-07 of Make My Trip (India) Pvt. Ltd.
Bennett Coleman & Co. case: where the consideration was not money but equity shares and debentures, the transaction was not a Sale but an Exchange, the provisions of Section 50B were not applicable
Income of the assessee from the incidental and commercial activity i.e. income from organizing of Davis Cup up to the limit prescribed as per the second proviso to section 2(15) of the Act, which for the assessment year under consideration is Rs. 25 lacs, will be treated as income from ‘charitable purposes’
Recently in, Phillips India Ltd. vs. ACIT, ITAT Kolkata held that Deduction of lease rentals paid towards cars taken on finance lease allowed while computing income
McDonald’s India case: Section 14A of the Income-tax Act, 1961 will not apply if no exempt income has been received or receivable during the previous year in question
Motorola Inc, USA appeal before Delhi ITAT: When no intangible material came to the notice of the AO to form the opinion that the income of the assessee company has escaped assessment and all the facts and figures have been brought on record by the assessee company during assessment proceedings and same had been explained: The reassessment proceedings were not sustainable, having been made after a period of 4 years from the relevant assessment years
