Income Tax : Question - What is Krishi Kalyan Cess? Answer - An enabling provision is being made to levy Krishi Kalyan Cess on all taxable serv...
Goods and Services Tax : ♠ Input Tax Credit means credit of input tax. ♠ Every taxable person is entitled to take credit of input tax. ♠ Input tax me...
Goods and Services Tax : This act may be called the Integrated Goods and Services Tax Act, 2016. It extends to whole India. IGST applicable on all supplies...
Corporate Law : a cheque in the electronic form means a cheque drawn in electronic form by using any computer resource and signed in a secure sys...
Goods and Services Tax : This act may be called the Central GST Act, 2016 (CGST) / State GST Act, 2016 (SGST). It extends to the whole India. In case of SG...
Income Tax : Bombay High Court held that as per agreement, the deferred consideration is payable over a period of four years and the formula pr...
Income Tax : ITAT Mumbai held In the case of M/s. Rachana Finance & Investments Pvt. Ltd. & M/s. Repute Properties Pvt. Ltd. vs. CIT that in th...
Income Tax : It is held that Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the...
Income Tax : Calcutta High Court held In the case of ADIT vs. Sh. Dhan Singh Sharma that clause 244A (1) (b) is residual in nature which prescr...
Income Tax : ITAT Mumbai held in the case of Hassan Ali Khan vs. DCIT that the assessee claiming that he has no bank account or based on transf...
ITAT Chandigarh held In the case of M/s Shree Dhanwantri Herbals vs. The ITO that the careful reading of the form 10CCB, in a serial order would clearly show that the assessee is required to inform the location of the Industry and column (c) specifically ask the assessee to state whether business is a new business
ITAT Jaipur held In the case of Nirmal Kumar Bardia vs. DCIT that argument of the assessee that the assessee had disclosed salary received from RMC Gems Thai Co. Ltd., Bangkok voluntarily has not substantiated with any evidence.
ITAT Jaipur held In the case of ACIT vs. Shri Johari Lal Sodhani that the CIT (A) had given various reasons of retraction and also has considered the evidence for not honouring the statement made under section 132(4).
ITAT Chennai held In the case of ACIT vs. Sh. R. Paneerselvam (Individual) that normally, the sale price mentioned in the menu card would be the sale price of the liquor. However, the fact is that the liquor shops are giving discount on the liquor sold to their corporate guests, walk in customers, etc. for various reasons.
ITAT Hyderabad held In the case of VITP Pvt. Ltd vs. DCIT that as per sub-rule (4) of Rule 18C of Income Tax Rules, it is clear that on approval by the central govt., CBDT is only required to notify the industrial park for benefit u/s 80IA (4)(iii).
ITAT Delhi held in the case American Express (India) Private Limited vs. DCIT that even though the assessee in its TP study has included the turnover filter of less than Rs.1 crore, the assessee has given reasons for inclusion of these two companies in the list of comparables
Punjab & Haryana High Court held In the case of Harish Ahuja vs. CIT that in this case AO was not in position to verify the proper Gross profit rate because the assessee has not maintained the stock register.
AO had made disallowance of labour payments on the basis of estimation to the extent of 20% of the expenditure. The AO has not given any basis on which he has based his finding to disallow at 20% of the expenditure on estimate basis.
Karnataka High Court held In the case of M/s Kothari Metals vs. ITO that in this case it is clear that the assessee was not provided reasons for re-opening and also the statement recorded by the AO was not available to the assessee.
no addition on account of cash credits be made, where assessee had given PAN of creditors, their confirmation and their bank statement which established their creditability. By following the same judgment, direction issued to AO to delete the addition.
