Income Tax : Maharashtra Sales Tax Department has published ‘List of Suspicious Dealers, who have issued false bills, without delivery of goo...
Income Tax : Yes, in certain case even if assessee received money through proper banking channels still it may attract tax @ 82.50% if assessee...
Income Tax : Now-a-days Income Tax department investigates alleged trading/investment in shares and securities with collusion/connivance with a...
Fema / RBI : In September 2016, RBI has issued Master Direction - Non-Banking Financial Company –Non-Systemically Important Non-Deposit takin...
Income Tax : While presenting budget 2017, there were several amendments proposed by Finance Minister Mr. Arun Jaitley with respect to Taxation...
Income Tax : In the case of CIT vs. Smt.Datta Mahendra Shah, Bombay High court held that once department has accepted decision of ITAT given in...
Income Tax : In the case of Allscripts (India) Private Ltd.vs. Dy. Commissioner of Income Tax, ITAT Ahemdabad held that for the purpose of fi...
Income Tax : In the case of Nileswar Range Kallu Chethu Vyavasaya Thozhilali Sahakarana Sangham Vs. CIT, High court of Kerla at Ernakulam has h...
Income Tax : In the case of Equity Intelligence India Pvt Ltd vs. Assistant Commissioner Of Income Tax High Court of Kerala at Ernakulam has h...
Income Tax : In the case of Pr. CIT Vs. Shri Tulsi Ram Modi, HC of Rajasthan at Jaipur has held that labourer hired by the assessee employed a...
In the case of Allscripts (India) Private Ltd.vs. Dy. Commissioner of Income Tax, ITAT Ahemdabad held that for the purpose of find our comparable companies for transfer pricing, companies with very high operating margin can’t be selected as comparable companies without justification/investigation by AO
In the case of Nileswar Range Kallu Chethu Vyavasaya Thozhilali Sahakarana Sangham Vs. CIT, High court of Kerla at Ernakulam has held that the collective disposal of the labour of the members of the society is not resulting in the generation of any income to the society.
In the case of Equity Intelligence India Pvt Ltd vs. Assistant Commissioner Of Income Tax High Court of Kerala at Ernakulam has held that (1) for reopening u/s 147 of the IT Act The requirement that the Assessing Officer must have ‘reason to believe’ cannot be taken
In the case of Pr. CIT Vs. Shri Tulsi Ram Modi, HC of Rajasthan at Jaipur has held that labourer hired by the assessee employed as casual labourers could not be considered to be sub- contractor and therefore provisions of Section 194C and Section 40(a)(ia) of the Act were not applicable.
In the case of KKJ Foundations vs. ADIT it was held by High court of Kerala that It is a settled proposition of law that rectification is a process by which a mistake is set at right. It thus means correcting an error which was apparent from record
In the case of Suri Sons vs. ACIT – ITAT Amritsar has held that that once life insurance policy has been sold as a life insurance policy on the keyman to the business, as long as it is in the nature of life insurance policy
In the case of Smt. Shreelekha Damani, vs. The DCIT (OSD-1)CR-7 ITAT has held that In our considered opinion, the power vested in the Joint Commissioner/Addl Commissioner to grant or not to grant approval is coupled with a duty.
In the case of ITO vs. M/s Besto Tradelink (P) Ltd ITAT Ahemdabad) – Assessing Officer has computed the other disallowances of interest amount and the one under section 40A(3) only on the basis of assessee’s accurate particulars already submitted on record in the course of scrutiny.
In the case of Venture Infogain India Pvt. Ltd vs. Dy.Commissioner of Income Tax ITAT has held that provisions the Profit Split Method is applicable mainly in international transactions which are so interrelated that they cannot be evaluated separately
In the case of Venture Pvt.Ltd vs. DCIT, ITAT Mumbai has held that (1) the Net profit shown in the Profit and loss account should be adjusted with the items given in Notes to accounts, meaning thereby,
