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Section 234B

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Implications of amendment in Section 43B to taxpayers and SMEs

Income Tax : Understand the impact of the Section 43B amendment on taxpayers and SMEs in India. Learn about deductions, compliance, and implica...

February 6, 2024 1491 Views 0 comment Print

Inform your current employer about the previous employment and salary

Income Tax : Learn why disclosing previous salary is crucial for accurate tax planning. Explore advance tax intricacies, due dates, and interes...

January 9, 2024 1722 Views 0 comment Print

Pay 3rd Instalment Advance Tax for AY 2024-25 by 15th Dec: Guidelines & Example

Income Tax : Understand how to pay your 3rd instalment of Advance Tax for the Assessment Year 2024-25 before the deadline on 15th December. Det...

December 8, 2023 5940 Views 0 comment Print

Levy of Interest u/s 234B: Tenability in Excess Refund Cases

Income Tax : This article examines the tenability of levy of interest u/s 234B in cases of excess refund claimed by taxpayers under the Income ...

July 26, 2023 1410 Views 0 comment Print

Penalties and Prosecutions Under Income tax Act, 1961

Income Tax : Learn about the penalties and prosecutions under the Income Tax Act of 1961 for various defaults and offenses. Find out the fines ...

July 25, 2023 482037 Views 4 comments Print

Latest News

Request to CBDT to permit delayed filing of Form 10IC

Income Tax : Request to CBDT to permit filing of Form 10IC after expiration of  time limit by condoning delay Issuance of Order under Section ...

February 4, 2022 9522 Views 1 comment Print

AOTAA files PIL before Orissa HC on the issue of late fee, interest & penalty under Income Tax

Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...

January 13, 2022 4419 Views 1 comment Print

Belated Release of ITRs and burden of Interest U/s. 234 B

Income Tax : At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance mini...

June 4, 2015 2775 Views 0 comment Print

Latest Judiciary

Employee Salary Reimbursement Not Taxable as FTS under India-Japan DTAA

Income Tax : Understand the grounds of appeal in the case against the final assessment order under the Income Tax Act, 1961, for AY 2017-18, in...

May 24, 2024 63 Views 0 comment Print

No Section 69A Addition for Monies Recorded in Bank Statements: ITAT Bangalore

Income Tax : Understand the ITAT Bangalore ruling on Sudarshan Purushothama Vs ITO, where addition u/s. 69A of the Income Tax Act was contested...

May 23, 2024 2691 Views 0 comment Print

IT Support Payments Not FTS under Article 12 of India-Netherlands DTAA

Income Tax : In a landmark ruling, ITAT Mumbai provides relief to Shell IT, asserting that payments for IT support aren't considered FTS under ...

May 18, 2024 291 Views 0 comment Print

Section 44BB does not override provisions related to PE or DTAA benefits

Income Tax : Read the detailed analysis of Computer Modelling Group Ltd. vs. ACIT (ITAT Delhi) regarding interest leviable from the assessee fo...

May 9, 2024 234 Views 0 comment Print

Consider Volume Discount & Geographic Price Variation in TP Adjustment: ITAT Ahmedabad

Income Tax : Ahmedabad ITAT's order in Atul Limited vs DCIT case discusses TP adjustments, volume discount, geography adjustments, and more. De...

May 8, 2024 177 Views 0 comment Print

ITSC Cannot Grant Immunity Without Full & True Disclosure: Delhi HC

April 15, 2024 624 Views 0 comment Print

Once it is seen that the disclosure was not full and truthful, the ITSC loses its jurisdiction to entertain such an application as well as to provide any immunity to the applicant from prosecution and penalties.

ITAT allowed additional depreciation claim of Rs. 49.5 cr notwithstanding Authorities failed to appreciate Amended Provision of S. 36(1) (iia)

April 12, 2024 366 Views 0 comment Print

Tribunal allowed a claim of Rs. 49.5 crore in the interest of Principle of Natural Justice after finding that the respective authorities failed to appreciate the amended provision of Section 36(1)(iia) of the Income Tax Act, 1961, resulting in the denial of an additional depreciation claim.

Non-competition fees on account of restrictive covenants is capital receipts: ITAT Delhi

April 10, 2024 204 Views 0 comment Print

ITAT Delhi held that receipt of non-competition fee on account of restrictive covenants in respect of restrain on the source of income are capital receipts. Accordingly, the same is not liable to tax.

Old age & illiteracy are important factors: HC waives Section 234A Interest

April 9, 2024 2139 Views 0 comment Print

Punjab and Haryana High Court grants waiver of Section 234A interest in tax case, considering old age and illiteracy of the taxpayer. Baso Devi and others Vs Central Board of Direct Taxes.

Vague order in violation of section 154(3) provisions is unsustainable

April 5, 2024 282 Views 0 comment Print

Bangalore ITAT remits the case back to the AO for fresh consideration, citing enhancement made to taxpayer’s income without following procedures under Sec 154.

BMM Ispat Limited Vs ACIT: ITAT Directs Re-Adjudication on Unsecured Loan Source

March 31, 2024 291 Views 0 comment Print

Read the full text of the order of ITAT Bangalore regarding the dispute between BMM Ispat Limited and ACIT over unsecured loan sources. Detailed analysis and conclusion provided.

Allowability of Interest Cost of amount utilized for Investment in Shares

March 30, 2024 399 Views 0 comment Print

JPR Investments vs ACIT (ITAT Mumbai): Interest cost can’t be claimed as business expenditure for shares investment, directs recompute of STCG.

ITAT Quashes Assessment Order for Lack of Property Valuation Report

March 28, 2024 720 Views 0 comment Print

Read the detailed analysis of the ITAT Hyderabad order quashing the assessment for A.Y. 2009-10 due to absence of property valuation report. Learn about the case of Khairunnisa Vs ITO.

Expense excluded from export turnover to be excluded from total turnover for deduction u/s 10A: ITAT Mumbai

March 26, 2024 174 Views 0 comment Print

ITAT Mumbai held that the expenses excluded from the export turnover have to be excluded from the total turnover as well while computing deduction u/s 10A of the Income Tax Act.

ITAT Allows Indexed Cost of Construction for Penthouse Regularized on Sale Date

March 24, 2024 639 Views 0 comment Print

Read the detailed analysis of ITAT Bangalore’s decision in Jayanti Vasishta vs ITO allowing indexed cost of construction for a penthouse regularized on the sale date.

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