Corporate Law - Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates, and relevant judicial precedents....
Corporate Law - Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer...
Corporate Law - Sufficient time is required to comply with the notice issued u/s 143(2) of the Act and valid notice u/s 142(1)(ii), 142(1)(iii) has to be issued compulsorily after 143(2) notice The Ld. Assessing officer is not justified to make assessment as he has issued notice u/s 143(2) of the Act but time period given in the […]...
Corporate Law - Under the Companies Act 2013, every company is required to have an effective system of internal financial controls to ensure that its financial statements are accurate and reliable, and to prevent fraud and mismanagement. Section 134(5)(e) of the Companies Act 2013 requires the Board of Directors of every company to state in its annual re...
Corporate Law - Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing up his return of income. Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department. ...
Corporate Law - It has been observed that in many cases an assessee may wish to make a claim which was not made in the return of income filed under section 139. Where the assessee makes a claim of any expenditure or a deduction during the assessment proceedings which had not been made in the return of income […]...
Corporate Law - We have attached a file in excel format. The file contains the format of various details which normally assessing officer asks Assessee to furnish during Scrutiny Assessment U/s. 143(3) of the Income Tax Act, 1961. We have attached the format of following details :-...
Dattaprasad Kamat Vs ACIT (Bombay High Court) - Bombay High Court held that the provisions of the Civil Code could not create any right in a spouse, who is not registered shareholder of the company, by operation of law, in relation to other shareholders of that company including her spouse. Accordingly, beneficial ownership held by one spouse can...
India Medtronic Private Limited Vs Additional/Joint/Deputy/ACIT/ITO (ITAT Mumbai) - ITAT Mumbai held that the entire assessment order have not been passed in the case of non-existing entity i.e. amalgamated entity is null and void and hence liable to be quashed....
Agarwal Joint Venture Vs CIT (ITAT Ahmedabad) - ITAT Ahmedabad held that the assessee is engaged in development of the infrastructure facility and therefore, a developer, which confers right of eligibility to the assessee to claim benefits u/s. 80IA(4) of the Income Tax Act. Mere referring assessee as a contractor in the agreement cannot deprive ...
Gujarat Urja Vikas Nigam Ltd Vs CIT (ITAT Ahmedabad) - ITAT Ahmedabad held that government grants received in lieu of FRP i.e. Financial Restructuring Plant is not required to be reduced from the cost of capital assets. Accordingly, reopening of assessment unjustified....
Biren Suresh Karani Vs ITO (ITAT Mumbai) - ITAT Mumbai held that disallowance of interest on unsecured loans unjustified as genuineness of loans and utilization of loan funds for business purpose not disputed and interest paid on open in balances of unsecured loan creditors....
Instruction No.1/2015 - (13/01/2015) - Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012, section 143(1D) was introduced in income tax act which prohibited processing of income tax returns in case notice u/s 143(2) has been issued (i.e. scrutiny cases). Ambi...
Dattaprasad Kamat Vs ACIT (Bombay High Court) -
India Medtronic Private Limited Vs Additional/Joint/Deputy/ACIT/ITO (ITAT Mumbai) -
Agarwal Joint Venture Vs CIT (ITAT Ahmedabad) -
Gujarat Urja Vikas Nigam Ltd Vs CIT (ITAT Ahmedabad) -
Biren Suresh Karani Vs ITO (ITAT Mumbai) -
Bain & Company Vs Deputy/ACIT (ITAT Delhi) -
Metso Outotec OYJ Vs DCIT (ITAT Kolkata) -
DCIT Vs Cleartrip Private Limited (ITAT Mumbai) -
India Medtronic Private Limited Vs ADDL/JT/DY/CIT/ITO (ITAT Mumbai) -
ASB International Pvt Ltd Vs Additional Income Tax Officer (ITAT Mumbai) -