Income Tax : Understand the implications of receiving a notice under Section 143(2) of the Income Tax Act. Learn how to respond, time limits, a...
Income Tax : Article discusses about Order which can be rectified under section 154 of Income Tax Act, 1961, Rectification of Income Tax order ...
Income Tax : Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates,...
Income Tax : Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing ...
Income Tax : Ensure sufficient time for compliance with Section 143(2) notice and the mandatory issuance of valid notices under Section 142(1)(...
Income Tax : 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 unde...
Income Tax : We have attached a file in excel format. The file contains the format of various details which normally assessing officer asks As...
Income Tax : Read the detailed judgment of Bombay High Court in ACIT Vs Sociedade de Fomento Industrial Pvt Ltd regarding TDS deduction on retr...
Income Tax : Read the detailed analysis of ITAT Chennai's decision on penalties under sections 269SS and 269T for Pearl Beach Promoters P. Ltd....
Income Tax : Read the full text of the ITAT Delhi order on Sec 56(2)(viib) and its implications for premium amounts on shares issued to holding...
Income Tax : Gujarat High Court quashes Income Tax reassessment notice against Deepak Natvarlal Pankhiyani HUF, citing lack of fresh evidence s...
Income Tax : PCIT Vs Farmson Pharmaceuticals Gujarat Pvt Ltd (Gujarat High Court): Reassessment cannot be solely based on a reevaluation of exi...
Income Tax : Instruction No.1/2015 Clarification regarding applicability of section 143(1D) of the Income-tax Act, 1961- Vide Finance Act, 2012...
ITAT Jaipur held that penalty u/s 271(1)(c) of the Income Tax Act not leviable as addition made on account of meager amount and on account of difference of opinion only.
ITAT Delhi held that cost of new property for the purpose of exemption under section 54 has to be assumed to be value of interests and share in the new construction, as per the collaboration agreement and the sale deed terms.
ITAT Bangalore held that expenditure towards Employees Stock Option Plan (ESOP) is allowable deduction u/s 37 of the Income Tax Act.
ITAT Surat held that addition as unexplained investment in the hands of one of the co-owner unsustainable as department didn’t made proportionate addition in the hands of other co-owners.
ITAT Delhi held that as payments made to the non-resident service providers not chargeable to tax in India, thus disallowance u/s 40(a)(ia) of the Income Tax Act on account of non-deduction of TDS is unsustainable.
ITAT Ahmedabad held that draft assessment order u/s 143(3) read with section 144C of the Income Tax Act passed on a non-existent company is null and void.
ITAT Delhi held that expenses in relation to import of rubber process oil, loss on price fluctuation, freight and retention charges are incurred in the course of carrying on business and hence allowable as deduction u/s 37(1) of the Income Tax Act.
ITAT Delhi held that as per definition of block of assets u/s. 43(6)(c) of the Income Tax Act there is no condition that the plant and machinery must have been put to use.
ITAT Mumbai held that provisions of Chapter X cannot be invoked for making a TP adjustment in case of Advertisement, marketing and promotion (AMP) expenses.
ITAT Bangalore held that as professional and consultation charges & purchase of fixed assets are capitalized in the books of accounts, it should not be considered for computation of proportionate TP adjustment.
