Income Tax : Summary of the judgement About the assessee The assessee is a limited liability company engaged in the business of manufacture and...
Income Tax : Deduction of TDS and Taxability of the same; An Analysis of section 198 and 145 of Income tax 1961. As per basic understanding, th...
Income Tax : Self assessment - The assessee is required to make a self assessment and pay the tax on the basis of the returns furnished. Any ta...
Income Tax : ♦ Section 145A of Income Tax Act, 1961 ‘145A. Method of accounting in certain cases.—Notwithstanding anything to the contra...
Income Tax : The statutory provisions for the income in the nature of ‘Interest received on compensation or on enhanced compensation’ were ...
Income Tax : ITAT Jaipur held that addition of the amount already recorded as cash sales cannot be treated as unexplained cash deposits under s...
Income Tax : ITAT Lucknow held that cash deposits out of the past savings during demonetization being reasonable and as per social standing of ...
Income Tax : Karnataka High Court dismisses Revenue’s appeal in PCIT Vs Ennoble Construction, ruling on transport creditors' tax liability ...
Income Tax : ITAT Delhi held that interest on enhanced compensation under section 28 of Land Acquisition Act, 1894 is not exempt u/s. 10(37). S...
Income Tax : ITAT Agra held that ex-parte dismissal of appeal, as notices issued by CIT(A) were not compiled, without adjudicating issues on me...
ITAT Jaipur held that addition of the amount already recorded as cash sales cannot be treated as unexplained cash deposits under section 68 of the Income Tax Act. Accordingly, addition is deleted and appeal is allowed.
ITAT Lucknow held that cash deposits out of the past savings during demonetization being reasonable and as per social standing of the assessee is justifiable. Accordingly, appeal of the assessee allowed and addition is directed to be deleted.
Karnataka High Court dismisses Revenue’s appeal in PCIT Vs Ennoble Construction, ruling on transport creditors’ tax liability and evidentiary burden.
ITAT Delhi held that interest on enhanced compensation under section 28 of Land Acquisition Act, 1894 is not exempt u/s. 10(37). Such interest is exigible to tax u/s. 56(2)(viii) r.w.s. 145B(1). Accordingly, appeal of the assessee dismissed.
ITAT Agra held that ex-parte dismissal of appeal, as notices issued by CIT(A) were not compiled, without adjudicating issues on merits is in violation of section 250(6) of the Income Tax Act. Hence, order set aside and matter remitted back to CIT(A) for fresh adjudication.
ITAT Delhi held that the interest on compensation or on enhanced compensation cannot be considered as compensation and shall be chargeable to tax under the head income from other sources. Accordingly, appeal dismissed.
Held that the deposits made by the assessee were in the nature of fixed deposit investments. Therefore, the loss suffered by the assessee when the bank went to liquidation is only a capital loss.
ITAT Ahmedabad deleted disallowance of sales promotion expenditure since disallowance constitutes small percentage as compared to turnover of the assessee and also there is no allegation of expenditure incurred in cash.
The CIT(A) has also not given any independent finding after verifying that whether there is an actual syncronised trading between the assessee and that of company scrip i.e. M/s. Radhe Developers Ltd.
ITAT Mumbai held that Goods and Services Tax (GST) amount while computing presumptive income under section 44B of the Income Tax Act cannot be included. Thus, issue decided in favour of assessee.
