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 tax paid by the assessee under self assessment is deemed to have been paid towards regular assessment. Regular assessment - On the basis of thereturn of income chargeable to tax furnished by the assessee an intim...
Read MoreIncome Tax - ♦ Section 145A of Income Tax Act, 1961 ‘145A. Method of accounting in certain cases.—Notwithstanding anything to the contrary contained in section 145, the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head “Profits and gains of business or professionR...
Read MoreIncome Tax - The statutory provisions for the income in the nature of ‘Interest received on compensation or on enhanced compensation’ were brought to Income Tax by the Finance Act’ 2009. When these provisions were introduced, the Memorandum explaining the provisions of the Finance Bill 2009 had this to say:...
Read MoreIncome Tax - The scope of this write up is an attempt to clarify chaos that is taxability of various incomes (specifically interest) from compulsory acquisition of land. Types of income which an asset under consideration can result are capital gain (if asset is a capital asset), interest on compensation or enhanced compensation....
Read MoreIncome Tax - The author Discusses the impact of newly inserted section 145A on the banking sector. In case of those banks treating their securities as stock in trade and thereby booking less loss as per RBI and more loss for income tax purposes, it is no less than a surgical strike. ...
Read MoreCIT Vs Davangere District Central Co-Operative Bank Limited (Karnataka High Court) - The issue under consideration is whether Tribunal is right in deleting the interest accrued on non performing assets from the computation of taxable income for the assessment year under consideration despite the assessee maintaining mercantile system of accounting?...
Read MoreVRB Foods Pvt. Ltd. Vs DCIT (ITAT Delhi) - The issue under consideration is whether rejection of method of accounting under section 145 without even examination of books of assessee is justified in law?...
Read MoreKesoram Industries Ltd. Vs DCIT (ITAT Kolkata) - The issue under consideration is whether the addition of ‘Mark to market’ Loss made by AO on account of disallowance of loss on foreign exchange forward contract loss is justified in law?...
Read MoreAsta India Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) - whether the CIT (A) is correct in confirming addition u/s 145A of the Act to closing stock for unutilized Cenvat credit in respect of credit inputs or capital goods purchased?...
Read MoreMahindra World City Developers Ltd. Vs ACIT (Madras High Court) - The issue under consideration is whether the Tribunal was right in law in holding that the interest expenditure is Capital in nature...
Read MoreCIT Vs Davangere District Central Co-Operative Bank Limited (Karnataka High Court) -
VRB Foods Pvt. Ltd. Vs DCIT (ITAT Delhi) -
Kesoram Industries Ltd. Vs DCIT (ITAT Kolkata) -
Asta India Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) -
Mahindra World City Developers Ltd. Vs ACIT (Madras High Court) -
Shri Om Prakash Singh Vs ACIT (ITAT Agra) -