Section 145

Various Type of Assessment & amp; Study of Best Judgement Assessment

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...

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Meaning of ‘Turnover/Gross receipts’ under Income Tax & Inclusion of GST

Income 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...

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Taxability of Interest on Compensation or Enhanced Compensation

Income 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:...

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Taxability of Chaotic Interest Incomes from Acquisition of Land

Income 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....

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Impact of sec 145A on baking sector, no less than a surgical strike ? 

Income 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. ...

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Interest accrued on NPA not taxable in computation of Taxable Income of Bank

CIT 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?...

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Method of Accounting Can’t be Rejected u/s 145 Without Examination of Books

VRB 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?...

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Section 37: Mark to Market Loss due to Foreign Exchange Allowed

Kesoram 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?...

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In a tax neutral exercise, no addition towards unutilized CENVAT credit is warranted

Asta 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?...

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Section 36(1) override Section 145A- Interest allowable when Asset put to use

Mahindra 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...

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Recent Posts in "Section 145"

Interest accrued on NPA not taxable in computation of Taxable Income of Bank

CIT 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 More

Method of Accounting Can’t be Rejected u/s 145 Without Examination of Books

VRB 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 More

Section 37: Mark to Market Loss due to Foreign Exchange Allowed

Kesoram 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 More

Various Type of Assessment & amp; Study of Best Judgement Assessment

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 More
Posted Under: Income Tax |

In a tax neutral exercise, no addition towards unutilized CENVAT credit is warranted

Asta 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 More

Meaning of ‘Turnover/Gross receipts’ under Income Tax & Inclusion of GST

♦ 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 More
Posted Under: Income Tax |

Section 36(1) override Section 145A- Interest allowable when Asset put to use

Mahindra 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 More

Taxability of Interest on Compensation or Enhanced Compensation

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 More
Posted Under: Income Tax |

Taxability of Chaotic Interest Incomes from Acquisition of Land

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 More
Posted Under: Income Tax |

Sec.145: Estimation of income should be on reasonable/Comparable basis

Shri Om Prakash Singh Vs ACIT (ITAT Agra)

When the books of accounts was rejected, the income of assessee was to be estimated on some reasonable basis for which comparable case and history of assessee could be taken as a guide. Thus, the N.P rate @ 8% applied by the authorities below was without any basis and material on records, the same was rejected and was considered fair to a...

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