Income Tax : Practical guide to tax audit under Section 44AB for trader assessees, covering groundwork, data analysis, compliance checks, and f...
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 : ITAT Kolkata held that extensive documentary evidence, audited books, supplier confirmations and banking records established the g...
Income Tax : Bangalore ITAT held that mine development expenditure incurred by a mining contractor was allowable as a revenue deduction under S...
Income Tax : The ITAT Raipur held that estimated gross profit addition on unrecorded sales cannot be sustained when the Assessing Officer has n...
Income Tax : Additions made by attributing the commission income earned by PSPL as undisclosed income of the Assessees were held unsustainable ...
Income Tax : The Tribunal emphasized that detailed quantitative reconciliation and accepted export realizations carried substantial evidentiary...
Kerala High Court held that provisions of section 64(1)(v) of Income Tax Act clearly states that income accruing or arising in the hands of a minor child will be added to the parent’s total income.
ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained cash credit sustained as identity and creditworthiness of the parties and genuineness of the transaction not proved.
ITAT Delhi held that as the original return was only processed u/s 143(1), AO can duly initiate re-opening of proceedings under section 147 of the Income Tax Act so as to bring the escaped income into tax.
ITAT Ahmedabad held that when interest free funds are available with the assessee, it can be said that investments are made out of interest free funds and hence disallowance under section 36(1)(iii) of the Income Tax Act not justifiable.
CIT(A) in his order while rejecting Books of Account does not specify defect in record. The basis of rejection appears to be best judgment of assessment
ITAT Allahabad held that additions made based on the incriminating material (being excess stock) found during survey conducted u/s 133A of the Income Tax Act is justifiable.
ITAT Pune held that customs duty drawback relating to preceding assessment years can be written-off ‘as prior period item’.
ITAT held that Interest received under section 28 of Land Acquisition Act, 1894 is not taxable under section 56(2)(viii) read with sections 57(iv) and 145A of Income Tax Act,1961.
Summary of the judgement About the assessee The assessee is a limited liability company engaged in the business of manufacture and sale of paints. It contended before the authorities that it had been its consistent practice to value the goods in process and finished products exclusively at cost of raw materials and totally excluding overhead […]
Deduction of TDS and Taxability of the same; An Analysis of section 198 and 145 of Income tax 1961. As per basic understanding, the net income which is received by the assessee in hands shall be net of the gross income accrued and the tax deducted at source. There came some cases where assessee considered […]
