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 : Explore the detailed analysis of P. A. Jose Vs Union of India judgment by Kerala High Court regarding the valuation methodology fo...
Income Tax : Gold Plus Toughened Glass Ltd. appeals ITAT Mumbai's decision confirming addition of unutilized CENVAT credit to closing stock val...
Income Tax : Delhi High Court decrees no income addition without rejecting books of accounts in PCIT Vs Forum Sales Pvt. Ltd., upholding ITAT's...
Income Tax : ITAT Bangalore held that unless the debt has been written off in the books of accounts of both the assessees, it cannot be said th...
Custom Duty : CESTAT Delhi held that illegal actions of the importer firms subsequent to the clearance of the cargo from the Customs Station do ...
Delhi High Court granted the bail to the petitioner (Chartered Accountant) under Prevention of Money Laundering Act 2022 based on the plea of the petitioner that he has acted on the basis of information and records provided by his client.
ITAT Bangalore held that as assessee has no right to receive the interest accrued on Fixed Deposits due to prohibitory order, the same is not taxable.
Bombay High Court held that subject to doctrine of unjust enrichment, the taxes illegally levied must be refunded.
ITAT Mumbai held that in case of company is involved in providing illicit LTCG/ short term capital loss (accommodation entries), a substantial addition has to be made in the hands of beneficiaries and only a protective assessment can be made in the hands of company providing such accommodation entries.
Review of the ITAT Delhi’s decision on Arrow Manpower Services case. Discussion on the disallowance of depreciation claim and implications of the verdict.
ITAT Delhi held that depreciation under section 32 of the Income Tax Act not available as the assessee is not carrying on any business activity.
ITAT Ahmedabad held that as the ownership of the land on which development rights were conferred remain vested with the landowners hence the assessee did not get the right over the income as per accrual accounting system as provided under the provisions of section 145 of the Act.
ITAT Bangalore held that weighted deduction u/s 35(2AB) is not allowable for expenditure incurred on scientific research as the same are not certified by DSIR. However, such expenditure are allowable as deduction u/s 37 of the Income Tax Act.
This article analyzes how Section 153’s time limit prevails over Section 144C’s assessment time limit, based on the case of Shelf Drilling Ron Tappmeyer Limited Vs ACIT in Bombay High Court.
Learn about ITAT Mumbai’s decision on TDS benefit allowance for Ignitive Digitech Private Ltd Vs DCIT – aligning TDS benefits with income assessment year.
