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 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.
Supreme Court held that any person summoned under Section 69 of the CGST Act, 2017 for the purpose of recording the statements cannot invoke Section 438 of the Code of Criminal Procedure. The respondent should sought recourse by filing criminal application under Article 226 of the Constitution of India.
ITAT Delhi held that addition towards unsecured loan under section 68 of the Income Tax Act sustained as assessee failed to discharge the primary onus and burden of proof of providing genuineness, creditworthiness and identity of creditors to the satisfaction of the A.O.
Explore the ITAT Pune ruling on ACIT vs. Omshree Agrotech. Learn why rejection of books under section 145(3) based on gross profit rates is deemed unjustified.
