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 Hyderabad held that assessment orders passed pursuant to earlier remand directions were barred by limitation under Section 15...
Income Tax : ITAT Delhi held that Section 69A could not be invoked where the Assessing Officer himself accepted that transactions were recorded...
Income Tax : The Tribunal held that revisionary powers cannot be used to substitute the AO’s view with that of the Pr. CIT. It emphasized tha...
Income Tax : The Tribunal upheld reopening under Section 147 as Form 26AS reflected substantial contract receipts despite no return being filed...
Income Tax : Transfer of passive infrastructure (PI) assets under a court-approved scheme of demerger without consideration qualified as a gift...
The ITAT ruled that once profits are estimated under Section 145, further disallowances of salary or commission expenses cannot be made from the same books, emphasizing assessment consistency.
The Tribunal held that when closing stock is revalued under Section 145A to include tax components, opening stock must also be revalued on the same basis. The case was remanded to ensure consistent valuation and accurate profit computation.
The Tribunal deleted a penalty imposed for alleged non-maintenance of accounts. It held that audited books, even if defective, do not attract penalty under Section 271A.
The Tribunal held that a landowner under a JDA cannot be forced to adopt the percentage completion method merely because the developer follows it. Consistent use of the project completion method was upheld as legally valid.
The issue was whether interest received on enhanced compensation for compulsory land acquisition is exempt from tax. The Tribunal held that after the 2010 amendment, such interest is taxable as income from other sources, not exempt under section 10(37).
The Tribunal held that reassessment based only on the Shah Commission report, without independent material or application of mind, is invalid. Reopening beyond four years after full disclosure was quashed, nullifying additions and penalties.
Tribunal confirmed that transfer of passive infrastructure assets is genuine and qualifies as a gift under section 47(iii), rejecting revenue’s claim of tax avoidance.
ITAT Jaipur held that interest received on enhanced compensation is nothing but compensation and hence for the interest received was eligible for exemption u/s. 10(37) of the Income Tax Act. Accordingly, appeal of department dismissed.
Tribunal holds that selling goods below cost does not create marketing intangibles and cannot be capitalised as brand-building expenditure. ESOP reimbursements are reaffirmed as allowable business expenses without TDS.
The Tribunal held that cash deposits were fully supported by stock records and sales invoices, proving they were genuine business receipts. It ruled that Section 68 cannot apply to recorded turnover already taxed.
