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 ...
In A.C.I.T. vs. Kiran Industries Pvt Ltd, the Ahmedabad Tribunal following its co-ordinate bench decision and relying upon the decision of Hon’ble High Court (T&AP) held that excise duty component need not to be included in valuation of inventory if the assessee is following exclusive method of accounting.
Problem Faced by Business man as well as Professional :- Stock register as well as details of closing stock in quantitive and rate wise is a major hurdle for both of them. In some business i.e. Labour intensive Work, wholesale and Retail of construction goods releted business, readymade garment business and some other business
The assessee had contended that the Assessing officer was not entitled to make adjustments to book profit shown in the audited The question that had arisen was whether the Assessing officer was entitled to disturb the net profit shown by the assessee in the profit and loss account prepared as per the Companies Act, 1956.
We have found that the G.P. rate in this year has been on lower side. However, the decrease in G.P. rate stands explained by the undeniable reasons that there is heavy increase in purchase price, freight cost and export cost.
Section 145 of the Income Tax Act 1961, lays down that income chargeable under the head “Profit and gains of business or profession” or “Income from other sources” shall, subject to the accounting standards notified by the Central Government in the Official Gazette, be computed in accordance with either cash or mercantile system of accounting […]
