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Section 234C

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Implications of amendment in Section 43B to taxpayers and SMEs

Income Tax : Understand the impact of the Section 43B amendment on taxpayers and SMEs in India. Learn about deductions, compliance, and implica...

February 6, 2024 1443 Views 0 comment Print

Inform your current employer about the previous employment and salary

Income Tax : Learn why disclosing previous salary is crucial for accurate tax planning. Explore advance tax intricacies, due dates, and interes...

January 9, 2024 1521 Views 0 comment Print

Penalties and Prosecutions Under Income tax Act, 1961

Income Tax : Learn about the penalties and prosecutions under the Income Tax Act of 1961 for various defaults and offenses. Find out the fines ...

July 25, 2023 472191 Views 4 comments Print

Interest Under Section 234A, 234B & 234C of Income Tax Act, 1961

Income Tax : Understanding Section 234A, 234B & 234C of the Income Tax Act, 1961. Learn about advance tax payments and the importance of timely...

August 23, 2022 4194 Views 1 comment Print

Prosecutions and Punishment under Income Tax Act, 1961

Income Tax : Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against...

June 11, 2022 46278 Views 7 comments Print


Latest News


Request to CBDT to permit delayed filing of Form 10IC

Income Tax : Request to CBDT to permit filing of Form 10IC after expiration of  time limit by condoning delay Issuance of Order under Section ...

February 4, 2022 9444 Views 1 comment Print

AOTAA files PIL before Orissa HC on the issue of late fee, interest & penalty under Income Tax

Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...

January 13, 2022 4416 Views 1 comment Print

Provide relief from Section 234C interest to New Business

Income Tax : Recommendation For Amendment To Section 234C To Provide Relief Where A New Business Is Started During The Financial Year Section 2...

January 21, 2016 4103 Views 0 comment Print


Latest Judiciary


ITAT allowed additional depreciation claim of Rs. 49.5 cr notwithstanding Authorities failed to appreciate Amended Provision of S. 36(1) (iia)

Income Tax : Tribunal allowed a claim of Rs. 49.5 crore in the interest of Principle of Natural Justice after finding that the respective autho...

April 12, 2024 216 Views 0 comment Print

Non-competition fees on account of restrictive covenants is capital receipts: ITAT Delhi

Income Tax : ITAT Delhi held that receipt of non-competition fee on account of restrictive covenants in respect of restrain on the source of in...

April 10, 2024 153 Views 0 comment Print

Old age & illiteracy are important factors: HC waives Section 234A Interest

Income Tax : Punjab and Haryana High Court grants waiver of Section 234A interest in tax case, considering old age and illiteracy of the taxpay...

April 9, 2024 1605 Views 0 comment Print

Vague order in violation of section 154(3) provisions is unsustainable

Income Tax : Bangalore ITAT remits the case back to the AO for fresh consideration, citing enhancement made to taxpayer's income without follow...

April 5, 2024 237 Views 0 comment Print

BMM Ispat Limited Vs ACIT: ITAT Directs Re-Adjudication on Unsecured Loan Source

Income Tax : Read the full text of the order of ITAT Bangalore regarding the dispute between BMM Ispat Limited and ACIT over unsecured loan sou...

March 31, 2024 270 Views 0 comment Print


Latest Posts in Section 234C

ITAT allowed additional depreciation claim of Rs. 49.5 cr notwithstanding Authorities failed to appreciate Amended Provision of S. 36(1) (iia)

April 12, 2024 216 Views 0 comment Print

Tribunal allowed a claim of Rs. 49.5 crore in the interest of Principle of Natural Justice after finding that the respective authorities failed to appreciate the amended provision of Section 36(1)(iia) of the Income Tax Act, 1961, resulting in the denial of an additional depreciation claim.

Non-competition fees on account of restrictive covenants is capital receipts: ITAT Delhi

April 10, 2024 153 Views 0 comment Print

ITAT Delhi held that receipt of non-competition fee on account of restrictive covenants in respect of restrain on the source of income are capital receipts. Accordingly, the same is not liable to tax.

Old age & illiteracy are important factors: HC waives Section 234A Interest

April 9, 2024 1605 Views 0 comment Print

Punjab and Haryana High Court grants waiver of Section 234A interest in tax case, considering old age and illiteracy of the taxpayer. Baso Devi and others Vs Central Board of Direct Taxes.

Vague order in violation of section 154(3) provisions is unsustainable

April 5, 2024 237 Views 0 comment Print

Bangalore ITAT remits the case back to the AO for fresh consideration, citing enhancement made to taxpayer’s income without following procedures under Sec 154.

BMM Ispat Limited Vs ACIT: ITAT Directs Re-Adjudication on Unsecured Loan Source

March 31, 2024 270 Views 0 comment Print

Read the full text of the order of ITAT Bangalore regarding the dispute between BMM Ispat Limited and ACIT over unsecured loan sources. Detailed analysis and conclusion provided.

Expense excluded from export turnover to be excluded from total turnover for deduction u/s 10A: ITAT Mumbai

March 26, 2024 153 Views 0 comment Print

ITAT Mumbai held that the expenses excluded from the export turnover have to be excluded from the total turnover as well while computing deduction u/s 10A of the Income Tax Act.

Notional interest for delay in realization of export proceeds from AEs unwarranted: ITAT Mumbai

March 26, 2024 198 Views 0 comment Print

ITAT Mumbai held that as there is complete uniformity in not charging interest from AEs and Non-AEs for delay in realization of export proceeds, addition of notional interest in respect of transactions with AEs in the course of transfer pricing proceedings unwarranted.

No Section 80IC deduction if Audit was not completed on or before filing ITR

March 18, 2024 243 Views 0 comment Print

Securico Electronics vs. ACIT: ITAT Delhi disallows Rs.33,97,998 80IC deduction due to late Form 10CCB filing. Full text analysis & conclusion.

Toyota Financial: ITAT Directs Re-Adjudication on Taxability of NPAs’ Interest

March 18, 2024 192 Views 0 comment Print

Toyota Financial Services India Ltd vs ACIT: ITAT Bangalore provides relief, orders re-adjudication on taxability of NPAs’ interest income. Full text analysis.

Addition u/s 68 deleted as genuineness and creditworthiness of lender proved: ITAT Delhi

March 18, 2024 399 Views 0 comment Print

ITAT Delhi’s order on Trident Towers Pvt. Ltd vs ACIT addresses the deletion of addition under section 68 of the Income Tax Act, citing submission of requisite documents.

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