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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 1458 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 1560 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 475131 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 4239 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 46455 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 9477 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 4115 Views 0 comment Print

Latest Judiciary

Cash Sales Already Reported as Income Cannot Be Taxed Under Pretext of Inflation Sales to Mask Demonetization Currency

Income Tax : ITAT Delhi held that that cash sales that is already offered as income cannot be taxed in the grab of inflation sales to cover up ...

April 17, 2024 588 Views 0 comment Print

ITSC Cannot Grant Immunity Without Full & True Disclosure: Delhi HC

Income Tax : Once it is seen that the disclosure was not full and truthful, the ITSC loses its jurisdiction to entertain such an application as...

April 15, 2024 324 Views 0 comment Print

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 318 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 183 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 2067 Views 0 comment Print

ITAT Directs Reconsideration of Section 234A, 234B & 234C Interest by CIT(A)

November 30, 2023 2106 Views 0 comment Print

ITAT directs CIT(A) to reconsider issue of Section 234A, 234B and 234C interest after considering the outcome of petition filed by the appellant u/s. 119(20)(b)/119(2)(c) of Income Tax Act before the Chairman, CBDT

CUP Method Rejection Unwarranted for Uniform Hourly Charges to AEs & Third Parties

November 4, 2023 216 Views 0 comment Print

ITAT that as long as the charges for hourly services provided by appellant were uniform to AEs and third parties, rejection of CUP method was unwarranted.

Section : ITAT deletes reasonable Excess Jewelry Addition for Wealthy Assessee

November 3, 2023 1047 Views 0 comment Print

ITAT Delhi rules addition u/s 69A for excess jewelry during a search operation unsustainable as the assessee belonged to a wealthy family and received jewelry on occasions

Booking fee collected from non-resident airlines not taxable as royalty

November 1, 2023 432 Views 0 comment Print

ITAT Delhi held that the booking fee received by the assessee from non-resident airlines is taxable as ‘business income’ and not as ‘royalty’ u/s. 9(1)(vi) of the Income Tax Act and Article 13(3) of Indo-Spain DTAA.

Rejection of Books of Accounts for Stock Format Non-Compliance is unjustified

October 26, 2023 783 Views 0 comment Print

ITAT Ahmedabad held that rejection of books of accounts merely for not providing stock details in desired format and without bringing any corroborative material on record suggesting specific defect in the books of accounts is unjustified.

Subsidy from Government under Focus Market Scheme is revenue receipt

October 25, 2023 708 Views 0 comment Print

ITAT Chennai held that subsidy received from Government of India under the Focus Market Scheme is Revenue in nature. The same cannot be at any stretch of imagination considered as capital in nature.

Interest u/s 234B of the Income Tax Act chargeable on assessed income and not returned income

October 25, 2023 645 Views 0 comment Print

Jharkhand High Court held that interest under Section 234B of the Income Tax Act has to be charged on the assessed income and not on the returned income of an Assessee.

Determination of ALP without applying methods prescribed u/s 92C is untenable

October 6, 2023 390 Views 0 comment Print

ITAT Mumbai held that the determination of Arm’s Length Price (ALP) without applying any methods as prescribed under section 92C(1) of the Income Tax Act by the TPO is not tenable in law.

ITAT Imposes Rs 5,000 Cost on Assessee for Non-Compliance of CIT(A) notices

October 2, 2023 1494 Views 0 comment Print

Read how ITAT Mumbai imposes a cost of Rs 5,000 on Edifice Properties Pvt Ltd for non-compliance with notices in their appeal against the CIT(A) order.

Order passed in case of non-existing entity is null and void

September 30, 2023 1023 Views 0 comment Print

ITAT Mumbai held that entire assessment order passed in the case of non-existing entity is null and void and hence is liable to be quashed.

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