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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 475161 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 46458 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 591 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

Disallowance of expenditure u/s 14A unjustified without any dividend income from equity investment

September 22, 2023 276 Views 0 comment Print

ITAT Mumbai held that since the assessee has not earned any dividend income from its equity investment during the year disallowance of expenditure under section 14A of the Income Tax Act read with Rule 8D of the Income Tax Rules is not sustainable.

Transferee Company eligible to take credit of TDS Deducted in Transferor Company’s Hands Upon HC’s Amalgamation Scheme Approval

September 21, 2023 3612 Views 0 comment Print

Read about the ITAT Kolkata case of Popular Complex Advisory Pvt. Ltd. vs. ITO involving TDS credit in amalgamation schemes approved by HC.

Higher rate of tax in case of foreign company is not in violation of non-discrimination clause

September 15, 2023 348 Views 0 comment Print

ITAT Mumbai held that rate of tax in case of foreign company is higher than rate of tax in case of domestic company and as per the Explanation in the Section 90, inserted in the IT Act with retrospective effect from 01-04-1962 the should not be regarded as violation of nondiscrimination clause.

Payment of guarantee fee to Gujarat Government is revenue expenditure

September 15, 2023 258 Views 0 comment Print

ITAT Ahmedabad held that payment of guarantee fee to the Govt. of Gujarat in consideration of guarantee issued by it for repayment of unsecured loan is revenue expenditure.

Deduction u/s 80G for donations forming part of spend towards CSR available

September 14, 2023 1251 Views 0 comment Print

ITAT Hyderabad held that as conditions of Section 80G of the Income Tax Act are satisfied, the assessee is entitled to claim deduction under Section 80G of the Act in respect of such donations which formed part of the spend towards CSR.

Taxation of Salary for Work in Foreign Jurisdiction Under India-China DTAA

September 14, 2023 537 Views 0 comment Print

An in-depth analysis of the Ramesh Kumar AE Vs ITO (ITAT Chennai) case. Discover why the ITAT Chennai ruled that salary earned in a foreign jurisdiction is not taxable in India.

Payment towards interconnectivity utility charges from Indian customers not taxable as Royalty

September 9, 2023 702 Views 0 comment Print

ITAT Bangalore held that payments received towards interconnectivity utility charges from Indian customers / end users cannot be considered as Royalty to be brought to tax in India under section 9(1)(vi) of the Income Tax Act and also as per DTAA.

Unsustainable Addition for Cash Sales when No Stock Discrepancy Detected

September 9, 2023 786 Views 0 comment Print

In the case of Metro Filling Station vs. ITO (ITAT Delhi), an addition for unexplained cash deposits was challenged. The tribunal ruled in favor of the assessee.

Foreign tax credit eligible as form no. 67 filed before processing return

September 9, 2023 1284 Views 0 comment Print

ITAT Mumbai held that as Form No. 67 has been filed by the Appellant before the processing the return of income under Section 143(1) of the Income Tax Act, foreign tax credit is duly eligible.

Addition solely based on estimation without rejecting books is not sustainable

September 1, 2023 1464 Views 0 comment Print

Analysis of ITAT Delhi’s decision on the case between Home Developers Project Pvt. Ltd. & DCIT. Focus on AO’s failure & burden of evidence on the assessee.

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April 2024