Income Tax : All about interest under sections 234A, 234B, 234C, and 234D of the Income Tax Act, including when it is charged, rates, and calcu...
Income Tax : Due to any reason, in case the income tax department makes an excess refund to the taxpayer. Such taxpayer will have to return the...
Income Tax : Section 234D in Income Tax Act, 1961 was introduced in the act to cover those situations where the refund was issued to the assess...
Income Tax : ITAT Ahmedabad held that addition towards unexplained cash credit under section 68 of the Income Tax Act not justified since loan ...
Income Tax : Hire charges of a vessel did not constitute ‘Royalty’ as it was in the nature of business income and as there was no Permanent...
Income Tax : In a recent ruling ITAT Delhi relied upon the binding precedent of the Hon’ble Supreme Court of India in the case of CIT vs. Sub...
Corporate Law : Delhi High Court held that assessee is entitled to confine the settlement of disputes which were subject matter of its appeal file...
Income Tax : ITAT Ahmedabad remands case to DRP, allowing appeal on the grounds of curable defects in Form 35A submitted by Rajendra Ramjibhai...
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.
ITAT Delhi held that receipts from background screening provided by the assessee to its customers in India cannot be regarded as Royalty or Fees for Technical Services (FTS) under Article 13 of the India-UK DTAA and hence not taxable in India.
ITAT Delhi held that there is no justification of adopting lower Fair Market Value (FMV) merely on the basis of DVO report as DVO has failed to consider the specific features of the property commanding higher value.
ITAT Delhi held that receipts from disaster recovery playout services and disaster recovery up-linking services are not in the nature of Fee for Technical Service (FTS) as envisaged under Article 12(4)(a) of India-Singapore DTAA.
ITAT Kolkata held that expenditure incurred towards interior decoration work of a rented office premises is allowable as revenue expenditure. Accordingly, disallowance of such expenditure unjustified.
ITAT Delhi held that as Permanent Establishment (PE) exists, interest income being connected to the PE, has to be treated as business profit under Article 7 of the treaty. Accordingly, expenses incurred has to be set off against the interest income.
ITAT Chennai ruling on consequential and mandatory nature of interest under sections 234A to 234D in case of Iljin Automotive Pvt Ltd vs DCIT
ITAT Bangalore held that legal and professional charges being incurred towards business are allowable as revenue expenditure.
ITAT Delhi held that to burden assessee with capital gain arising out of transfer of immovable property or an interest in it, the cost of acquisition is necessarily to be established. Here, cost of acquisition of so called right of preemption is considered as NIL. Hence, computation provisions fail, therefore capital gains could not have been calculated.
ITAT Ahmedabad held that draft assessment order u/s 143(3) read with section 144C of the Income Tax Act passed on a non-existent company is null and void.
