Income Tax : Understand Sections 234A, 234B, 234C, and 234D of the Income Tax Act covering interest on late filing, short payment, delayed adva...
Income Tax : Understand how interest under the Income Tax Act is calculated, including Sections 234A–234D, 244A, and Rule 119A mechanics for ...
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 : The Tribunal allowed deduction of royalty paid for use of a logo, noting that no specific defect was found in the supporting evide...
Income Tax : Tribunal ruled that share transactions cannot be treated as loans without proof of exceptional circumstances. Notional interest ad...
Income Tax : ITAT held that where interest-free funds exceed advances, a presumption arises that such advances are made from own funds. Disallo...
Income Tax : The Tribunal ruled that section 44ADA applies only to specified professions and cannot be invoked for business income covered unde...
Income Tax : Tribunal directed allocation of common head-office expenses (and common income) to eligible industrial undertakings when computing...
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.
Due to any reason, in case the income tax department makes an excess refund to the taxpayer. Such taxpayer will have to return the excess refund along with interest payable under section 234D of the Income Tax Act. The present article helps to simplify the interest provisions of said section 234D read will rule 119A […]
Section 234D in Income Tax Act, 1961 was introduced in the act to cover those situations where the refund was issued to the assessee according to intimation U/s 143(1) & later on it was discovered post Scrutiny Assessment that the assessee wasn’t eligible for refund or amount of refund was more than amount refunded after […]
