Income Tax : The issue is when High Courts can entertain appeals against ITAT orders. The key takeaway is that only debatable, material legal q...
Income Tax : Supreme Court disallows ₹10 crore bad debt deduction for Khyati Realtors Pvt Ltd, ruling it as capital expenditure, not eligible...
Income Tax : Explore remedies for taxpayers under the Income Tax Act, 1961, comparing appeals & revisions. Understand procedures, limitations &...
Income Tax : On commencement of regular assessment proceedings u/s 143(2) of Act , there is no need for intimation u/s 143(1)(a)(i) Where the s...
Income Tax : Substantial question of Law (SQL). On interpretation of section 260A of the Income Tax Act , 1961 and section 100 of the code of c...
Income Tax : Madras High Court held that time-share membership fees could not be fully taxed in the year of receipt since the assessee had cont...
Income Tax : The Tribunal ruled in favour of the assessee after noting that audited financials, PAN, bank statements, ITRs, confirmations, and ...
Income Tax : The Hyderabad ITAT held that only the actual period lost during the limitation period can be excluded under Explanation-1 to Secti...
Income Tax : The High Court ruled that reopening under Sections 147 and 148 was unsustainable because the Assessing Officer’s reasons amounte...
Income Tax : The Delhi High Court held that shareholders of a foreign company cannot be taxed on the company’s rental income and capital gain...
DGFT : All conditions in policy circular no 15 of 1st February 2011 will continue to apply, except the specification about dates and the ...
There is no cavil that an addition can made on the basis of documents, which are found during the course of Search and Seizure operations if on appreciation, it is found that the said documents have a bearing on the income of the Assessee.
The issue involved in the present appeal is that whether an incentive received in sales tax liability under a Scheme formulated by the State Government would be on capital account, exempt to taxation, or on revenue account, liable for taxation.
Calcutta High Court upholds ITAT decision, dismissing Income Tax Department’s appeal regarding share capital and premium addition for AY 2012-13.
Telangana High Court held that granting registration under section 12A retrospectively is not permissible as cogent reasons not provided for belated filing of application for registration under section 12A. Accordingly, appeal dismissed.
The Tribunal therefore, has rightly affirmed the conclusion arrived at by CIT(Appeals) in deleting the tax demand relatable to difference between 20% and the actual tax rate on which tax was deducted by the respondent assessee in terms of the relevant DTAAS.
Delhi High Court addresses Fujitsu India’s transfer pricing appeal, validating ‘headcount’ for expense allocation and remanding comparable selection for re-evaluation.
Madras High Court held that ITAT rightly deleted the addition on account of Mutual Fund Promotion Expenditure and Initial Public Offer Expenditure since the said expenses are incurred wholly for the purpose of business and hence the same are allowable expense.
PCIT (Central)-2 Vs K.R. Pulp And Papers Ltd (Delhi High Court) Delhi High Court held that reopening of assessment under section 147 of the Income Tax Act rightly quashed by CIT(A) and ITAT since there was full and true disclosure of all the material facts on the part of the assessee. Accordingly, appeal of revenue […]
Madras High Court held that pledging of shares for the enable sister concern to avail loan is certainly an activity undertaken in the course of business. Accordingly, sale of shares thereon to satisfy dues of defaulting sister company is entitled for deduction of business loss/ debt.
Bombay High Court rules that interest subsidies received by banks from the RBI under the Export Credit Scheme are not taxable as ‘interest’ under Section 4 of the Interest Tax Act, 1974.
