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 ...
Bombay High Court held that AO and the Tribunal have allowed part of the commission payment as business expenditure. However, disallowance of part of commission payment as business expenditure unjustified.
ITAT Hyderabad held that law doesn’t permit delegation of authority by PCIT to Assessing Officer (AO) for the purpose of imposition of penalty. Accordingly, direction issued by PCIT to AO to initiate penalty proceedings u/s 271(1)(c) of the Income Tax Act is unlawful.
ITAT Indore held that the penalty levied u/s 271D of the Income Tax Act without any assessment proceedings in the case of the assessee is not valid and liable to be quashed.
Calcutta High Court dismisses Income Tax Departments appeal against Deepak Industries due to tax effect less than CBDTs fixed threshold
Analysis of C & E Limited Vs PCIT case on disallowance of deduction u/s 80IC in subsequent years. Examining the legality & Calcutta High Court’s decision.
ITAT Kolkata held that addition under section 68 towards unexplained cash credit unsustainable as assessee has discharged its onus to prove the identity and creditworthiness of the share subscribing company.
Analysis of Delhi HC ruling in PCIT Vs Maharani Enterprises: No TDS deductible on commission payment to non-resident agent overseas. Read the judgment.
Orissa High Court held that 150 HP Fully Automatic ATS (Auto-Transformer Starter) Control Panel, Motor Starter Panel Board and other Control Panel is comprehended in the term “accessories” under OVAT Act which attracts a rate of tax @ 4% for the tax periods prior to 01.04.2012 and @5% for the tax periods commencing from 01.04.2012 to the periods of assessment.
ITAT Raipur held that once it is established that the commission income were receivable, the said commission income is liable to be brought to tax in the year in which the same has been accured.
Gujarat High Court held that penalty not imposable as excess depreciation claimed was surrendered by the assessee without prior detection of the Revenue and such excess claim was made due to bonafide reasons.
