Income Tax : PGBP governs the computation of business and professional income. It defines chargeable income (Sec. 28, 41) including statutory a...
Goods and Services Tax : Learn about the scope of GST on commission income. Understand the invoice test, registration thresholds, and key rulings that clar...
Income Tax : Understand the penalties, interest, and disallowance of expenditure under Section 201 for failure to comply with TDS provisions in...
Income Tax : Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee re...
Income Tax : Explore the discussion between CA Micky and CA Mini on Sections 68 & 44AD of the Income Tax Act. Learn about unexplained cash cred...
Income Tax : The Tribunal held that omission of taxable foreign exchange gain in the return attracts penalty. It noted that disclosure during a...
Income Tax : ITAT Mumbai held that development fees collected from passengers was earmarked for capital expenditure towards modernisation and d...
Income Tax : The Tribunal held that disallowance of interest provision only increases business income, which remains eligible for Section 80P d...
Income Tax : ITAT Delhi held that approval from the PCCIT or PDGIT is mandatory, as provided u/s 35(2AB)(iv) of the Act. Since such mandatory a...
Income Tax : The Tribunal held that cash payments for land purchase cannot be disallowed under Section 40A(3) if not claimed as expenditure. Si...
The Tribunal held that omission of taxable foreign exchange gain in the return attracts penalty. It noted that disclosure during assessment does not absolve liability. The ruling highlights importance of correct income reporting.
ITAT Mumbai held that development fees collected from passengers was earmarked for capital expenditure towards modernisation and development of airport infrastructure and therefore the same could not be treated as revenue income of the assessee.
The Tribunal held that disallowance of interest provision only increases business income, which remains eligible for Section 80P deduction. Hence, the addition was treated as tax-neutral and not taxable.
ITAT Delhi held that approval from the PCCIT or PDGIT is mandatory, as provided u/s 35(2AB)(iv) of the Act. Since such mandatory approval of R&D facility from the PCCIT or PDGIT was not obtained by the assessee therefore, weighted deduction u/s 35(2AB) of the Act cannot be allowed.
The Tribunal held that cash payments for land purchase cannot be disallowed under Section 40A(3) if not claimed as expenditure. Since the amount was capital in nature, the addition was deleted. The ruling clarifies the scope of disallowance provisions.
Madras High Court held that refund claim filed is rightly rejected since differential customs duty was paid voluntarily and not under protest during DRI [Directorate of Revenue Intelligence] investigation and closure of proceeding was requested by importer. Accordingly, writ petition is dismissed.
Tribunal directed allocation of common head-office expenses (and common income) to eligible industrial undertakings when computing deductions under sections 10B and 80-IB, following prior coordinate-bench rulings; AO must apply the earlier directions on remand. Key takeaway: common corporate overheads and income were to be apportioned to units for deduction-computation as previously directed.
The Tribunal ruled that filing Form 9A is not required when a charitable trust sets off earlier years’ excess application against current year income. The set-off is allowable as application of income under Section 11.
ITAT Bangalore held that reassessment proceedings were invalid where approval under Section 151 was granted mechanically. The sanction was based on the incorrect assumption that the assessee had not filed a return.
The tribunal ruled that reallocating management expenses to the profit and loss account under IRDA regulations does not violate law and therefore cannot justify disallowance under the Income-tax Act.
