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 : Consistency over technicalities: ITAT Mumbai allowed actuarial pension provision as an ascertained liability, rejected mechanical ...
Service Tax : Extended period of limitation could not be invoked in the absence of fraud, suppression or wilful misstatement with intent to evad...
Custom Duty : The case addressed whether a custodian could be held liable for duty when container contents differed from declared goods. The Tri...
Income Tax : ITAT Bangalore held that interest on bank deposits from operational funds of a co-operative credit society is eligible for deducti...
Income Tax : The Tribunal held that omission of taxable foreign exchange gain in the return attracts penalty. It noted that disclosure during a...
ITAT Delhi held that addition u/s 69 of the Income Tax Act towards unexplained investment untenable as source of investment made by the appellant stands sufficiently explained.
Madras High Court held that by including processes such as refrigeration, re-packing, polishing, labelling, re-conditioning repair, remaking, refurbishing, testing, calibration and re-engineering within the ambit of manufacture, the legislature clearly intended an expansive understanding of what constituted ‘manufacture’ for the purposes of ‘deemed export’.
ITAT Delhi held that as per provisions of section 44 of the Income Tax Act there is no requirement of head wise bifurcation while computing income u/s 44 in case of insurance company. Thus, provisions of section 14A are not relevant to make a disallowance.
ITAT Bangalore held that the interest income received on temporary Fixed Deposits is eligible for exemption under section 10AA of the Income Tax Act.
ITAT Amritsar held that high seas sale transaction cannot be treated as speculative transaction as entire transaction is going through by proper delivery of the goods during purchase and the documents are provided for evidence of delivery of goods.
ITAT Delhi held that in absence of a Permanent Establishment, provisions of section 44BB of the Income Tax Act has no application.
Delhi High Court held that penalty u/s 112(a) of the Customs Act on overseas supplier duly imposable as alleged offences have been committed within the territory of India.
ITAT Bangalore held that proviso to Section 36(1)(iii) of the Income Tax Act is not applicable in the present case as sufficient internal cash accruals available during the impugned year are more that interest free funds advanced to the sister concern.
ITAT Indore held that the deeming fiction created in section 50C cannot be extended to the provision of section 69 or 69B or any other of the Act in the case of purchaser to make the purchaser liable for tax.
ITAT Bangalore held that depreciation under section 32 of the Income Tax Act is allowable only when the asset is put to use for the business purpose. Notably, the onus is on the assessee to prove that the assets are put to use for the business purposes only.
