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...
Speculative transaction means a transaction in which a contract for the purchase or sales of any commodity including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips [section 43(5)]. Here important term is periodically or ultimately settled otherwise than by the actual delivery
As per the section 45(2) of Income Tax Act, conversion of the capital asset by the owner of a capital asset into stock-in-trade of a business carried on by him shall be chargeable to income-tax as his income of the previous year in which such stock-in-trade is sold or otherwise transferred by him.
Many times we fall into a confusion regarding the difference between business losses and business expenditure. A business loss can come from the normal operation of the business or an irregular activity arising out of the business whereas expenditure is something which is deliberately incurred for the moving of the business. Let us figure out […]
Magic Share Traders Ltd Vs ITO (ITAT Ahmedabad) The issue under consideration is whether a company dealing in ‘derivatives’ could be considered as engaged in speculative business as per Section 73 or not? In the present case, the assessee seeks set off of losses arising from derivative losses as non-speculative business losses. The Revenue had […]
Sh. Jai Pal Gaba Vs ITO (ITAT Chandigarh) The very language of the section 28(iv) speaks about the value of any benefit or perquisite arising from business or exercise of a profession. Now considering the facts and circumstances of the case, though, the loan was taken for the purpose of business but the same was […]
Under one time settlement the bank waived loan amount (used by the assessee for acquiring capital assets) which includes both principal amount of loan and interest on loan. Held that Waiver of loan is taxable under section (‘u/s’) 28(iv) of the Income-tax Act, 1961 (‘the Act’).
Applying the three tests laid down by various decisions of this Court, namely, whether the income accrued to the assessee is real or hypothetical; whether there is a corresponding liability of the other party to pass on the benefits of duty free import to the assessee even without any imports having been made
Hindustan Platinum Pvt. Ltd. Vs ACIT (ITAT Mumbai)- Statement given u/s 131 cannot be the only basis for disallowing the claim of depreciation when it is shown with documentary evidence that the admission made in the statement recorded was under a mistake or misapprehension. Assessee is not entitled to claim loss u/s 28 on account bad debt of the advance given as inter corporate deposit without establishing the fact that it was a trade advance
Unfortunately, for the appellant NBFCs. are not covered by Section 36(l)(viia) of the I.T Act and so much so, explanation to section 36(l)(vii) squarely applies or in other words, the appellant-N. B.F.Cs. are not entitled to deduction of any Provision created for bad and doubtful debts, no matter such provision
The learned counsel for the assessee has vehemently argued that in this case interest from deposit was offered as business income and was also assessed as business income and therefore, automatically once it is assessed as business income then the same becomes eligible for deduction u/s.10B.
