Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
Income Tax : Learn how business and professional income is computed under the Income-tax Act after the Finance Act, 2026. This guide explains t...
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 : Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. S...
Income Tax : ITAT Delhi held legal services are not FTS under Section 9(1)(vii) and directed partner-wise DTAA examination. FTS addition was de...
Income Tax : ITAT upheld taxation of IPS and CEV subsidies following the Section 2(24) amendment, while partly allowing the appeal on other iss...
Income Tax : ITAT held that Accounting Standard-19 governs accounting treatment but does not determine tax treatment under the Income-tax Act. ...
Income Tax : The ITAT Mumbai held that Explanation 1 to Section 37(1) could not apply in the absence of any finding by the competent authority ...
ITAT Kolkata held that education cess and Secondary and higher Secondary Education cess being part of the tax is not allowable as deduction.
CESTAT Mumbai held that rejecting exemption benefit and duty demand u/s 28 of Customs Act, 1962 by reassessing ‘cameras’ under general and residual description i.e. ‘others’ under 8525 8090 instead of declared specified classification i.e. 8525 8020 is unjustified.
CESTAT Ahmedabad held that the benefit of exemption Notification No. 102/2007 cannot be denied merely because the imported goods were of logs whereas the same were sawn and sold in DTA.
ITAT Jaipur held that officers of DRI are not proper officers for the purposes of Section 28 of Customs Act, 1962 and hence order and show cause notice are not maintainable. Accordingly, addition confirmed thereon is unsustainable.
ITAT Delhi held that royalty payment and R&D cess on royalty is interlinked. As royalty payment is allowed as revenue expenditure, R&D cess is also allowable as revenue expenditure.
ITAT Pune held that interest granted by the reference Court u/s. 28 of the Land Acquisition Act from the date of possession of land till the date of judgment of High Court is an accretion of the value of the land acquired and accordingly not taxable.
Provisions of section 28 of Income Tax Act, 1961 specify income chargeable to income tax under ‘Profits and gains of business or profession’.
In present facts of the case, the Honble Delhi High Court held that the pre-show cause notice consultation is mandatory under Section 28 of the Customs Act, 1962
Understand the treatment of upfront payment of interest on debentures. Analyze the disallowance by the AO and the spread of expenditure over five years.
Section 28 of Income Tax Act, 1961 – Profits and gains of business or profession. The following income shall be chargeable to income-tax under the head “Profits and gains of business or profession” 1. Income of Business or Profession carried on by the assessee. 2. Compensation received by any person in following cases: a. In […]
