Income Tax : Bangalore ITAT held that the Revenue cannot deny the fifth-year deduction under Section 35D after consistently allowing the claim ...
Income Tax : Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSM...
Income Tax : Explore why amortizing preliminary expenses over 5 years is unjust for businesses. Urgent appeal to lawmakers for immediate tax re...
Income Tax : Income Tax Section 35D amended to remove condition of activity in connection with preliminary expenses of a concern approved by CB...
Income Tax : Section 35AD provides for investment -linked tax incentive for Specified Business. One such specified business of laying and opera...
Income Tax : ITAT Bangalore held that a REIT, being a trust and not a company, is not eligible for deduction under Section 35D(2)(c) on IPO and...
Income Tax : Bangalore ITAT held that mine development expenditure incurred by a mining contractor was allowable as a revenue deduction under S...
Income Tax : The ITAT Mumbai held that the assessee's convertible debentures lacked the liability component required for classification as Comp...
Income Tax : The Tribunal held that once a Section 35D claim was accepted in earlier years, it could not be disallowed in the final amortizatio...
Income Tax : The Bangalore ITAT held that a disallowance under Section 14A read with Rule 8D cannot survive without the Assessing Officer recor...
Income Tax : Find out the latest Income Tax amendment in 2023, introducing new rules for preliminary expenses under section 35D. The Ministry o...
The Tribunal held that unexplained cash credit addition cannot survive once identity, genuineness, and creditworthiness are established through documentary evidence. The key takeaway is that mere low income of creditors is insufficient without contrary investigation.
The ITAT held that the proviso to Section 68 requiring proof of source of source applies only from AY 2013–14. Since the year involved was AY 2008–09, the ₹32.04 crore share capital addition was deleted as legally unsustainable.
Tribunal held that amounts deposited during investigation are revenue deposits, not duty, and directed payment of 12% interest as compensation from date of deposit till refund.
The core issue was the disallowance of Rs.169 Cr in Customer Acquisition Cost (CAC), treated as capital expenditure for an enduring benefit. The ITAT deleted the addition, ruling that routine, recurring expenses like porting charges and handset subsidies in the telecom sector are revenue in nature and fully deductible under S 37(1).
ITAT Delhi held that disallowance of share premium under section 56(2)(viib) of the Income Tax Act not sustainable since shares are allotted to an existing shareholder and hence creditworthiness cannot be doubted. Accordingly, appeal of revenue dismissed.
Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSME benefits, GST ITC, and available incentives.
Madras High Court held that expenditure claimed as capital expenditure cannot be claimed as revenue expenditure in the computation of income. Accordingly, appeal filed by the assessee dismissed.
PCIT was of the view that mere process of compression of natural gas cannot be considered to be a manufacturing activity for the purpose of claim of additional depreciation.
ITAT Delhi held that grant-in-aid incurred wholly and exclusively for the purpose of business is allowable as deduction. Accordingly, appeal is allowed and addition of the same by AO is liable to be deleted.
ITAT Mumbai held that surplus on redemption of treasury bills is taxable under the head Capital Gains and not under the head ‘Profits and Gains of Business’.
