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...
ITAT Mumbai held that technical know-how fee received by the assessee falls under the category of royalty as defined in Section 80-O of the Income Tax Act and hence is eligible for deduction u/s. 80-O of the Income Tax Act, 1961.
Explore why amortizing preliminary expenses over 5 years is unjust for businesses. Urgent appeal to lawmakers for immediate tax reform to support startups and level the playing field
ITAT Mumbai held that deduction u/s 36(1)(viia) of the Income Tax Act towards Provision for bad and doubtful debts allowable irrespective of rural advance and non-rural advances.
Find out the latest Income Tax amendment in 2023, introducing new rules for preliminary expenses under section 35D. The Ministry of Finance has issued the Income Tax (Fourteenth Amendment) Rules, 2023, affecting businesses and individuals. Learn more about the changes and how they impact your tax filings.
ITAT Delhi held that imposition of penalty under section 271(1)(c) of the Income Tax Act on a highly debatable issue is unsustainable in law.
Income Tax Section 35D amended to remove condition of activity in connection with preliminary expenses of a concern approved by CBDT
Karnataka High Court held that the expenses incurred towards stamp duty in connection with issue for public subscription of shares or debentures of the company is an allowable expenditure under section 35D of the Income Tax Act.
It was held that once business is set up, expenditure incurred relating to such business have to be treated as revenue expenditure and allowed as deduction. As soon as an activity which is essential to carrying on the business is started the business must be said to have commenced.
DCIT Vs L & T Access Distribution Services Ltd. (ITAT Mumbai) On the one hand, it is argued by the Ld. A.R. for the assessee before the Ld. CIT(A) that the expenditure of Rs.13.30 crores is for the purpose of setting up of the business of the assessee, but at the same time argued that […]
Section 35AD provides for investment -linked tax incentive for Specified Business. One such specified business of laying and operating a cross-country natural gas or cured or petroleum oil pipeline network for distribution, including storage facilities benign an integral part of such network.
