Income Tax : Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....
Income Tax : Section 36 – Other Deductions Section 36 of the Indian Income Tax Act, 1961, provides a list of explicit deductions for computin...
Income Tax : The Delhi High Court, has held in CIT vs. Samara India(P) Ltd. (2013) 216 Taxman 93 , following the decision of Supreme Court in T...
Income Tax : In this discussion, we would take up Section 36(1)(iii) of the Income Tax Act, 1961 and analyse the provision therein from all fa...
Income Tax : ection 55 (2)(b) of the Income Tax Act, 1961 provides the option to the assesse to consider the fair market value of capital asset...
Income Tax : ITAT Delhi rules against Instronics Limited's bad debt claim, asserting NBFC loan was merely fund transfer, upholding Rs. 53.11 la...
Income Tax : The assessment was completed by Ld. AO u/s.143(3) of the Income Tax Act, 1961 determining total income at Rs.2,78,46,98,694/-. CIT...
Income Tax : Kerala High Court held that even after 01.04.2010, Bank would be entitled to the deduction envisaged u/s. 36(1)(viii) of the Incom...
Income Tax : Delhi ITAT ruling favors G-Tekt India Pvt. Ltd., allowing deduction for CENVAT Credit written off. Detailed analysis of the case a...
Income Tax : In the case of Karur Vysya Bank Ltd. vs. DCIT, ITAT Chennai rejects AO's disallowance of stale drafts, citing precedent and bankin...
ITAT Mumbai held that the ESOP expenses claimed by the assessee is an allowable expenditure under section 37(1) of the Income Tax Act.
ITAT Mumbai held that income by way of interest on loans given for residential purposes for period less than 5 years is eligible for deduction under section 36(1)(vii) of the Income Tax Act.
Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications.
ITAT Mumbai held that the finance costs having direct nexus with the business should be allowed as a deduction under section 36(1)(iii) of the Income Tax Act.
ITAT Bangalore held that assessee is eligible to avail deduction of an amount representing actual write off in the books of account of bad debts relating to nonrural/urban advances in terms with section 36(1)(vii), as proviso to the said section would not apply to non-rural advances.
ITAT Chennai held that only the mistake apparent from record which can be rectified but where two views are possible or there is a debate available, it cannot be rectified u/s.154 of the Income Tax Act.
Explore Delhi High Court’s judgment on PCIT vs VE Commercial Vehicles Ltd, AY 2011-12. Bad debts and training expenses considered. Full analysis here.
The Delhi High Court upholds the deletion of a disallowance on bad debts amounting to Rs 5 crores acquired by VE Commercial Vehicles Ltd from its predecessor-in-interest.
Delhi High Court grants relief to Oriental Bank of Commerce, allowing depreciation on temporary wooden structures. Analysis of key issues in the judgment.
ITAT Surat held that revisionary order passed under section 263 of the Income Tax Act without considering reply of the assessee and without granting an opportunity of being heard is unsustainable in law as against the principles of natural justice.
