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 order passed u/s 263 of the Income Tax Act by merely remitting the matter back to AO without giving a finding that profit declared by assessee is erroneous in so far as it is prejudicial to the interest of the revenue is liable to be set-aside.
Madras High Court held that initiation of proceedings for reassessment under section 147 of the Income Tax Act based on material already on record and without new/ tangible information is bad-in-law and liable to be quashed.
Read full text of ITAT Delhi order in Ajay Kumar vs. ACIT, where disallowance of bad debt was upheld as assessee was not involved in a real estate business
ITAT Mumbai held that addition towards difference of share premium u/s. 56(2)(viib) of the Act by rejecting the valuation determined by the assessee without referring the matter for valuation to DVO is unjustified. Matter remanded for referring the same to DVO.
ITAT Mumbai held that that loss arising due to embezzlement by the employees should be treated as incidental to the business such loss so suffered is allowable as deduction under section 28 of the Income Tax Act.
ITAT Mumbai held that post amendment to provisions of section 36(1)(vii) of the Income Tax Act as effective from 1st April 1989, the Act does not require the assessee to establish that the debts have in fact become bad before writing off. Accordingly, addition with regard to disallowance of claim of write off of bad debts duly deleted by CIT(A).
ITAT Jaipur held that invocation of revisionary proceedings u/s 263 of the Income Tax Act justified in absence of proper inquiry by AO which renders the assessment order erroneous as well as prejudicial to the interest of revenue.
ITAT Delhi held that amount which was mistakenly received and returned with interest by virtue of order of the Court is allowable as deduction under section 37 of the Income Tax Act.
Read the detailed analysis of ITAT Mumbai’s decision on DCIT Vs ICICI Bank Ltd., addressing disallowance of exempt income, inordinate delay, and the crucial role of interest-free funds.
The Income Tax Appellate Tribunal (ITAT) Mumbai dismisses the Revenue’s appeal and allows bad debts declared as Non Performing Assets (NPS) before 01.04.2006 as a deduction under section 36(1)(vii) of the Income Tax Act for Abhyudaya Co-op Bank Limited for AY 2012-13.
