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 Indore held that the deeming fiction created in section 50C cannot be extended to the provision of section 69 or 69B or any other of the Act in the case of purchaser to make the purchaser liable for tax.
ITAT Delhi held that assessee would be entitled for deduction on account of bad debts written off as part of the sales amount is not received.
ACIT Vs Hotel Ishika (ITAT Raipur) ITAT Raipur held that the interest expenditure corresponding to the advances that was given in the normal course of business could not have been disallowed under section 36(1)(iii) of the Income Tax Act. Facts- Post completion of original assessment, as is discernible from record, the A.O on the basis […]
ITAT Bangalore held that when the proviso to section 36(1)(vii) applies to bad debts written off relating to rural advances, the same cannot be applied for disallowing deduction claimed on account of write off of bad and doubtful debts relating to nonrural/urban advances.
ITAT Bangalore held that bad debts relating to non-rural branches are allowable under section 36(1)(vii) of the Income Tax Act.
ITAT Cochin held that benefit of deduction of 7.5% of the total income is available to co-operative banks under clause (viia) of section 36(1) of the Income Tax Act.
Gujarat High Court held that re-opening sought on the basis of assessment record without any fresh tangible material is unsustainable in law.
ITAT Kolkata held that addition based on such retracted statement of third person and that too without giving any opportunity of cross examination to the assessee deserves to be deleted.
ITAT Mumbai held that once it is established that the funds are used wholly and exclusively for the purpose of business interest paid on such borrowed funds is allowed u/s. 36(1)(iii) of the Income Tax Act.
ITAT Bangalore held that business of the assessee is to invest in shares and that the borrowing was for the purpose of business. Accordingly, interest paid on such borrowing is allowable under section 36(1)(iii) of the Income Tax Act.
