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 : Tribunal held that deduction for bad debts is allowable in the year in which the debts are actually written off in the books of ac...
Income Tax : Delhi ITAT held that revision under Section 263 cannot be invoked merely because the PCIT desires deeper investigation after detai...
Income Tax : Consistency over technicalities: ITAT Mumbai allowed actuarial pension provision as an ascertained liability, rejected mechanical ...
Income Tax : ITAT ruled that interest disallowance cannot be made when sufficient interest-free funds are available. The key takeaway is that a...
Income Tax : ITAT Mumbai held that no TDS is liable to be deducted when payment is made for serving food in a restaurant in the normal course o...
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.
ITAT Bangalore held that it is not necessary for assessee to establish that the debt, in fact has become irrecoverable; it enough if bad debt is written off as irrecoverable in the hooks of accounts of assessee.
Vedvan Consultants Pvt. Ltd. Vs DCIT (ITAT Delhi) The solitary ground is directed against the addition of Rs.94,33,788/- u/s 36(1)(va) of the Income Tax Act, 1961. Brief facts as noted from the impugned order are that an addition u/s 36(1)(va) has been made by the DCIT, CPC, Bangalore on account of delay in depositing the […]
Section 36 – Other Deductions Section 36 of the Indian Income Tax Act, 1961, provides a list of explicit deductions for computing income arising from profession or business. Section 36 of the Income Tax Act elucidates the expenses which are allowed as deductions from the income earned from profession or business. illustrative list of expenses […]
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.R.F. Ltd. Vs. CIT(2010) 323 ITR 397:190 Taxman 391(SC), that for an assessee to claim deduction in relation to bad debts it is, now, no longer necessary to establish that debt had become irrecoverable and it is sufficient if assessee forms such an opinion and writes off debt as irrecoverable in its accounts.
