Income Tax : Dive into critical tax regulations and provisions, from related party payments to cash disallowance, and learn how they impact you...
Income Tax : Understand nuances of claiming tax deductions on payments to relatives in business. Learn how Section 40A(2) of Income Tax Act, 19...
Income Tax : The issue under consideration in this write up is whether disallowance u/s 40(a)(ia), 40A & 43B of Income Tax Act, 1961 are at...
Income Tax : Introduction Section 40A(2) of Income Tax Act, 1961 deals with payments to relatives and associated persons. It provides that wher...
Income Tax : The assessee filed its original return of income which was taken for scrutiny assessment and regular assessment order under sectio...
Income Tax : ITAT Ahmedabad held that addition towards bogus purchases made without proper verification of facts but just on the basis of suspi...
Income Tax : ITAT Ahmedabad held that deduction under Section 80-IB/80-IE of the Income Tax Act disallowed on loan to employees and bank deposi...
Income Tax : ITAT Indore held that rate of interest on secured loan from banks cannot be compared with the rate of interest on unsecured loan. ...
Income Tax : Egberts India Pvt Ltd wins against ITO as ITAT Chennai allows deduction of consultancy charges paid to resident director. Full tex...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
The assessee filed its original return of income which was taken for scrutiny assessment and regular assessment order under section 143(3) of the Act was passed on 29-12-2011.
ITAT Ahmedabad held that addition towards bogus purchases made without proper verification of facts but just on the basis of suspicion, surmises and unverified information unjustified and liable to be deleted.
ITAT Ahmedabad held that deduction under Section 80-IB/80-IE of the Income Tax Act disallowed on loan to employees and bank deposits as such interest income is not income derived from industrial undertaking.
ITAT Indore held that rate of interest on secured loan from banks cannot be compared with the rate of interest on unsecured loan. Accordingly, disallowance of interest u/s. 40A(2)(b) of the Income Tax Act deleted.
Egberts India Pvt Ltd wins against ITO as ITAT Chennai allows deduction of consultancy charges paid to resident director. Full text of ITAT Chennai order.
ITAT Delhi dismisses DCIT’s appeal against DLF Urban Pvt. Ltd. TPO failed to apply industry filter for ALP of interest, resulting in the deletion of Rs. 6.29 crores addition.
Explore the intricacies of Section 40A(2)(b) with insights from the M S Hostel Vs DCIT case. Learn why salary disallowance requires thorough examination of fair market value and legitimate business needs.
ITAT Mumbai held that compensation received by the assessee in out of court settlement for unilaterally terminating certain obligation under the agreement is an income assessed to business income and not an income assessed to capital gains as claimed by the assessee.
ITAT Mumbai held that rate of interest @18% paid to related party towards unsecured loan is reasonable as rate of interest charged by bank @12% is with security, whereas, rate of interest charged on unsecured loan is without any security.
Trinity Global Enterprises Ltd. vs. ITO: No disallowance under 40A(2) for supervision and risk management charges. Detailed analysis and conclusions provided.
