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 : ITAT Mumbai held that compensation received by the assessee in out of court settlement for unilaterally terminating certain obliga...
Income Tax : ITAT Mumbai held that rate of interest @18% paid to related party towards unsecured loan is reasonable as rate of interest charged...
Income Tax : Trinity Global Enterprises Ltd. vs. ITO: No disallowance under 40A(2) for supervision and risk management charges. Detailed analys...
Income Tax : Mumbai ITAT deletes penalty under section 271(1)(c) for Eureka Outsourcing Solutions, stating making an incorrect claim does not a...
Income Tax : ITAT Mumbai held that provisions of section 40A(2)(a) of the Income Tax Act are applicable in cases, wherein, the director of subs...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
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.
Mumbai ITAT deletes penalty under section 271(1)(c) for Eureka Outsourcing Solutions, stating making an incorrect claim does not amount to furnishing inaccurate particulars.
ITAT Mumbai held that provisions of section 40A(2)(a) of the Income Tax Act are applicable in cases, wherein, the director of subsidiary company, to whom payment has been made, has substantial interest in the assessee.
CESTAT Ahmedabad held that duty demand unsustainable as charges against appellant of creating dummy units for keeping the value of clearance below SSI exemption not established.
Genxt Mobile LLP wins appeal as ITAT deletes disallowance on interest payment, citing failure to compare with the fair market value under Section 40A(2)(a).
Dive into critical tax regulations and provisions, from related party payments to cash disallowance, and learn how they impact your deductions. Uncover the complexities of tax compliance.
ITAT Delhi held that disallowance under section 40A(2)(b) of the Income Tax Act on merely estimating that more income should have been earned from sub-contracting without bringing any comparable figures is unsustainable in law.
ITAT Raipur held that addition on account of discount allowed to sister concern unsustainable as assessee duly placed on record documentary evidence to substantiate the factum of having sold low-quality sponge iron to its sister concern. Accordingly, rejection of discount merely on the basis of doubts and suspicion unjustified.
