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 attracted in case of an eligible assessee declaring income under presumptive taxation scheme contained in section 44AD, 44ADA & 44AE. Section 44AD, 44ADA & 44AE starts with a non-obstante clause reading a...
Read MoreIncome Tax - Introduction Section 40A(2) of Income Tax Act, 1961 deals with payments to relatives and associated persons. It provides that where the assessee incurs any expenditure in respect of which payment is to be made to a specified person and the Assessing Officer is of the opinion that such expenditure is excessive or unreasonable having regard...
Read MorePCIT Vs . Universal Music India Pvt. Ltd. (Bombay High Court) - PCIT Vs . Universal Music India Pvt. Ltd. (Bombay High Court) Issues (a) Whether on the facts, in the circumstances of the case and as per law, the Hon’ble ITAT has erred in holding that in the revision proceedings the CIT cannot travel beyond the reasons given by him for revision in the show-caus...
Read MorePCIT Vs Universal Music India Pvt. Ltd. (Bombay High Court) - PCIT Vs Universal Music India Pvt. Ltd. (Bombay High Court) Notice under Section 263 was issued by CIT on two issues, namely, (a) disallowance of Fringe Benefit Tax (FBT) paid of Rs.10,72,532/- included in miscellaneous expenses and not allowed by the Assessing Officer and (b) provision of Rs.1,40,9...
Read MoreHeena Parag Chheda Vs ACIT (ITAT Mumbai) - ITAT held that lower interest received on loan given to related party for business purpose cannot be subjected to provisions of section 40A(2)(b) of the Act. ...
Read MoreAdityaram Properties (P) Ltd. Vs CIT (Madras High Court) - CIT Vs. Adityaram Properties (P) Ltd. (Madras High Court) The sole reason for which the Assessing Officer invoked Section 40A(2)(b) of the Act is for the reason that the Directors of the company were paid Rs.3 Lakhs per cent for the purchase of the land, whereas, the lands have been sold by the asse...
Read MoreCIT Vs Ayshwarya Sea Food Pvt. Ltd. (Madras High Court) - CIT Vs Ayshwarya Sea Food Pvt. Ltd. (Madras High Court) on facts, the Commissioner of Income Tax (Appeals) and the Tribunal held that the assessee had purchased shrimp products from a supplier at Nellore and the explanation given by them at the first instance before the Assessing Officer is that the...
Read MoreNotification No. 08/2020-Income-Tax [G.S.R. 56(E)] - (29/01/2020) - Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amended marginal heading of rule 6DD and in rule 6DD for the words ‘account payee bank draft, exceeds twenty thousand rupees’, the words, figures and letters ̵...
Read MorePCIT Vs . Universal Music India Pvt. Ltd. (Bombay High Court) -
PCIT Vs Universal Music India Pvt. Ltd. (Bombay High Court) -
Heena Parag Chheda Vs ACIT (ITAT Mumbai) -
Adityaram Properties (P) Ltd. Vs CIT (Madras High Court) -
CIT Vs Ayshwarya Sea Food Pvt. Ltd. (Madras High Court) -
DCIT Vs M/s Interarch Building Products (P) Ltd. (ITAT Delhi) -
Rajesh Bajaj Vs DCIT (ITAT Allahabad) -
KEC Delco Dutsan (JV) Vs ITO (ITAT Delhi) -