Income Tax : Section 40A of the Income-tax Act restricts the deduction of specified business expenses where statutory conditions are not fulfil...
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 ITAT held that a transfer pricing adjustment under Section 80-IA(10) cannot be sustained without proving the statutory conditi...
Income Tax : ITAT Mumbai held that disallowance under Section 14A must be computed only with reference to investments that actually yielded exe...
Income Tax : The Delhi ITAT upheld deletion of a ₹14.20 crore addition under Section 68, holding that the AO relied on old search findings an...
Income Tax : Mumbai ITAT ruled that transfer of professional fees between branches through journal entries did not attract TDS liability. The T...
Income Tax : ITAT Bangalore held that NIL taxable income disclosed by an Alternative Investment Fund does not automatically negate its creditwo...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
AO without bringing any material or reasons before making any addition, simply added back the opening balances of the trade payables without making any verification from the parties and he had failed to discharge the preliminary onus and had made the addition in summary manners, therefore, CIT(A) had committed no error in deleting the addition made u/s 41.
ITAT Ahmedabad held that gratuity premium paid to LIC was to be treated as business expenditure and the same is allowable under section 37(1) of the Income Tax Act.
ITAT Delhi held that invocation of revisionary power u/s 263 of the Income Tax Act without satisfying two conditions i.e. order was erroneous and it was prejudicial to the interest of revenue is unsustainable in law and liable to be quashed.
ITAT Delhi held that unadjusted cenvat credit left on closure on manufacturing unit, which cannot be utilised further, is allowable as business expenditure under section 37(1) of the Income Tax Act
Understand nuances of claiming tax deductions on payments to relatives in business. Learn how Section 40A(2) of Income Tax Act, 1961 impacts you.
D D & Co. Vs ACIT (ITAT Mumbai) ITAT Mumbai held that for claiming deduction u/s. 57 of the Income Tax Act, it is important to establish that the expenditure is laid out or expended wholly and exclusively for the purpose of making or earning such income. Accordingly, matter remanded to consider the movement in […]
ITAT Delhi held that commission paid to foreign agents for procurement of orders do not fall under Technical, Managerial or consultancy services. Accordingly, TDS not deductible on commission paid to such foreign agents.
Analysis of the ITAT Ahmedabad’s ruling on Bharatbhai Makwana Vs PCIT. Delving into the implications of incorrect terminologies in tax audit reports relating to granule purchases.
Explore the key details and implications of ITAT Ahmedabad’s ruling on the Shanti Multilink Pvt. Ltd. Vs PCIT case concerning the validity of an assessment order under section 263.
ITAT Chennai held that deduction of TDS vis-à-vis amortization of discount on debentures needs fresh adjudication in the light of additional evidences filed by the revenue. Accordingly, matter restore back.
