Income Tax : Learn about disallowed expenses under PGBP in India's Income Tax Act. Understand key sections like 37, 40, and 40A, and their impa...
Income Tax : Learn about disallowances under Income Tax Act sections and their reporting requirements in Form 3CD during tax audits. Key provis...
Income Tax : Delhi HC rules reimbursements to NRAEs not subject to TDS as "fees for technical services," clarifying scope of Section 9(1)(vii) ...
Income Tax : Explore allowable tax deductions for AY 2025-26, covering salaries, house property, business, and personal expenses. Maximize your...
Income Tax : Explore crucial issues in income tax practices, including Section 44AD, TDS obligations, LTCG exemptions, cash deposits, and tax d...
Income Tax : Section 40(a)(ia) is amended via Finance (No. 2) Act, 2014 to restrict the amount of disallowance for non-deduction of tax to 30% ...
Income Tax : The existing provisions of section 40(a)(ia) of Income-tax Act provide for the disallowance of expenditure like interest, commissi...
Income Tax : ITAT Raipur held that penalty under section 271(1)(c) of the Income Tax Act justifiable since no plausible explanation provided fo...
Income Tax : Delhi High Court held that reopening of an assessment under section 147 of the Income Tax Act merely on the basis of communication...
Income Tax : ITAT Chennai held that provisions of section 69A of the Income Tax Act could not be invoked when cash is sourced out of recorded s...
Income Tax : Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and h...
Income Tax : ITAT Chennai held that when the cash is sourced out of recorded sales, the provisions of section 69A of the Income Tax Act could n...
Income Tax : Circular No. 3/2015 Section 40(a)(i) of the Act stipulates that in computing the income chargeable under the head "Profits or gain...
Income Tax : Sub: Deduction of tax at source under Section 195 read with Sections 201 of the Income-tax Act, 1961 relating to payment made to a...
Income Tax : Circular No. 10/DV/2013-Income Tax It has been brought to the notice of the Board that there are conflicting interpretations by j...
ITAT Mumbai held that 100% addition in case of bogus purchases unsustainable. Notably, addition to the extent of rate of gross profit in case of bogus purchase is duly sustained.
ITAT Patna rules in favor of Ravi Lochan Singh, establishing that deductions should not be disallowed under Section 40(a)(ia) if the recipient includes income from receipts of the assessee in their income tax return.
ITAT Delhi held that TDS not deductible u/s 195(1) on the reimbursement of mobilization and demobilization cost to the holding company. Accordingly, disallowance u/s 40(a)(ia) unsustainable.
ITAT Chennai held that disallowance u/s 40(a)(ia) of the Income Tax Act for non-deduction of TDS is justified as TDS is not deducted and assessee has failed to file any evidence that receipts have declared the amount in their return of income.
ITAT Pune held that the deduction u/s 36(1)(va) in respect of employee’s contribution not entitled on failure to deposit employee’s contribution before due date prescribed under the relevant statutes.
ITAT Mumbai held that penalty u/s 271(1)(c) not leviable as mere making of a claim which is not sustainable in law by itself will not amount to furnishing of inaccurate particulars of income.
ITAT Ahmedabad held that post amendment to section 40(a)(ia) of the Income Tax Act, as introduced vide Finance (No.2) Act, disallowance on account of non-deduction of TDS is restriction to 30% of the expenditure as against 100%.
ITAT Mumbai held that amendment to section 40(a)(ia) of the Income Tax Act vide the Finance (No.2) Act, 2014 is effective from 01/04/2015 and shall be applicable from the Assessment Year 2015-2016.
ITAT Bangalore held that the adjustment made by the TPO towards technical know-how fees despite accepting the entity level margins is liable to be deleted.
ITAT Delhi held that disallowance u/s 40(a)(ia) of the Income Tax Act on account of non-payment of TDS unsustainable as TDS already deducted and deposited by the assessee.
