Income Tax : Explore crucial issues in income tax practices, including Section 44AD, TDS obligations, LTCG exemptions, cash deposits, and tax d...
Income Tax : Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights...
Income Tax : Details of Form 13 & section 194C(6) of Income Tax Act 1961. Learn importance of these for transporters & how to avoid excess TDS ...
Income Tax : Explore Form 26A for TDS relief. Learn about legal provisions, benefits, and procedures for non-deduction or short deduction cases...
Income Tax : Discover the debate surrounding cash payments exceeding Rs. 10,000 to electricity boards in Income Tax. Learn about Rule 6DD, gove...
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 : Learn how ITAT Bangalore ruled in favor of Herbalife India on technical service payments, clarifying FTS under India-USA DTAA. Det...
Income Tax : ITAT Mumbai invalidates income tax assessment for a merged entity, emphasizing the legal principle against actions on non-existent...
Income Tax : Assessing Officer has nowhere determined as to how Section 194C is applicable on payments made by assessee. Unless a charge is bei...
Income Tax : Issuance Of Letters Of Comfort/Support will Construe As International Transaction U/s 92B considering corporate guarantee issued b...
Income Tax : Expenditure incurred by assessee should be disallowed to the extent that expenditure which had been incurred for evaluation of bus...
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 Visakhapatnam held that addition towards unexplained labour credits sustained as assessee failed to discharge the onus casted on it and failed to produce material evidence with respect to labour payments and material payments.
ITAT Delhi’s ruling in Amtech Engineers vs. ITO clarifies that TDS is not applicable under section 194C for casual labor expenses in road construction and crane hiring.
ITAT Ahmedabad held that the assessee (pharmaceutical company) is not entitled for claiming deduction under section 37(1) of the Income Tax Act on account of freebies given to the doctors.
ITAT Jaipur held that the assessment order passed by AO after considering the information filed during assessment proceedings cannot be said to be erroneous and prejudicial to the interest of the revenue. Every loss of revenue as a consequence of an order of the AO cannot be treated as prejudicial to the interests of the Revenue.
ITAT Raipur held that condonation of inordinate delay of 191 days in filing of an appeal cannot be condoned without any justifiable reason. Accordingly, condonation not granted due to lack of sufficient cause.
ITAT Bangalore held that cooperative societies carrying on banking business when it pays interest to its members on deposits need not deduct tax at source in view of the provisions of Sec.194A(3)(v) of the Act.
ITAT Bangalore held that the payments made to gateway providers are not brokerage and TDS u/s. 194H of the Income Tax Act is not liable to be deducted.
ITAT Mumbai held that there was no express arrangement / agreement between the assessee and the AE for incurring advertisement, marketing and promotional expenses (AMP) to promote the brand of the AE and hence the said transactions would not constitute international transaction relating to AMP expenditure. Thus, TP adjustment deleted.
ITAT Chennai held that the corporate guarantee to Associated Enterprise (AE) is an international transaction and it has to be assessed at 0.5% of the corporate commission. Hence, directed AO to restrict the disallowance at 0.5% of the guarantee value.
ITAT Jaipur held that interest paid on TDS is compensatory in nature and is a business expenditure allowable u/s 37(1) of the Income Tax Act
