Income Tax : Karnataka High Court allows PCIT's appeal, upholding a Section 263 revision for non-disallowance of commission payments without TD...
Income Tax : Understand the penalties, interest, and disallowance of expenditure under Section 201 for failure to comply with TDS provisions in...
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 : 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 Delhi confirmed deletion of addition on alleged diversion of interest-bearing funds, holding that hypothetical or notional in...
Income Tax : The Tribunal held that commission paid to foreign agents for services rendered outside India is not taxable in India. Consequently...
Income Tax : The issue was whether commission payments were genuine business expenses. The Tribunal held that disallowance based on non-respons...
Income Tax : The Tribunal held that interest expenses cannot be disallowed when the trust merely facilitates transactions and costs are reimbur...
Income Tax : Consistency over technicalities: ITAT Mumbai allowed actuarial pension provision as an ascertained liability, rejected mechanical ...
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...
Supreme Court held that ‘technical services’ under Section 194J read with Explanation 2 to Section 9(1)(vii) of Income Tax Act, 1961 denote services to cater to the special needs of the consumer/user, rather not a facility / service offered to all.
Delhi High Court held In the case of ANZ Grindlays Bank Ltd. vs. DCIT that absence of a provision similar to sec. 40(a) (i) does not mean that the Assessee would also be disentitled to claim deduction on account of salaries in the year to which such expenses pertained even though
Previously-in contravention of this section it was provided that 20% of the expenditure will be disallowed in case payment in excess of 20000/- is made otherwise than by crossed a/c payee cheque or Draft. At present it is provided that in contravention of this provision the whole expenditure I e 100% of the expenditure will be disallowed.
Bombay High Court held In the case of CIT vs. V.S. Dempo & Co. Pvt. Ltd. that section 44B enacts special provisions for computing profits and gains of shipping business in case of non-residents and section 172 is enacted for the purpose of levy and recovery of tax in the case of any ship belonging to or chartered by a non-resident operated from India.
The ITAT Kolkata in the case of M/s AT & S India P. Ltd. held that the reimbursement made to holding co. by its subsidiary towards the share technology services is not taxable in the hands of receiving co. (holding co.) because the reimbursement is not an income for the holding co.
CIT Vs. Gujarat Reclaim & Rubber Products (Bombay High Court) (a) Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in holding that commission payments made to nonresident sales agents on which no tax was deducted is not disallowable u/s. 40(a)(i)?
Abani Kumar Dutta Vs. ACIT (ITAT Kolkata) Argument of Ld. Counsel for the assessee that the CIT in his revision order u/s 263 of the Act only directed the AO to examine the applicability of sec. 194G read with section 40(a)(ia) of the Act and not genuineness of the expenditure.
DCIT (TDS) Vs. Punjab Infratructure & Development Board, Chandigarh (ITAT Chandigarh)- When payee or resident has filed its return of income disclosing the payment received by and in which the income earned by it is embedded and has also paid tax on such income
ITAT Bangalore held In the case of M/s. Ravi Spice Processors P. Ltd vs. ACIT that amendment to Sec. 40(a) (ia) whereby a second proviso was inserted by the Finance Act, 2012, w.e.f. 1-4-2013 which state that if the payee has considered the income in return of income and tax has been paid by the payee
ITAT Ahmedabad held in the case Kurian Ulahannan Moothukuzhiyil vs. ITO that in the case of CIT vs. Ansal Land Mark Township (P) Ltd. in ITA 160/2015 & ITA 161/2015 dated 26/08/2015, it was held that there is one thing common to both the provisions to Section 40(a) (ia) and Section 201 (1) is that the as long as the payee has filed its return of income disclosing the payment received by and in which the income earned by it is embedded and has also paid tax on such income, the Assessee would not be treated as a person in default.
