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...
The Tribunal partly allowed the Revenue’s appeal by holding that interest incurred on borrowings used for project development must be capitalised. Absence of evidence showing alternative use of funds justified capitalization.
The Tribunal held that ritualistic approval under section 153D, without application of mind, vitiates search assessments. Mandatory supervisory approval must reflect genuine examination of draft orders.
The ITAT held that loans and advances accepted in earlier scrutiny assessments cannot be doubted later without fresh incriminating material. Mere balance-sheet analysis or suspicion is insufficient.
The ITAT held that depreciation cannot be disallowed when ownership, usage, and actual cost of assets are undisputed. Mere suspicion about the source of funds is insufficient to deny statutory depreciation.
The Tribunal held that revenue-sharing license fees under the 1999 policy are capital expenditure, mandatorily amortizable under section 35ABB, following the Supreme Court verdict.
Tribunal confirmed that transfer of passive infrastructure assets is genuine and qualifies as a gift under section 47(iii), rejecting revenue’s claim of tax avoidance.
The Tribunal held that exemption under Section 13A does not automatically relieve the payer from deducting TDS on interest paid to political parties. It found the earlier High Court ruling relied upon by CIT(A) to be distinguishable. The matter was remitted to the AO to test compliance with the first proviso to Section 201.
Tribunal condoned a 938-day delay after finding that the appeal was incorrectly dismissed as withdrawn under VSVS. The case was remanded to the CIT(A) for a fresh decision on the additions made under section 143(3).
ITAT Kolkata ruled that expenses cannot be disallowed under Section 40(a)(ia) based on assumptions if TDS is duly deducted and documented, setting aside additions exceeding ₹5 crore.
ITAT Lucknow held that part of commission income from sugar mills cannot be taxed since other part of commission income has already been allowed for deduction under section 80P of the Income Tax Act. Accordingly, addition of part of commission income set aside and appeal allowed.
