Income Tax - Whether Remission Of Trading Liability Separately Taxable Where Income From Business Has Been Declared On Presumptive Basis U/S 44AD, 44ADA Or 44AE of Income Tax Act, 1961...
Read MoreIncome Tax - Any person being Individual/HUF/Company/Firm/LLP etc. providing any benefit or perquisite whether convertible into money or not, is liable w.e.f. 1-7-2022 to deduct TDS U/s 194R @ 10% on the value or aggregate value of such benefit or perquisite....
Read MoreIncome Tax - ISSUE FOR CONSIDERATION When a loan taken for acquiring a depreciable capital asset or a part of the purchase price of such capital asset is waived in a year subsequent to the year of acquisition, an issue that arises with respect to waiver of loan or part of the purchase price is whether the depreciation […]...
Read MoreIncome Tax - Waived off loan means a situation wherein the lender voluntarily relieves a borrower of the obligation or liability to repay loan. This means that there is a surplus of cash/money in the hands of borrower and thus, a receipt in the hands of the borrower/assessee. Now the question is whether such waived off loan shall […]...
Read MoreIncome Tax - In business there are circumstances where a person might have incurred a liability but later on he need not have to pay it for one or other reason. The Income Tax Act brings to tax such liabilities which are no more payable. ...
Read MorePCIT Vs Soorajmul Nagarmull (Calcutta High Court) - What are the parameters to consider the cessation of liability to be taxed u/s 41(1) of Income-tax Act,1961 and relation with limitation Act 1963?...
Read MoreNandini V. Kalgutkar Vs ITO (ITAT Bangalore) - Nandini V. Kalgutkar Vs ITO (ITAT Bangalore) On perusal of section 41 of the IT Act, it is evident that it is a sine qua non that there should be an allowance or deduction claimed by the assessee in any assessment in respect of loss, expenditure or trading liability incurred by the assessee. Then, s...
Read MoreITO Vs Schoeller Technologies India Pvt. Limited (ITAT Mumbai) - Unless, there is an evidence of remission or cessation of liability, provisions of Section 41(1) of the Act does not apply....
Read MoreACIT Vs Pradip Mullick (ITAT Kolkata) - ACIT Vs Pradip Mullick (ITAT Kolkata) Assessee submitted that owing to business of manufacturing and sale of sweets and confectioneries, he has to regularly purchase different types of raw materials from different vendors for his day to day business requirement. The number of vendors are large as th...
Read MoreShri K A Rame Gowda Vs ACIT (ITAT Bangalore) - In the instant case, admittedly, it is loan creditors and not a trading liability. So, the assessee has not obtained allowance or deduction in computing the profits and gains of business or profession in respect of assessment of any year....
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PCIT Vs Soorajmul Nagarmull (Calcutta High Court) -
Nandini V. Kalgutkar Vs ITO (ITAT Bangalore) -
ITO Vs Schoeller Technologies India Pvt. Limited (ITAT Mumbai) -
ACIT Vs Pradip Mullick (ITAT Kolkata) -
Shri K A Rame Gowda Vs ACIT (ITAT Bangalore) -
Technichem Organics Pvt. Ltd Vs ITO (ITAT Ahmedabad) -
Jain Peripherals Pvt. Ltd. Vs DCIT (ITAT Delhi) -
ACIT Vs Foot Mart Retail India Pvt. Ltd. (ITAT Delhi) -