Goods and Services Tax : Explore the critical implications of Section 16(4) of the CGST Act, 2017 on taxpayers' Input Tax Credit (ITC) eligibility and the ...
Income Tax : Explore the intricacies of Income Tax Section 41, covering allowances, deductions, and financial transactions. Real-world examples...
Income Tax : Whether Remission Of Trading Liability Separately Taxable Where Income From Business Has Been Declared On Presumptive Basis U/S 44...
Income Tax : Any person being Individual/HUF/Company/Firm/LLP etc. providing any benefit or perquisite whether convertible into money or not, i...
Income Tax : ISSUE FOR CONSIDERATION When a loan taken for acquiring a depreciable capital asset or a part of the purchase price of such capita...
Corporate Law : Delhi High Court rules in Mukesh Udeshi vs Jindal Steel Power Ltd, emphasizing that only parties to arbitration proceedings can ch...
Income Tax : ITAT Delhi rules against Section 41(1) addition when no cessation of liability occurs, directing cancellation of a demand in the c...
Income Tax : Dive into the detailed analysis of Syama Prasad Mookerjee Port's case against DCIT at ITAT Kolkata regarding Section 41(1) of the ...
Custom Duty : Lovy International challenged rejection of Drawback to ROSCTL conversion. CESTAT Delhi ruled CBEC Circular time limit invalid. Det...
Income Tax : ITAT Mumbai rules in favor of Ecokrin Hygiene Pvt. Ltd., deleting additions under section 41(1) of the Income Tax Act solely based...
Custom Duty : Stay updated with the latest amendment to the Sea Cargo Manifest and Transhipment Regulations, 2018 by the Central Board of Indire...
Patna High Court held that as the transaction is purely an inter-state sale of goods and is not a works contract nor a sale of goods exigible to tax within the State of Bihar, the illegal VAT deduction made by the Railways from the bills of the contractors needs to be refunded back.
ITAT Mumbai held that disallowance of delayed payment of employee’s contribution to PF and ESIC in terms of section 36(1)(va) is incorrect claim apparent from any information in the return. Accordingly, adjustment is permissible under the scope of section 143(1).
In Raunika Fashion Pvt. Ltd. Vs ITO (ITAT Delhi) case, ITAT clarifies that Section 41(1) cannot be invoked when trading liabilities have not been written back in books of accounts.
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.
IOCL was not entitled for the conversion of DEEC shipping bills to drawback shipping bills since it was barred by limitation and was rightly rejected by the competent authority and for the reason for non-filing of the requisite documents in terms of Section 149 of the Customs Act as well as the Circular.
ITAT Mumbai held that addition under section 68 of the Income Tax Act untenable as AO failed to conduct any investigation or enquiry in respect of information submitted by the assessee. AO also failed to conduct independent investigation and simply relied on third party statements and facts.
Marvelore Mining & Allied Industries Pvt. Ltd. Vs ITO (ITAT Surat) Sec. 41(1) can’t be invoked for liability against purchase of defective machinery that was never put to use: Marvelore Mining & Allied Industries (P.) Ltd. v. ITO – [2023] (Surat-Trib.) Assessee was a private limited company. It was engaged in the business of Calcium […]
JCIT (OSD) Vs Yashmaan Pathak (ITAT Mumabi) No scope of adhoc or estimated addition u/s. 41(1) & the entire conditions precedent for invoking section 41(1) has to be fulfilled. Assessee has filed his return of income and the AO during scrutiny issued show cause notice to the assessee to file details and confirmation of the […]
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
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?
