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...
Income Tax : Tribunal held that deduction for bad debts is allowable in the year in which the debts are actually written off in the books of ac...
Income Tax : The ITAT Raipur held that additions for cessation of liability cannot be made merely because creditor confirmations were not filed...
Income Tax : High Court held that consideration received on transfer of self-generated trademarks before 1 April 2002 was not taxable as capita...
Income Tax : The Tribunal held that addition under Section 41(1) cannot be made without proof of actual cessation of liability. It found that m...
Income Tax : The Tribunal held that mere non-payment or expiry of limitation does not amount to cessation of liability. In absence of actual be...
Custom Duty : Stay updated with the latest amendment to the Sea Cargo Manifest and Transhipment Regulations, 2018 by the Central Board of Indire...
Mere collection of tax by the selling dealer is not sufficient; the tax must be duly paid to the government. The burden of proof lies with the purchasing dealer to substantiate that the tax collected has indeed been paid to the government by the supplier.
ITAT Mumbai held that under regular provisions of section 36(1)(vii) of the Act, the provision for doubtful debt being in the nature of diminution in value of asset, it also attracts explanation (i) of the section 115JB of the Act. Accordingly, addition of book profit sustained.
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 […]
