Income Tax : The, TAXATION LAWS (AMENDMENT) ORDINANCE, 2019 (hereinafter 'Ordinance'), is an ordinance to further amend the Income-tax Act, 196...
Income Tax : The Finance Act, 2012 expanded the scope of the term International Transaction thereby giving the clarity as to what the legislatu...
Income Tax : CA Vivek Rajan. V 1. Background : The Ministry of Corporate Affairs [ MCA] vide its notice dated 9th February 2016 had invited sug...
Income Tax : Whether it is open to the assessee to claim depreciation for the current year and not claim unabsorbed depreciation of the previou...
Income Tax : The Finance Bill, 2015 has proposed to provide allowance for the balance 50% of additional depreciation which has not been allowed...
Income Tax : ITAT Mumbai held in the case of In the case of Lands End Co-operative Housing Society Limited vs ITO, that receipt of transfer fee...
Income Tax : The court also agreed with the view of Delhi HC in CIT vs Dalmia Cement Ltd [ 2002 (254) ITR 377], wherein the court held that onc...
Income Tax : Delhi High Court Held In the case of I.P. Support Services India (P) Ltd vs CIT that AO cannot invoke Section 14A read with Rule...
Income Tax : Victory Aqua Farm Ltd vs ACIT (Supreme Court) The assessee has claimed depreciation in respect of these ponds by contending that t...
Income Tax : In the case of Bhagat Construction Co Private Limited vs CIT Hon;ble Supreme Court has held that Interest u/s 234B of Income Tax A...
The, TAXATION LAWS (AMENDMENT) ORDINANCE, 2019 (hereinafter ‘Ordinance’), is an ordinance to further amend the Income-tax Act, 1961 and the Finance (No.2) Act, 2019. Since the parliament is not in session and the President of India is satisfied that circumstances exist which render it necessary for him to take immediate action, this Ordinance has come into force with effect from 20th September 2019.
The Finance Act, 2012 expanded the scope of the term International Transaction thereby giving the clarity as to what the legislature meant or rather deemed fit to be International Transaction and consequential amendments were also made to other connected sections of Transfer Pricing in the Income-tax Act, 1961.
CA Vivek Rajan. V 1. Background : The Ministry of Corporate Affairs [ MCA] vide its notice dated 9th February 2016 had invited suggestions/ comments along with justification in brief on the draft Companies ( Auditor’s Report) Order, 2016, (CARO, 2016). This article contains the suggestions/ comments.
ITAT Mumbai held in the case of In the case of Lands End Co-operative Housing Society Limited vs ITO, that receipt of transfer fees, Non-occupancy charges and car parking charges are covered by the principle of mutuality.
The court also agreed with the view of Delhi HC in CIT vs Dalmia Cement Ltd [ 2002 (254) ITR 377], wherein the court held that once it is established that there is nexus between expenditure and purpose of business (which need not be necessarily be the business of the assessee itself), the Revenue cannot proceed to disallow the claim.
Delhi High Court Held In the case of I.P. Support Services India (P) Ltd vs CIT that AO cannot invoke Section 14A read with Rule 8D (2) without recording his satisfaction and noted that the recording of satisfaction as to why the voluntary disallowance made by the assessee was unreasonable
Victory Aqua Farm Ltd vs ACIT (Supreme Court) The assessee has claimed depreciation in respect of these ponds by contending that these prawn ponds are tools to its business and therefore constitute ‘plant’ within the meaning of Section 32 of the Income-tax Act, 1961.
In the case of Bhagat Construction Co Private Limited vs CIT Hon;ble Supreme Court has held that Interest u/s 234B of Income Tax Act, 1961 is automatic even if assessment order does not contain any direction for payment subject to computation of same in Form I.T.N.S 150
ITAT Mumbai has held in the case of Lionbridge Technologies Private Limited vs ITO (International Taxation) (TDS) that There is no liability to deduct tax at source on reimbursement of cost. Consequently for not deducting tax at source, the assessee cannot be treated as assessee in default under sections 201/ 201(1A).
Whether it is open to the assessee to claim depreciation for the current year and not claim unabsorbed depreciation of the previous years. Whether it is unabsorbed investment allowance which is to be allowed as set off in computing the income of the assessee or unabsorbed depreciation.
