The Apex Court’s land mark ruling has once again affirmed the principle of ‘Purpose Test’ which determines whether the expenditure is capital in nature or revenue in nature; and the form of mechanism through which the subsidy is given, the point of time at which the subsidy is paid and the source of subsidy is immaterial.
Where revision petition was filed by assessee in respect of its individual and also for firm’s return to claim expenses in firm’s return which were claimed in its personal return, CIT was not justified in dismissing revision application without looking into the matter, therefore, it was remanded back to CIT to consider afresh.
Sunbeam Auto Private Limited Vs Pr. CIT (Delhi High Court) 1. These four writ petitions are by Sunbeam Auto Private Limited seeking inter alia the quashing of an order dated 30th March 2015 passed by the Principal Commissioner of Income Tax-8 (Pr CIT) under Section 264 of the Income Tax Act, 1961 (‘Act’), dismissing the […]
While dismissing the appeal of revenue, the New Delhi bench of Income Tax Appellate Tribunal in its recent order allowed a claim of expenditure by a Company for traveling expenses incurred on behalf of its Associated Companies.
IT authority has no option/jurisdiction to meddle in the matter either by directing the assessee to maintain its accounts in a particular manner or adopt a different method for valuing the work-in-progress.
Since, the determination of arm’s length price in the appeal effect order has not lead to any transfer pricing adjustment, with no effect on income of the assessee, hence, penalty provisions are not applicable in this case, therefore, we cancel the orders of the authorities below thereby deleting the penalty in dispute.
ITAT Ahmedabad ruling on Ankur Scientific vs Dy. CIT case. Assessment of share gains as business income challenged. Disallowance of weighted deduction contested.
Commission records admonition for illegally insisting on Aadhar Card etc. to prove citizenship, identity and address, and also demanding proof of citizenship. Denial of information for lack of Aadhaar card will be a serious breach of right, which was guaranteed by the RTI Act
Quashing the orders of the Financial Commissioner and the Excise Commissioner, the Delhi High Court held that the mere fact that the vehicle was used to transport liquor would not be sufficient for confiscating the same if the owner of the vehicle is able to establish that he/ she was not involved in the offence.
Explore ITAT Mumbai’s order on Apax Partners India vs. DCIT regarding transfer pricing, legal fees, and travel expenses. Key insights on taxation under section 40(a)(ia)
