Consideration paid for purchase of advertisement space does not amount to royalty: ITAT Chennai
ESPN Digital Media (India) Pvt. Ltd. (ITA Nos.: 1070, 1071, 1072 & 1073/CHNY/2018)
Facts:
ESPN India purchased advertising space on websites owned and hosted by ESPN UK ...
Read More
The Blogs
SC holds reassessment notices issued under old regime deemed to be issued under Sec.148A
SC holds reassessment notices issued under old regime deemed to be issued under Sec.148A
The landmark and out of the box order is passed by the Hon’ble Supreme Courat wherein Article 142 of the Constitution is invoked which provides for ...
Read More
Validity of adjustment u/s 143(1)(a) on the basis of views expressed by the tax auditor in tax audit report
Validity of adjustment u/s 143(1)(a) on the basis of views expressed by the tax auditor in tax audit report
There are various adjustment which is done to the retuned income by CPC while processing income tax return u/s 143(1)(a). In ...
Read More
Section 148 Controversy put to Rest – 90000 cases given new life by Hon’ble Supreme Court
Section 148 Controversy put to Rest - 90000 cases given new life by Hon’ble Supreme Court
With 7 High Court already decided the issue in favour of Assessee, the Supreme court invoked article 142 and resolved the controversy over section ...
Read More
Legal fees for criminal cases is an allowable expenses: ITAT Mumbai
Legal fees for criminal cases is an allowable expenses: ITAT Mumbai
Penalty for violation of any law is not an allowable expenses. The question aise whether the legal fees paid for defending the criminal case is an allowable expenses or ...
Read More
Mrs. Sangeeta Singh to hold Additional Charge as Chairman, CBDT
Mrs. Sangeeta Singh to hold Additional Charge as Chairman, CBDT
Mrs. Sangeeta Singh, Additional Charge, Chairman, CBDT
Read More
Bombay HC quashed the reopening which was made within 4 years on the same issue which was examined during 143(3) proceedings
Bombay HC quashed the reopening which was made within 4 years on the same issue which was examined during 143(3) proceedings
[pdf-embedder url="https://thetaxtalk.com/wp-content/uploads/2022/05/lok-const-hc-order.pdf" title="Bombay HC quashed the reopening which was made within 4 years on the same issue which was ...
Read More
Scholarship By Hamdard Foundation, Exemption Under Income Tax Act Can’t Be Denied: Delhi HC
Scholarship By Hamdard Foundation, Exemption Under Income Tax Act Can’t Be Denied: Delhi HC
Hamdard National Foundation (India) (ITA 117/2021; ITA 156/2021; ITA 157/2021; ITA 16/2022)
Short Overview of the case:
Facts:
1. The AO ruled that the Assessee had given merit-cum scholarship/financial ...
Read More
Deduction towards Expenditure on freebies to medical professionals & violation of Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2002
Deduction towards Expenditure on freebies to medical professionals & violation of Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2002
Short Overview MCI regulations does not come in the way of the pharmaceutical companies" extending freebies to the medical ...
Read More
Outstanding payables in the books of accounts & it’s Taxation
Outstanding payables in the books of accounts & it's Taxation
Short Overview As regards outstanding payables in assessee's books, AO invoked section 41(1) without bringing on record any cogent material. For how long the account was outstanding and on what ...
Read More
Acceptance and repayment of cash for personal purpose between near relatives and penalty under section 271D & 271E
Acceptance and repayment of cash for personal purpose between near relatives and penalty under section 271D & 271E
Short Overview Acceptance and repayment of cash for personal purpose between near relatives did not not attract sections 269SS and 269T and, ...
Read More
Contract Farming – Whether Agricultural income?
Contract Farming - Whether Agricultural income?
Short Overview Income from contract farming done by assessee cannot be treated as agricultural income and that the assessee is not eligible to claim exemption under section 10(1) in respect of such income.
Assessee-company was ...
Read More
Can a person earn Agricultural income without agricultural Land: An issue before Chandigarh ITAT
Can a person earn Agricultural income without agricultural Land: An issue before Chandigarh ITAT
Short Overview Where assessee claimed income from sale of mushroom spawn as being in the nature of agricultural and AO held the same as not being in the ...
Read More
CIT – Appeal has the jurisdiction to entertain additional claims made before them
CIT - Appeal has the jurisdiction to entertain additional claims made before them
Short Overview The claim for deduction under section 24(a) had been made before the AO during the assessment proceedings (though not by revised return), but by revised ...
Read More
Validity of Cancellation of GST for the reason that purchasing dealer and selling dealer acted in connivance to fraud revenue
Validity of Cancellation of GST for the reason that purchasing dealer and selling dealer acted in connivance to fraud revenue
Section 30
Where registration was cancelled on the presumption that selling dealer and assessee might have acted in connivance, without having ...
Read More
ITC/ GST/ Service Tax paid out of pocket is an item of expenses deductible under section 37(1)
ITC/ GST/ Service Tax paid out of pocket is an item of expenses deductible under section 37(1)
Short Overview When input service tax credit was carried forward from earlier financial year to the current financial year, it partakes the nature of taxes ...
Read More
Non filing of return of income under section 139(1) & validity of refusal of deduction under section 80-IC
Non filing of return of income under section 139(1) & validity of refusal of deduction under section 80-IC
Short Overview As per section 80AC, which is very much clear and unambiguous in its expression, for claiming deduction under section 80-IB(10), it is ...
Read More
Once bogus purchases had gone into profit and loss account, and sales were not doubted, only option left with AO is to make addition of gross profit embedded in bogus purchases
Once bogus purchases had gone into profit and loss account, and sales were not doubted, only option left with AO is to make addition of gross profit embedded in bogus purchases
Short Overview Once bogus purchases had gone into profit ...
Read More