IT JudgementAllowability of Business loss from Foreign exchange fluctuation on forward contract- whether a notional loss?6 Oct 20180Allowability of Business loss from Foreign exchange fluctuation on forward contract- whether a notional loss? The loss due to foreign…
IT JudgementTransitional provisions of Input tax credit in Tran-1 form not uploaded due to technical glitches- Relief granted by Kerala HC6 Oct 20180Transitional provisions of Input tax credit in Tran-1 form not uploaded due to technical glitches- Relief granted by Kerala HC…
Income TaxIT JudgementLevy of Fees u/s 234E by virtue of Section 200A5 Oct 20180Levy of Fees u/s 234E by virtue of Section 200A Section 234E of the Income Tax Act, 1961 talks about…
IT JudgementSection 50C not applicable if assessee invested entire “Actual Net Sale Consideration” in new house property u/s 54F – Lucknow Tribunal also confirmed it5 Oct 20180Section 50C not applicable if assessee invested entire “Actual Net Sale Consideration” in new house property u/s 54F – Lucknow…
IT JudgementActivity of running school buses to facilitate transportation of students and staff, whether a commercial activity for exemption u/s 115 Oct 20180Activity of running school buses to facilitate transportation of students and staff, whether a commercial activity for exemption u/s 1…
IT JudgementCan HUF claim a house to be self occupied?4 Oct 20180Can HUF claim a house to be self occupied? In income tax it is a well known fact that if…
IT JudgementReceipt of interest on enhanced compensation consequent to compulsory acquisition of agricultural land is eligible for deduction u/s 10(37)3 Oct 20180Receipt of interest on enhanced compensation consequent to compulsory acquisition of agricultural land is eligible for deduction u/s 10(37) Where…
IT JudgementWhether Capital gains tax liability arises if there is a Gift of share in property against cash gift pursuant to family settlement?3 Oct 20180Whether Capital gains tax liability arises if there is a Gift of share in property against cash gift pursuant to family…
IT JudgementExpenditure is allowable even if Assessee has not rendered services but is retained by client3 Oct 20180Expenditure is allowable even if Assessee has not rendered services but is retained by client When there was a valid…
IT JudgementOwner is a person who is entitled to receive income from the property in his own right!2 Oct 20180Owner is a person who is entitled to receive income from the property in his own right! Income under the…
IT JudgementIf the AO has not recorded any satisfaction, is the levy of penalty valid?1 Oct 20180S. 271(1)(c) penalty: If the AO has not recorded any satisfaction in absolute terms whether the assessee has concealed particulars…
IT JudgementCIT should devote more time to their work rather than attending some administrative meetings1 Oct 20180CIT should devote more time to their work rather than attending some administrative meetings PCIT vs. Radan Multimedia Ltd (Bombay…
IT JudgementBusiness disallowance under section 40(a)(ia)–cannot be done if their is a Short deduction of TDS29 Sep 20180Business disallowance under section 40(a)(ia)–cannot be done if their is a Short deduction of TDS Where there was any shortfall…
IT JudgementHead of income–Business income or income from other sources–Rental income from flat29 Sep 20180Where rental income was received by assessee as owner of flat same was to be assessed under head income from…
IT JudgementSearch and seizure–Assumption of jurisdiction under section 153A–No incriminating material found27 Sep 20180Search and seizure–Assumption of jurisdiction under section 153A–No incriminating material found Since no assessment was pending on the date of…
IT JudgementNo penalty just because exp. claimed by assessee wasn’t accepted by revenue: Apex Court, dismissed27 Sep 20180No penalty just because exp. claimed by assessee wasn’t accepted by revenue; SC dismissed [2018] 97 taxmann.com 279 (SC) SUPREME COURT OF…
IT JudgementWhether TDS is leviable on tips paid to waiter considering it as salary?27 Sep 20180Whether TDS is leviable on tips paid to waiter considering it as salary? Supreme Court in case of Itc Limited…
IT JudgementWhether TDS is leviable on discount?26 Sep 20180Whether TDS is leviable on discount? Issue Whether TDS is leviable on discount? If yes than under which section? One…