S. 279 Prosecution for late deposit of TDS offense: Principles applicable to launching prosecution set out.
section 279 (i) Counsel for the petitioners submits that the Sanctioning Authority has failed to consider the requirements of Section…
IT Judgement
No Tax, on amount received from family arrangements.
The Tribunal had to consider whether the property acquired by assessee through memorandum of family arrangement cum compromise deed dated…
Tribunal orders are binding on the Tribunal unless set-aside or stayed.
Section 254(2) : Tribunal orders (in sister concern’s case) are binding on the Tribunal unless set-aside or stayed. A rectification…
Why you should purchase Tax Saving Bond u/s 54EC before 31st March 2018?
Section 54EC is one of the most preferable sections for saving tax arising from transfer of any long term capital…
TRANSFER OF CAPITAL ASSETS ON DISSOLUTION OF FIRM ATTRACT TAX LIABILITY IN THE HANDS OF THE FIRM
CAPITAL ASSETS The provision of Section 45(4) is applied at the time of dissolution of the firm, further the provision…
The grant of approval by the CIT with the words “Yes. I am satisfied” – ITAT Delhi
section 147 (1) First of all, ld. AR for the assessee company drew our attention towards sanction accorded by the…
Voluntary surrender after survey -No escape from Penalty: SC
Section 271(1)(c) Voluntary surrender after survey -No escape from Penalty: SC 1. The question of law framed for this appeal…
Disallowance of Assessee’s claim does not mean “furnishing of inaccurate particulars” for levy of Penalty !
furnishing of inaccurate particulars BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI N.K. PRADHAN, ACCOUNTANT MEMBER ITA no.7099/Mum./2017 (Assessment Year…
Rashtriya Chemicals & Fertilizers Limited vs. CIT (ITAT Mumbai)
section 115JB, 263, 40(a)(i) (a) It is undisputed fact that the said item of expenditure viz. taxes borne by the assessee on deemed…
Cash Payment not disallowable u/s 40A(3) if Genuineness proved: ITAT
judgement on section 40A(3) The following judgment perfectly elaborates the fact that section 40A(3) was introduced as anti tax measure.…
Draft Assessment Order Under Section 144c -Zuari Cement
Assessment Order Under Section 144c u/s 144 C of the Act refers to the Dispute Resolution Panel. Section 144C(1) provides that in case of…
Furniture & Fixtures are eligible for Capital Gain Exemption: ITAT Ahmedabad
section 54 capital gain exemption S. 54: The expression “cost of the residential house so purchased” in s. 54 is…
Completion of House not Compulsory for Capital Gain Exemption: ITAT Chandigarh
section 54 S. 54: If agreement for purchase of new residential house is made and entire purchase price is paid…
No penalty leviable if wrong claim made in income tax return on the basis of Wrong Advice: HC
Concealment penalty could not be levied merely because assessee on advice of his CA made a wrong claim of deduction…
Tax planning: Know the Deduction for FY 2017-18
Tax planning : Know the Deduction for FY 2017-18 INCOME TAX Exemption Updates For every Tax payer For FY:17-18 to…
Mode of recognizing revenue on “Percentage Completion Method” as explained by Jaipur ITAT
Percentage Completion Method Vastukar Township Pvt. Ltd vs. DCIT (ITAT Jaipur) S. 145(2): Law on how revenue should be recognized…
Shareholder means a “beneficial owner” of shares – Supreme court
income tax judgement National Travel Service vs. CIT (Supreme Court) S. 2(22)(e) Deemed Dividend: The term “shareholder”, post amendment, has…
Bogus purchase – Taxation?
ITO v. Prompt Toys (P.) Ltd. Decision: Partly in assessee’s favour. Income from undisclosed sources–Addition under section 69C– Bogus purchases–Genuineness of purchaser…