No tax liability arises if there is diversion of income at source by overriding title: Jammu HC
No tax liability arises if there is diversion of income at source itself, by overriding title: HC ( 2017-TIOL-1971-HC-J&K-) JAMMU…
IT Judgement
Deduction towards Commission expenses not admissible if not justified : ITAT
Commission expenses Deduction towards Commission expenses not admissible if not justified : ITAT UMBIKA AGENCY vs. INCOME TAX OFFICER ITAT,…
Depreciation on non-competition fee:
DCIT vs. Caparo Engineering India P. Ltd (ITAT Delhi) S. 32(1)(ii) Depreciation on non-compete fee: The AO should consider whether…
By no stretch of imagination can s. 14A or Rule 8D be interpreted so as to mean that entire tax exempt income is to be disallowed. Also, the disallowance cannot exceed the exempt income
Pest Control India Pvt Ltd vs. DCIT (ITAT Mumbai) (i) The Assessing Officer computed the disallowance u/s. 14A Rule 8D…
No dis-allowanxe for short deduction of TDS due to difference of opinion: ITAT
Short deduction of TDS under bonafide wrong impression, due to difference of opinion as regards taxability of any item, is…
Profit club not taxable on the concept of Mutuality !!
Club can avail of doctrine of mutuality w.r.t. surplus amount received. As contributions or price for some of facilities availed…
Few laws
IT JUDGEMENTS Three Imp Verdicts On Core Issues + Article By Luminary On Law Relating To Cash Transactions. CIT vs.…
Protective addition in hands of shareholder is not apt, if substantive addition was already made in another hands
Any protective addition in hands of shareholder is not apt. If substantive addition was already make in hands of overseas…
Caution – Income on sale of Rural Agricultural Land can also be Taxed !!
Income from sale of agriculturl land is to be taxed as business income. If assessee’s business as per MoA is…
Addition u/s 68 on the ground that Gift are not Genuine is a question of Fact – Court not to intervene !!
Addition u/s 68 on the ground that Gift are not Genuine is a question of Fact – Court not to…
Bogus LTCG from Penny stocks
Sanjay Bimalchand Jain vs. Pr CIT (Bombay High Court) GIST: Bogus LTCG from Penny stocks: The assessee has not tendered…
IT Judgement CIT vs. Dr. Arvind S. Phake (Bombay High Court)
S. 2(47)(v): Immovable property can be regarded to have been transferred on the date of execution of the Development Agreement…
It Judgement CIT vs. Rajasthan And Gujarati Charitable Foundation Poona (Supreme Court)
section 11(1)(a) S. 11(1)(a) vs. 32: Even if the entire expenditure incurred for acquisition of a capital asset is treated…
Agricultural Land- Meaning for the purpose of section 2(14)(iii) of the Income Tax Acty-1961
SUB-CLAUSE (iii)-AGRICULTURAL LAND (i) General Section 2(4A)(iii) of the 1922 Act excluded from the ambit of “capital asset”, any land…
Unpaid tax dues of Pvt Ltd Company is no basis to lift corporate veil; No recovery can be initiated against Directors u/s 179(1) in absence of hearing
AHEMDABAD, : THE ISSUE BEFORE THE DIVISION BENCH IS – “Whether notices in form of recovery or reminders of unpaid…
Meaning of Agricultural Land – A well elaborated order by ITAT Hyderabad !!
Income Tax Appellate Tribunal – Hyderabad Rajender Pershad Tejprakash, … vs Assessee IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES…
Logical Interpretation by Ahmadabad ITAT- One month relief of interest in case of delay in payment of TDS
payment of TDS One months relief of interest in case of delay payment of TDS The Hon’ble ITAT – Ahmedabad…
E way bill system will be ready from 16th January 2018 !!
E way bill system will be ready from 16th January 2018 !! E way bill The nationwide E-way bill system…
