IT Judgement

Conversion of trading liability into Share Application Money: Taxation u/s 41(1) as Remission or cessation of trading liability

5 years ago

Conversion of trading liability into Share Application Money: Taxation u/s 41(1) as Remission or cessation of trading liability Short overview…

IT Judgement

Forex loss can be capitalised as per Sec. 43A even if Indian currency loan is subsequently converted into forex loan

5 years ago

Forex loss can be capitalized as per Sec. 43A even if Indian currency loan is subsequently converted into Forex loan Continuum…

IT Judgement

Waiver of loan which was never claimed as expenditure couldn’t amount to cessation of trading liability.

5 years ago

Waiver of loan which was never claimed as expenditure couldn’t amount to cessation of trading liability. Gujarat State Financial Corporation…

IT Judgement

2021 Special : LTCG Delhi High Court Judgment in favour of assessee

5 years ago

2021 Special : LTCG Delhi High Court Judgment in favour of assessee 2021 Special : LTCG Delhi High Court…

IT Judgement

Income Tax Raids in Pink city revealed unaccounted & unrecorded transactions exceeding Rs. 1400 crore in 3 Groups

5 years ago

Income Tax Raids in Pink city revealed unaccounted & unrecorded transactions exceeding Rs. 1400 crore in 3 Groups Government of…

IT Judgement

Assessee utilized net consideration to re-modify the new house : Whether Capital Gain Exemption would be available ?

5 years ago

Assessee utilized net consideration to re-modify the new house : Whether Capital Gain Exemption would be available ? Short Overview…

IT Judgement

AO should assign reasons for grant of lower deduction certificate if assessee has applied for nil deduction certificate

5 years ago

AO should assign reasons for grant of lower deduction certificate if assessee has applied for nil deduction certificate Tata…

IT Judgement

Validity of addition to income by estimation of profit at higher rate merely on basis of suspicion and conjectures, without rejection of books

5 years ago

Validity of addition to income by estimation of profit at higher rate merely on basis of suspicion and conjectures, without…

IT Judgement

Capital gains: Stamp duty value as on date of agreement or as on date of registration is relevant for computing capital Gain amount ?

5 years ago

Capital gains: Stamp duty value as on date of agreement or as on date of registration is relevant for computing…

IT Judgement

Professional fees of director other than salary is taxable under RCM basis: AAAR Rajasthan

5 years ago

Professional fees of director other than salary is taxable under RCM basis: AAR Rajasthan Appellate Authority for Advance Rulings, Rajasthan…

IT Judgement

CBDT Circular issued under section 119 of the IT Act is binding on the IT Authorities. AO’s jurisdiction is limited to the issue identified by the CASS in case of ‘Limited Scrutiny’ cases

5 years ago

CBDT Circular issued under section 119 of the IT Act is binding on the IT Authorities. AO’s jurisdiction is limited…

IT Judgement

Failure to produce reconciliation difference in creditor’s account is liable for addition as undisclosed income u/s 68

5 years ago

Failure to produce reconciliation difference in creditor’s account is liable for addition as undisclosed income u/s 68 Short Overview Where there was…

IT Judgement

Allowability of deduction if payments were not supported by the bills raised and only self-made vouchers were maintained by assessee.

5 years ago

Allowability of deduction if payments were not supported by the bills raised and only self-made vouchers were maintained by assessee.…

IT Judgement

Capital gain on sum received by assessee pursuant to a Development Agreement & Refunded later on

5 years ago

Capital gain on sum received by assessee pursuant to a Development Agreement & Refunded later on Short Overview Where the…

IT Judgement

Enhancement of assessment by CIT(A) on a new source of income could not be upheld

5 years ago

Enhancement of assessment by CIT(A) on a new source of income could not be upheld Short Overview : Enhancement of assessment…

IT Judgement

Condonation of delay of 368 days in filing appeal before Tribunal: Documents misplaced by Staff

5 years ago

Condonation of delay of 368 days in filing appeal before Tribunal: Documents misplaced by Staff Short Overview : Since assessee was…

IT Judgement

Validity of Penalty under section 271(1)(b) if Assessee did not comply with notice under section 142(1) but Assessment order was passed under section 143(3), and not under section 144

5 years ago

Validity of Penalty under section 271(1)(b) if Assessee did not comply with notice under section 142(1) but Assessment order was…

IT Judgement

If no cash is involved in the transactions and transactions is done by way of journal entries then AO is not justified in making addition u/s 68

5 years ago

If no cash is involved in the transactions and transactions is done by way of journal entries then AO is…

IT Judgement

Conversion of trading liability into Share Application Money: Taxation u/s 41(1) as Remission or cessation of trading liability

Forex loss can be capitalised as per Sec. 43A even if Indian currency loan is subsequently converted into forex loan

Waiver of loan which was never claimed as expenditure couldn’t amount to cessation of trading liability.

2021 Special : LTCG Delhi High Court Judgment in favour of assessee

Income Tax Raids in Pink city revealed unaccounted & unrecorded transactions exceeding Rs. 1400 crore in 3 Groups

Assessee utilized net consideration to re-modify the new house : Whether Capital Gain Exemption would be available ?

AO should assign reasons for grant of lower deduction certificate if assessee has applied for nil deduction certificate

Validity of addition to income by estimation of profit at higher rate merely on basis of suspicion and conjectures, without rejection of books

Capital gains: Stamp duty value as on date of agreement or as on date of registration is relevant for computing capital Gain amount ?

Professional fees of director other than salary is taxable under RCM basis: AAAR Rajasthan

CBDT Circular issued under section 119 of the IT Act is binding on the IT Authorities. AO’s jurisdiction is limited to the issue identified by the CASS in case of ‘Limited Scrutiny’ cases

Failure to produce reconciliation difference in creditor’s account is liable for addition as undisclosed income u/s 68

Allowability of deduction if payments were not supported by the bills raised and only self-made vouchers were maintained by assessee.

Capital gain on sum received by assessee pursuant to a Development Agreement & Refunded later on

Enhancement of assessment by CIT(A) on a new source of income could not be upheld

Condonation of delay of 368 days in filing appeal before Tribunal: Documents misplaced by Staff

Validity of Penalty under section 271(1)(b) if Assessee did not comply with notice under section 142(1) but Assessment order was passed under section 143(3), and not under section 144

If no cash is involved in the transactions and transactions is done by way of journal entries then AO is not justified in making addition u/s 68

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