IT Judgement

If no incriminating material was found during course of search to prove that assessee paid over and above what was stated in its books, there no justification to assume jurisdiction u/s 153C

6 years ago

If no incriminating material was found during course of search to prove that assessee paid over and above what was…

IT Judgement

Whether Short jewellery found during search be treated as sold and capital gain attracted ?

6 years ago

Whether Short jewellery found during search be treated as sold and capital gain attracted ? Short Overview : There is no…

IT Judgement

Loss Set-off of non-STT paid long-term capital gain on sale of shares with STT paid long-term capital loss on sale of shares

6 years ago

Loss Set-off of non-STT paid long-term capital gain on sale of shares with STT paid long-term capital loss on sale…

IT Judgement

Lease premium paid did not constitute capital expenditure but it is a revenue expenditure because by incurring such expenditure the assessees did not acquire any asset but only facilitated carrying on the business

6 years ago

Lease premium paid did not constitute capital expenditure but it is a revenue expenditure because by incurring such expenditure the…

IT Judgement

Where both interest-free and interest bearing funds were available with assessee, it is to be presumed that investments were made out of interest-free fund: Bombay HC

6 years ago

Where both interest-free and interest bearing funds were available with assessee, it is to be presumed that investments were made…

IT Judgement

Allowability of interest expenditure where builder included interest portion as its work in progress in books and claimed them as a deduction in income computation for tax payments.

6 years ago

Allowability of interest expenditure where builder included interest portion as its work in progress in books and claimed them as…

IT Judgement

Tax implication on Bogus purchases if there is no doubt as to corresponding sales

6 years ago

Tax implication on Bogus purchases if there is no doubt as to corresponding sales Short Overview :There could be no…

IT Judgement

Reassessment : Legislature by using the word ‘reason to believe’ had cast a duty on AO to apply mind to the material on record with regard to escaped liability.

6 years ago

Reassessment : Legislature by using the word ‘reason to believe’ had cast a duty on AO to apply mind to…

IT Judgement

No Disallowance of commission expenses where income tax department failed to establish that parties to thetransactions ale related to each other or that the payments are not genuine orthat the payments having been made by the assessee to the recipients have found their way back to the assessee some way or the other: Kolkata ITAT

6 years ago

No Disallowance of commission expenses where income tax department failed to establish that parties to thetransactions ale related to each…

IT Judgement

Allowability of prior period expenses as deduction

6 years ago

Allowability of prior period expenses as deduction Often prior period expenses is disalllwoed by the assessing officer on the concept…

IT Judgement

Validity of addition if AO had not brought on record any material to show that cash deposited in bank accounts of the creditors belonged to assessee and, was a case of round tripping of unaccounted income of the assessee

6 years ago

Validity of addition if AO had not brought on record any material to show that cash deposited in bank accounts…

IT Judgement

Since Assessee had not shown any agricultural income in his return of income, he was not justified in claiming exemption from the capital gain tax: ITAT Delhi

6 years ago

Since Assessee had not shown any agricultural income in his return of income, he was not justified in claiming exemption…

IT Judgement

Deduction u/s 10AA not to be allowed on enhanced profits arrived after considering the disallowance u/s 69C, in view of legal position clarified by CBDT.

6 years ago

Deduction u/s 10AA not to be allowed on enhanced profits arrived after considering the disallowance u/s 69C, in view of…

IT Judgement

Capital gain exemption if amount is deposited in SB A/c transferred to fixed deposit account & no evidence exists to prove the investment of amount in capital gains deposit account account

6 years ago

Capital gain exemption if amount is deposited in SB A/c transferred to fixed deposit account & no evidence exists to…

IT Judgement

Allowability of expenses pertaining to earlier years if same is crystallized during year

6 years ago

Allowability of expenses pertaining to earlier years if same is crystallized during year Short Overview : Where assessee merely acted as…

IT Judgement

Addition u/s 68 towards Advances received for booking of commercial space

6 years ago

Addition u/s 68 towards Advances received for booking of commercial space short Overviwe : Where parties from whom assessee received…

IT Judgement

Reassessment & Reason to believe : Reopening on information has investigation wing

6 years ago

Reassessment & Reason to believe : Reopening on information has investigation wing short Overview: Where after receiving information from investigation report…

IT Judgement

Income from renting of commercial property, owned by assessee is ‘Income from house property’ or ‘Business Income’?

6 years ago

Income from renting of commercial property, owned by assessee is ‘Income from house property’ or ‘Business Income’? short Overview: Where…

IT Judgement

If no incriminating material was found during course of search to prove that assessee paid over and above what was stated in its books, there no justification to assume jurisdiction u/s 153C

Whether Short jewellery found during search be treated as sold and capital gain attracted ?

Loss Set-off of non-STT paid long-term capital gain on sale of shares with STT paid long-term capital loss on sale of shares

Lease premium paid did not constitute capital expenditure but it is a revenue expenditure because by incurring such expenditure the assessees did not acquire any asset but only facilitated carrying on the business

Where both interest-free and interest bearing funds were available with assessee, it is to be presumed that investments were made out of interest-free fund: Bombay HC

Allowability of interest expenditure where builder included interest portion as its work in progress in books and claimed them as a deduction in income computation for tax payments.

Tax implication on Bogus purchases if there is no doubt as to corresponding sales

Reassessment : Legislature by using the word ‘reason to believe’ had cast a duty on AO to apply mind to the material on record with regard to escaped liability.

Allowability of prior period expenses as deduction

Validity of addition if AO had not brought on record any material to show that cash deposited in bank accounts of the creditors belonged to assessee and, was a case of round tripping of unaccounted income of the assessee

Since Assessee had not shown any agricultural income in his return of income, he was not justified in claiming exemption from the capital gain tax: ITAT Delhi

Deduction u/s 10AA not to be allowed on enhanced profits arrived after considering the disallowance u/s 69C, in view of legal position clarified by CBDT.

Capital gain exemption if amount is deposited in SB A/c transferred to fixed deposit account & no evidence exists to prove the investment of amount in capital gains deposit account account

Allowability of expenses pertaining to earlier years if same is crystallized during year

Addition u/s 68 towards Advances received for booking of commercial space

Reassessment & Reason to believe : Reopening on information has investigation wing

Income from renting of commercial property, owned by assessee is ‘Income from house property’ or ‘Business Income’?

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