Unsecured loans & Addition under section 68
Unsecured loans & Addition under section 68 Short Overview : Where assessee had proved identity, creditworthiness of the lender and…
IT Judgement
Upfront fee paid to bank for obtaining loan towards acquisition of capital asset is Capital or revenue expenditure?
Upfront fee paid to bank for obtaining loan towards acquisition of capital asset is Capital or revenue expenditure? Short Overview…
AO is bound by the order passed by TPO as he is required to compute total income in conformity with the ALP determined by TPO.
AO is bound by the order passed by TPO as he is required to compute total income in conformity with…
Interesring Issue : Services of lodging and supply of food to students is Composite supply v. mixed supply ?
Interesring Issue : Services of lodging and supply of food to students is Composite supply v. mixed supply ? 2019…
Despite admission by the assessee that the purchases were mere accommodation entries, the entire expenditure cannot be disallowed.
Despite admission by the assessee that the purchases were mere accommodation entries, the entire expenditure cannot be disallowed. PCIT vs.…
ITAT deletes share capital in case of companies belonging to Shri Y.S. Jagan Mohan Reddy group.
ITAT deletes share capital in case of companies belonging to Shri Y.S. Jagan Mohan Reddy group. Short overview : 1.…
Unabated assessment could not be disturbed again under section 153A in the absence of incriminating material unearthed during search
Unabated assessment could not be disturbed again under section 153A in the absence of incriminating material unearthed during search Short…
Reckoning period of holding in case of purchase of the property where the tenancy right is converted into ownership
Reckoning period of holding in case of purchase of the property where the tenancy right is converted into ownership Short…
If the identity, creditworthiness and genuineness of the transaction was placed before the AO then the onus shifts to AO to disprove the materials placed before him
If the identity, creditworthiness and genuineness of the transaction was placed before the AO then the onus shifts to AO…
Landmark Judgment by Gujarat HC order : Provision for Lapse of credit are invalid as issued without authority of law.
Landmark Judgment by Gujarat HC order : Provision for Lapse of credit are invalid as issued without authority of law.…
In absence of distribution of capital asset and in absence of transfer of capital asset in favour of retiring partners, no profit of gain arose in the hands of firm.
In absence of distribution of capital asset and in absence of transfer of capital asset in favour of retiring partners,…
Assessment of non-existing Company is a ‘substantive illegality’ not a ‘procedural violation’: Supreme Court
Assessment of non-existing Company is a ‘substantive illegality’ not a ‘procedural violation’: Supreme Court INCOME TAX : Issuance of jurisdictional…
Merely on basis of Shah Commission’s Report opining that there was under-invoicing of export price by iron-ore miners and exporters, reassessment could not be initiated
Merely on basis of Shah Commission’s Report opining that there was under-invoicing of export price by iron-ore miners and exporters,…
Disallowance under section 14A against expenditure incurred against earning of exempted income
Disallowance under section 14A against expenditure incurred against earning of exempted income Short Overview : Where sub-section (2) of section 14A…
If genuineness of the transaction is established, no disallowance can be done even if payment exceeds Rs. 10,000/- in cash?
If genuineness of the transaction is established, no disallowance can be done even if payment exceeds Rs. 10,000/- in cash?…
Deemed dividend provision cannot be invoked merely because the shareholders were common.
Deemed dividend provision cannot be invoked merely because the shareholders were common. Income Tax Appellate Tribunal – Delhi M/S. Alang…
Merely for the reason that parties did not appear before AO or the assessee could not produce parties in person before AO, the whole set of documents produced to prove genuineness of transactions, could not be disregarded.
Merely for the reason that parties did not appear before AO or the assessee could not produce parties in person…
Addition under section 68 for cash deposit in bank account out of opening balance
Addition under section 68 for cash deposit in bank account out of opening balance Short Overview : As assessee had duly…
