Loan is taken for acquiring capital asset, waiver thereof would not amount to any income eligible to tax u/s 41(1).
Loan is taken for acquiring capital asset, waiver thereof would not amount to any income eligible to tax u/s 41(1). …
IT Judgement
Interesting Case: Repairs & Maintenance Expenses paid by tenant can be added to rental income of owner?
Interesting Case: Repairs & Maintenance Expenses paid by tenant can be added to rental income of owner? Under the Income…
Penalty under section 271(1)(c) get attracted if income is not disclosed voluntarily but it disclosed in pursuance of action by department
Penalty under section 271(1)(c) get attracted if income is not disclosed voluntarily but it disclosed in pursuance of action by…
Whether the expenditure referred to in Section 40A(3) refers only to the expenditure that could be claimed as a deduction under Section 37 or to any payment made by the assessee and taken into account in computing the total income under the provisions of the Income-tax Act, 1961 ?
Whether the expenditure referred to in Section 40A(3) refers only to the expenditure that could be claimed as a deduction under Section 37 or…
Income from redemption of units of mutual fund in the hands of firm formed with an object to carry out money lending business – Whether business income or capital gain income ?
Income from redemption of units of mutual fund in the hands of firm formed with an object to carry out…
Reassessment Notice issued under section 148 to the deceased assessee is Curable defect under section 292BB
Reassessment Notice issued under section 148 to the deceased assessee is Curable defect under section 292BB Over view: When the…
Business Compliance Calendar for June-2019
07.06.2019 – Due date for deposit of Tax deducted/collected for the month of May 2019. However, all sum deducted/collected by…
First Budget of Smt Nirmala Sitharaman as Finance Minister on 5th July 2019
First Budget of Smt Nirmala Sitharaman as Finance Minister on 5th July 2019 Budget Session to begin June 17 and…
Admission of undisclosed income during survey attracts Penalty under section 271(1)(c)
Admission of undisclosed income during survey attracts Penalty under section 271(1)(c) Short overview of the case: Assessee did not disclose…
Prosecution can be launched even if there is a time for filing income tax return u/s 139(4) if return is not filed u/s 139(1) & notice is issued u/s 142(1)
Prosecution can be launched even if there is a time for filing income tax return u/s 139(4) if return is…
Validity of Seizure of goods of perishable nature when requirements of section 129 not complied
Validity of Seizure of goods of perishable nature when requirements of section 129 not complied 2019 TaxPub(GST) 0300 (Guj-HC) Synergy…
Exchange of jewellery of customers by Jewellers is violation of section 40A(3)?
Exchange of jewellery of customers by Jewellers is violation of section 40A(3)? Income Tax Appellate Tribunal – Chennai Kirtilal Kalidas…
The word ‘expenditure’ used in Section 40A(3) does not cover expenditure on purchases of goods ?
The word ‘expenditure’ used in Section 40A(3) does not cover expenditure on purchases of goods ? Punjab-Haryana High Court Commissioner…
Procedure of Additions / Assessments etc in Search and Seizure cases.
Procedure of Additions / Assessments etc in Search and Seizure cases. Issue has been aptly elaborated by Kolkata Tribunal in…
Provision for warranty is a contingent liability. Whether it is allowable as deduction
Provision for warranty is a contingent liability. Whether it is allowable as deduction Provision for warranty is a contingent liability.…
Assessment under section 153C when Documents seized not belonging to the assessee
Assessment under section 153C when Documents seized not belonging to the assessee Decision : In assessee’s favour. Relied: CIT v. M/s. Arpit…
No exempt Income = No disallowance u/s 14A
No exempt Income = No disallowance u/s 14A In absence of exempt income earned by assessee during the year under…
If not a continuous activity, sale of land can not be treated as business income
If not a continuous activity, sale of land can not be treated as business income An interesting case by P…
