Loss of stock due to fire: Forget Insurance, it is allowable as deduction in the year in which loss occurred
Short Overview Where AO disallowed claim of assessee towards loss of stock caused by fire on allegation that same was ...
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The Blogs
Landmark Judgment by Jaipur ITAT: No disallowance u/s 40A(3) if identity of sellers & source of cash payment were established.
Landmark Judgment by Jaipur ITAT: No disallowance u/s 40A(3) if identity of sellers & source of cash payment were established.
Vijayeta Build con (P.) Ltd. v. ACIT - [2021] 123 taxman 133 (Jaipur - Trib.)
Short Overview of the case:
A notice ...
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Benefit of Sec. 54G exemption isn’t available if land was notified as urban land after its sale: High Court
Benefit of Sec. 54G exemption isn't available if land was notified as urban land after its sale: High Court
Fabsun Engineering (P.) Ltd. v. ITO - [2021] 123 taxmann.com 132 (Karnataka)
Short overview of the case:
Assessee had a factory at Anekal, Bangalore. It ...
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No penalty if Declaration is made under section 132(4) by duly substantiating manner in which such undisclosed income was derived; including those undisclosed income in the return filed under section 153A and the payment of taxes is done thereon
No penalty if Declaration is made under section 132(4) by duly substantiating manner in which such undisclosed income was derived; including those undisclosed income in the return filed under section 153A and the payment of taxes is done thereon
Short ...
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Addition under section 56(2)(viib) for issue of shares at premium & validity of rejection of DCT method adopted by assessee for valuation of shares
Addition under section 56(2)(viib) for issue of shares at premium & validity of rejection of DCT method adopted by assessee for valuation of shares
Short Overview DCF method is one of the recognized methods under rule 11UA. Accordingly, AO was ...
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Benefit of set off of loss of Partnership Firm: AO could examine applicability of section 79 only in the year in which loss was set off, and not in the year in which assessee claimed the loss to be carried forward.
Benefit of set off of loss of Partnership Firm: AO could examine applicability of section 79 only in the year in which loss was set off, and not in the year in which assessee claimed the loss to be ...
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Income declared during survey & Year of taxability: Assessment year for which declaration had been made or the year in which survey was conducted?
Income declared during survey & Year of taxability: Assessment year for which declaration had been made or the year in which survey was conducted?
Short Overview Once statements had been accepted by survey team, tax should have been calculated ...
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Statements recorded under section 132(4) cannot be made the sole basis for making additions unless it is supported by any documentary evidence
Statements recorded under section 132(4) cannot be made the sole basis for making additions unless it is supported by any documentary evidence
Short Overview Where on date of search, books of account of assessee were incomplete and printouts of cash ...
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Premium for hedging foreign exchange fluctuations as regards loan availed of for purchase of fixed asset is a Capital on revenue expenditure?
Premium for hedging foreign exchange fluctuations as regards loan availed of for purchase of fixed asset is a Capital on revenue expenditure?
Short Overview : Premium for hedging foreign exchange fluctuations as regards loan availed of for purchase of fixed ...
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CBDT instructs officers to levy for false entries in the books of accounts
CBDT instructs officers to levy for false entries in the books of accounts
F. No. 414/02/2021 — IT (Inv. I)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
...
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Co-ownership in the property & Reckoning the Limit of Rs. 1.80 Lakh of Rent for applicability of TDS provisions.
Co-ownership in the property & Reckoning the Limit of Rs. 1.80 Lakh of Rent for applicability of TDS provisions.
Short Overview Assessee had paid amount to each of the co-owners as per their share and deducted tax at source on ...
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Allowability of depreciation owned jointly with others
Allowability of depreciation owned jointly with others
Short Overview : Where value of building and value of land on which it was built were separately identifiable, no depreciation could be allowed on undivided share of land even though assessee had ...
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If Sales made by the assessee is not disputed, purchases could not be added considering them as bogus and only profit embedded in such purchases is required to be added
If Sales made by the assessee is not disputed, purchases could not be added considering them as bogus and only profit embedded in such purchases is required to be added
Short Overview Where sales made by assessee was not disputed, ...
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Valuation of shares for a consideration more than FMV: Validity if AO changed the method of valuation adopted by assessee
Valuation of shares for a consideration more than FMV: Validity if AO changed the method of valuation adopted by assessee
Short Overview : When law has specifically provided a method of valuation of shares and assessee exercised an option by choosing ...
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Taxation of retention Money retained by contracted, to be received only after conclusion of project
Taxation of retention Money retained by contracted, to be received only after conclusion of project
Short Overview In terms of relevant clauses of contract, contracted had right to withhold certain percentage of the consideration till conclusion of project and ...
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Assessment framed on erstwhile partnership firm which was a non-existent entity was void ab initio.
Assessment framed on erstwhile partnership firm which was a non-existent entity was void ab initio.
Short Overview : Assessment framed on erstwhile partnership firm which was a non-existent entity at that point of time and even Department being aware of ...
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Assessee engaged in business of real estate & Method of accounting for recognizing profit by completed Contract Method vs. Percentage Completion Method
Assessee engaged in business of real estate & Method of accounting for recognizing profit by completed Contract Method vs. Percentage Completion Method
Short Overview Where assessee was engaged in undertaking construction activities for those persons to whom it intended to sell ...
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Applicability of TDS on Discount on sale of Set-Top Boxes and Recharge Coupon Vouchers
Applicability of TDS on Discount on sale of Set-Top Boxes and Recharge Coupon Vouchers
Income Tax Act, 1961, Section 40(a)(ia)
Business disallowance under section 40(a)(ia)--Non-deduction of tax at source--Year-end provisions
Conclusion: Year-end provisions were debited to profit and loss account and not added back ...
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