Income Tax

Plain literal interpretation of statutory provision has to be avoided if results in absurd and unreasonable consequences: Supreme Court

3 years ago

Plain literal interpretation of statutory provision has to be avoided if results in absurd and unreasonable consequences: Supreme Court …

Income Tax

If cash sales transaction is recorded in regular books of accounts, sales are made out of stock-in-trade then no addition U/s 68 could be sustained.

3 years ago

If cash sales transaction is recorded in regular books of accounts, sales are made out of stock-in-trade then no addition…

IT Judgement

Whether capital gain exemption could be denied if the builder fails to give Possession within 3 years?

3 years ago

Whether capital gain exemption could be denied if the builder fails to give Possession within 3 years? Here is an…

Income Tax

Amendment to Section 50C effective from 1st April 2003 is retrospective in in Nature: Mumbai ITAT

3 years ago

Amendment to Section 50C effective from 1st April 2003 is retrospective in in Nature: Mumbai ITAT Here is an interesting…

IT Judgement

Provisions of Section 68 are not applicable on the sale transactions recorded in the books of accounts as sales are already part of the income which is already credited in P&L account.

3 years ago

Provisions of Section 68 are not applicable on the sale transactions recorded in the books of accounts as sales are…

Income Tax

Expenditure is not debited to profit and loss account – Whether disallowance u/s 40(a)(ia) for non deduction of tax at source can be made?

3 years ago

Expenditure is not debited to profit and loss account – Whether disallowance u/s 40(a)(ia) for non deduction of tax at…

Income Tax

Income Tax Act – List of Exempt Institutions Registered inForm 10AC

3 years ago

Income Tax Act – List of Exempt Institutions Registered in Form 10AC Exempted Institution with name starting from ‘AB’ to…

IT Judgement

Amount paid to discharge the mortgage created by the previous owner – Whether deductible or not?

3 years ago

Amount paid to discharge the mortgage created by the previous owner – Whether deductible or not? There are various…

Income Tax

Whether the effect of section 43CA is to be given in the books of accounts by the Builder?

3 years ago

Whether the effect of section 43CA is to be given in the books of accounts by the Builder? Income tax…

Income Tax

Can the benefit of section 43CA(3) be denied in a case where the initial amount is received by cash though subsequent amounts are received by cheque?

3 years ago

Can the benefit of section 43CA(3) be denied in a case where the initial amount is received by cash though…

IT Judgement

Validity of addition if the Agreement to sale done prior to introduction of section 43CA & Sale deed done afterwards

3 years ago

Validity of addition if the Agreement to sale done prior to introduction of section 43CA & Sale deed done afterwards…

Assessment

No penalty U/s 271(1)(b) if the assessment is completed U/s 143(3) & not ex-parte U/s 144

3 years ago

No penalty U/s 271(1)(b) if the assessment is completed U/s 143(3) & not ex-parte U/s 144 The imposition…

Assessment

Bombay High Court allows deduction u/s 80IB(10) on issuance of completion certificate

3 years ago

Bombay High Court allows deduction u/s 80IB(10) on issuance of completion certificate The Principal Commissioner of Income Tax-17 Versus…

Income Tax

Penalty u_s 271(1)(c) cannot be levied on debatable issue!

3 years ago

Penalty u_s 271(1)(c) cannot be levied on debatable issue! IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFOREMRS.…

House propery Income Tax

In order to get the benefit under Section 54F, taxpayer need not complete the construction of the house and occupy the same: Madras High Court

3 years ago

In order to get the benefit under Section 54F, taxpayer need not complete the construction of the house and occupy the…

Income Tax

Deemed Dividend Taxation U/s 2(22)(e): Accumulated profit will include current year profit as well?

3 years ago

Deemed Dividend Taxation U/s 2(22)(e): Accumulated profit will include current year profit as well? Here is an interesting case before…

Business/Profession other topic

Validity of addition done pursuant to the statements of the third party without any incriminating material

3 years ago

Validity of addition done pursuant to the statements of the third party without any incriminating material Here is…

Business/Profession Capital Gain

Failure of the builder to handover the possession of the property Vs. Capital Gain Exemption

3 years ago

Failure of the builder to handover the possession of the property Vs. Capital Gain Exemption Any profit arising from…

Income Tax

Plain literal interpretation of statutory provision has to be avoided if results in absurd and unreasonable consequences: Supreme Court

If cash sales transaction is recorded in regular books of accounts, sales are made out of stock-in-trade then no addition U/s 68 could be sustained.

Whether capital gain exemption could be denied if the builder fails to give Possession within 3 years?

Amendment to Section 50C effective from 1st April 2003 is retrospective in in Nature: Mumbai ITAT

Provisions of Section 68 are not applicable on the sale transactions recorded in the books of accounts as sales are already part of the income which is already credited in P&L account.

Expenditure is not debited to profit and loss account – Whether disallowance u/s 40(a)(ia) for non deduction of tax at source can be made?

Income Tax Act – List of Exempt Institutions Registered inForm 10AC

Amount paid to discharge the mortgage created by the previous owner – Whether deductible or not?

Whether the effect of section 43CA is to be given in the books of accounts by the Builder?

Can the benefit of section 43CA(3) be denied in a case where the initial amount is received by cash though subsequent amounts are received by cheque?

Validity of addition if the Agreement to sale done prior to introduction of section 43CA & Sale deed done afterwards

No penalty U/s 271(1)(b) if the assessment is completed U/s 143(3) & not ex-parte U/s 144

Bombay High Court allows deduction u/s 80IB(10) on issuance of completion certificate

Penalty u_s 271(1)(c) cannot be levied on debatable issue!

In order to get the benefit under Section 54F, taxpayer need not complete the construction of the house and occupy the same: Madras High Court

Deemed Dividend Taxation U/s 2(22)(e): Accumulated profit will include current year profit as well?

Validity of addition done pursuant to the statements of the third party without any incriminating material

Failure of the builder to handover the possession of the property Vs. Capital Gain Exemption

Recent Posts

Recent Posts

Sign Up to New letter