Income Tax

Newly incorporated Company to automatically get enrollment certificate and registration certificate under the Maharashtra Professional Tax Act, 1975

6 years ago

Newly incorporated Company to automatically get enrollment certificate and registration certificate under the Maharashtra Professional Tax Act, 1975 In pursuance…

IT Judgement

No cost of acquisition means No capital gain Tax

6 years ago

No cost of acquisition means No capital gain Tax In case of Capital Gain computation, Hon’ble supreme court in a…

IT Judgement

PSU employee can not be treated as “Government Employee” for the purpose of taxation of Leave Encashment Under Section 10(10AA)(i)

6 years ago

PSU employee can not be treated as “Government Employee” for the purpose of taxation of Leave Encashment Under Section 10(10AA)(i)…

Income Tax

Computation of capital gain u/s 50B in case undertaking have a negative Net worth

6 years ago

Computation of capital gain u/s 50B in case undertaking have a negative Net worth Section 50B is a special provision…

IT Judgement

No incriminating material found during the course of search : Addition not sustainable as it is outside the scope of section 153A.

6 years ago

No incriminating material found during the course of search : Addition not sustainable as it is outside the scope of…

Income Tax

Arrest of a CA in Jodhpur: Who Next? -Time for Tax Consultants to review &revisit their routine activities

6 years ago

Arrest of a CA in Jodhpur: Who Next? -Time for Tax Consultants to review &revisit their routine activities Getting GST…

IT Judgement

Alleged bogus LTCG of penny stock : Probability of preponderance without any direct evidence to prove the transactions as non-genuine or sham or demonstrating appellant’s involvement in any kind of manipulation is illegal and cannot sustain.

6 years ago

Alleged bogus LTCG of penny stock : Probability of preponderance without any direct evidence to prove the transactions as non-genuine…

IT Judgement

If the assessee uses motor lorries partly for own use and for hire charges he is not entitled to claim excess depreciation @ 30% as per the provisions of Sec. 32 of the Income Tax Act

6 years ago

If the assessee uses motor lorries partly for own use and for hire charges he is not entitled to claim…

Income Tax

If the undertaking is held for more than three years, it constitutes a “long-term capital asset” even if it consists of the some depreciable assets

6 years ago

If the undertaking is held for more than three years, it constitutes a “long-term capital asset” even if it consists…

Income Tax

Capital Gain Exemption first, Loss adjustmentthereafter: Jaipur ITAT allowed capital gain exemption u/s 54F before set off of loss of other assets.

6 years ago

Capital Gain Exemption first, Loss adjustmentthereafter: Jaipur ITAT allowed capital gain exemption u/s 54F before set off of loss of…

IT Judgement

Music formed the raw material for assessee engaged in manufacturing and sale of music cassettes, compact discs (CDs) etc.

6 years ago

Music formed the raw material for assessee engaged in manufacturing and sale of music cassettes, compact discs (CDs) etc. Short…

IT Judgement

Rule 11 of ITAT Rules, 1963 empowers the appellant to urge any ground not set forth in the memorandum of appeal & it also empowers Tribunal

6 years ago

Rule 11 of ITAT Rules, 1963 empowers the appellant to urge any ground not set forth in the memorandum of…

IT Judgement

Exemption under section 10(13A) on House Rent Allowance (HRA)- Performance bonus whether part of salary?

6 years ago

Exemption under section 10(13A) on House Rent Allowance (HRA)- Performance bonus whether part of salary? Short Overview ‘Performance bonus’ does…

Income Tax

No addition as undisclosed income if Revenue failed to bring on record that the amount in fact belonged to Assessee

6 years ago

No addition as undisclosed income if Revenue failed to bring on record that the amount in fact belonged to Assessee Income…

IT Judgement

Assessment on Excess capitalization of asset and consequently excess depreciation claimed by assessee in collusion with contractors

6 years ago

Assessment on Excess capitalization of asset and consequently excess depreciation claimed by assessee in collusion with contractors Short Overview Since…

IT Judgement

Validity of Search and seizure assessment if AO issued notice under section 153C instead of section 153A

6 years ago

Validity of Search and seizure assessment if AO issued notice under section 153C instead of section 153A Short Overview Where…

IT Judgement

Transfer Pricing adjustment made on the basis on incorrect appreciation of facts is not sustainable

6 years ago

Transfer Pricing adjustment made on the basis on incorrect appreciation of facts is not sustainable Case Law Citation: – Assistant…

IT Judgement

Prescribed Authority under Section 133C notified by CBDT vide Notification No. 66/2020, Dated: August 13, 2020.

6 years ago

Prescribed Authority under Section 133C notified by CBDT vide Notification No. 66/2020, Dated: August 13, 2020. Government of India Ministry of…

Income Tax

Newly incorporated Company to automatically get enrollment certificate and registration certificate under the Maharashtra Professional Tax Act, 1975

No cost of acquisition means No capital gain Tax

PSU employee can not be treated as “Government Employee” for the purpose of taxation of Leave Encashment Under Section 10(10AA)(i)

Computation of capital gain u/s 50B in case undertaking have a negative Net worth

No incriminating material found during the course of search : Addition not sustainable as it is outside the scope of section 153A.

Arrest of a CA in Jodhpur: Who Next? -Time for Tax Consultants to review &revisit their routine activities

Alleged bogus LTCG of penny stock : Probability of preponderance without any direct evidence to prove the transactions as non-genuine or sham or demonstrating appellant’s involvement in any kind of manipulation is illegal and cannot sustain.

If the assessee uses motor lorries partly for own use and for hire charges he is not entitled to claim excess depreciation @ 30% as per the provisions of Sec. 32 of the Income Tax Act

If the undertaking is held for more than three years, it constitutes a “long-term capital asset” even if it consists of the some depreciable assets

Capital Gain Exemption first, Loss adjustmentthereafter: Jaipur ITAT allowed capital gain exemption u/s 54F before set off of loss of other assets.

Music formed the raw material for assessee engaged in manufacturing and sale of music cassettes, compact discs (CDs) etc.

Rule 11 of ITAT Rules, 1963 empowers the appellant to urge any ground not set forth in the memorandum of appeal & it also empowers Tribunal

Exemption under section 10(13A) on House Rent Allowance (HRA)- Performance bonus whether part of salary?

No addition as undisclosed income if Revenue failed to bring on record that the amount in fact belonged to Assessee

Assessment on Excess capitalization of asset and consequently excess depreciation claimed by assessee in collusion with contractors

Validity of Search and seizure assessment if AO issued notice under section 153C instead of section 153A

Transfer Pricing adjustment made on the basis on incorrect appreciation of facts is not sustainable

Prescribed Authority under Section 133C notified by CBDT vide Notification No. 66/2020, Dated: August 13, 2020.

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