Income Tax

Textile manufacturer receiving subsidy under TUFS scheme is a capital receipt or revenue receipt for income Tax purposes ?

7 years ago

Textile manufacturer receiving subsidy under TUFS scheme is a capital receipt or revenue receipt for income Tax purposes ? Short…

Latest Update

Faceless e-Assessment for imported Goods

7 years ago

Faceless e-Assessment for imported Goods Notice calling for suggestions, views, comments etc. from stakeholders on Faceless e-Assessment The general public…

Capital Gain Income Tax

Capital Gain Computation: Date of allotment should be taken as the date of acquisition for reckoning the assets as Long Term or Short Term Capital assets

7 years ago

Capital Gain Computation: Date of allotment should be taken as the date of acquisition for reckoning the assets as Long…

Income Tax

Societies earning income from FDR with other Nationalized Bank & Admissibility of deduction u/s 80P

7 years ago

Societies earning income from FDR with other Nationalized Bank & Admissibility of deduction u/s 80P There are various societies…

Income Tax IT Judgment

Demonetisation Helpful Case: When a receipt is accounted for as income, no separate addition of the same amount as income of the assessee under any other Section of the Act can be made

7 years ago

Demonetisation Helpful Case: When a receipt is accounted for as income, no separate addition of the same amount as income…

IT Judgement

Landmark Judgment: If AO passes reassessment order without disposing of objections raised by assessee, such assessment order will be without jurisdiction and only consequence which can follow is to declare the assessment order null and void

7 years ago

Landmark Judgment: If AO passes reassessment order without disposing of objections raised by assessee, such assessment order will be without…

Latest Update

DETAIL CLAUSE-WISE ANALYSIS OF CARO-2020

7 years ago

CARO 2020

Income Tax

Auditors Responsibility Widened: Key Changes in the Companies (Auditor’s Report) Order, 2020

7 years ago

Auditors Responsibility Widened: Key Changes in the Companies (Auditor’s Report) Order, 2020 MCA has notified new CARO 2020 wherein all…

IT Judgement

Validity of assessment Order passed after amalgamation in the name of non-existent company

7 years ago

Validity of assessment Order passed after amalgamation in the name of non-existent company Short Overview : Assessment orders framed after amalgamation…

Capital Gain Income Tax

Profits realized on sale of agricultural land is exempt if there is no evidence on record to show that it is a business transaction

7 years ago

Income Tax Act, 1961, Section 54B Capital gains—Deduction under section 54B—Profits realized on sale of agricultural land Conclusion: Since AO had…

Capital Gain Income Tax

Interesting Judgment: Whether extinguishing of right to carry out a speciality business is taxable as Capital Gain Income ?

7 years ago

Extinguishing of right to carry out a speciality business Facts of the case: Assessee-company divested its shareholding in Max Atotech…

Income Tax

Auditors – Be Ready : New CARO – 2020 Notified by MCA

7 years ago

Auditors – Be Ready : New CARO – 2020 Notified by MCA Most important and long lasting change in CARO…

Income Tax

Validity of Addition under section 69 towards Alleged unverifiable purchases

7 years ago

Income Tax Act, 1961, Section 69 Income from undisclosed sources—Addition under section 69—Alleged unverifiable purchases Conclusion: As assessee had taken accommodation…

Income Tax

Admissibility of Capital gains Exemption under section 54G from sale of its godown situated in an urban area and which is then relocated in a non-urban area

7 years ago

Admissibility of Capital gains Exemption under section 54G from sale of its godown situated in an urban area and which…

Income Tax

Password to open various documents from income tax portal

7 years ago

Password to open various documents from income tax portal There are different Password for different documents of the income tax department.…

IT Judgement

No Bail in case of GST invoices issued without any supply of the goods to buyers on commission basis

7 years ago

No Bail in case of GST invoices issued without any supply of the goods to buyers on commission basis IN…

IT Judgement

Deduction u/s 80P(2): If the income isderived from the business of banking, then only it will fall within the exemption.If it arises from and out of the business with third party as in case of investment of surplus assets, the exemption is not available

7 years ago

Deduction u/s 80P(2): If the income isderived from the business of banking, then only it will fall within the exemption.If…

Income Tax

Validity of notice issued after expiry of four years from end of the relevant assessment year

7 years ago

Income Tax Act, 1961, Section 148 Reassessment—Validity—Notice issued after expiry of four years from end of the relevant assessment year…

Income Tax

Textile manufacturer receiving subsidy under TUFS scheme is a capital receipt or revenue receipt for income Tax purposes ?

Faceless e-Assessment for imported Goods

Capital Gain Computation: Date of allotment should be taken as the date of acquisition for reckoning the assets as Long Term or Short Term Capital assets

Societies earning income from FDR with other Nationalized Bank & Admissibility of deduction u/s 80P

Demonetisation Helpful Case: When a receipt is accounted for as income, no separate addition of the same amount as income of the assessee under any other Section of the Act can be made

Landmark Judgment: If AO passes reassessment order without disposing of objections raised by assessee, such assessment order will be without jurisdiction and only consequence which can follow is to declare the assessment order null and void

DETAIL CLAUSE-WISE ANALYSIS OF CARO-2020

Auditors Responsibility Widened: Key Changes in the Companies (Auditor’s Report) Order, 2020

Validity of assessment Order passed after amalgamation in the name of non-existent company

Profits realized on sale of agricultural land is exempt if there is no evidence on record to show that it is a business transaction

Interesting Judgment: Whether extinguishing of right to carry out a speciality business is taxable as Capital Gain Income ?

Auditors – Be Ready : New CARO – 2020 Notified by MCA

Validity of Addition under section 69 towards Alleged unverifiable purchases

Admissibility of Capital gains Exemption under section 54G from sale of its godown situated in an urban area and which is then relocated in a non-urban area

Password to open various documents from income tax portal

No Bail in case of GST invoices issued without any supply of the goods to buyers on commission basis

Deduction u/s 80P(2): If the income isderived from the business of banking, then only it will fall within the exemption.If it arises from and out of the business with third party as in case of investment of surplus assets, the exemption is not available

Validity of notice issued after expiry of four years from end of the relevant assessment year

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