Income Tax

IT Judgement

No capital gain exemption if there is a lack of basic amenity or if there is just a temporary makeshift shelter/ superstructure of insignificant worth : Ahmedabad ITAT

7 years ago

No capital gain exemption if there is a lack of basic amenity or if there is just a temporary makeshift…

IT Judgement

Order passed u/s 144C without intimating variations in income through draft assessment order set aside by ITAT

7 years ago

Order passed u/s 144C without intimating variations in income through draft assessment order set aside by ITAT INCOME TAX: An…

Income Tax

MAT credit not available to companies opting for new tax regime of 22%

7 years ago

MAT credit not available to companies opting for new tax regime of 22%

Income Tax

Capital gains exemption under section 54EC if there is a delay in receipt of sale consideration amount and amount is invested after prescribed time period

7 years ago

Capital gains exemption under section 54EC if there is a delay in receipt of sale consideration amount and amount is…

IT Judgement

Expenses incurred after setting up of business but before the commencement of business are deductible as revenue expenses.

7 years ago

Expenses incurred after setting up of business but before the commencement of business are deductible as revenue expenses. Short Overview…

Income Tax

Disallowance under section 14A cannot surpass quantum of exempt income

7 years ago

Disallowance under section 14A cannot surpass quantum of exempt income Short Overview : Disallowance under section 14A cannot surpass the quantum…

IT Judgement

No books of accounts maintained – No Penalty under section 271B for Failure to get its audited

7 years ago

No books of accounts maintained – No Penalty under section 271B for Failure to get its audited Short Overview : When…

IT Judgement

Additions upheld as assessee claimed TDS but didn’t offer corresponding income in ITR

7 years ago

Additions upheld as assessee claimed TDS but didn’t offer corresponding income in ITR INCOME TAX : Where assessee had claimed…

IT Judgement

Action for TCS default can be taken within a reasonable period only even if no limitation period is prescribed under the Act

7 years ago

Action for TCS default can be taken within a reasonable period only even if no limitation period is prescribed under…

IT Judgement

Addition can not be deleted on ground that assessee used to show higher stock to avail high cash credit limit from bank

7 years ago

Addition can not be deleted on ground that assessee used to show higher stock to avail high cash credit limit…

IT Judgement

Completed assessment could not be interfered with while framing assessment under section 153A in the absence of incriminating material discovered during search.

7 years ago

Completed assessment could not be interfered with while framing assessment under section 153A in the absence of incriminating material discovered…

IT Judgement

Inter-trust donation by one charitable trust to another for utilization by the donee trust towards charitable objects is proper application of income for charitable purpose

7 years ago

Inter-trust donation by one charitable trust to another for utilization by the donee trust towards charitable objects is proper application…

Income Tax

Merely because a debt has not been repaid for over 3 years would not automatically imply cessation of liability. Limitation period may not be relevant for taxation under the IncomeTax Act.

7 years ago

Merely because a debt has not been repaid for over 3 years would not automatically imply cessation of liability. Limitation…

Income Tax

Violation of section 11 & 13 of the Act would result in forfeiture of exemption?

7 years ago

Violation of section 11 & 13 of the Act would result in forfeiture of exemption? An interesting case before ITAT…

Income Tax

Diwali Bonus by Modi Government : Biggest corporate tax rate cut

7 years ago

Diwali Bonus by Modi Government : Biggest corporate tax rate cut The biggest tax bonanza by the Modi Government by way of…

Income Tax

Simple Chart of Reduction in Corporate Tax Rates announced on 20th September:

7 years ago

Simple Chart of Reduction in Corporate Tax Rates announced on 20th September: [www.TheTaxTalk.com] Sr. No. Applicable to New Tax Rate…

IT Judgement

Demonetization special: Validity of submission that high denomination notes were savings from his personal allowance,

7 years ago

Demonetization special: Validity of submission that high denomination notes were savings from his personal allowance SRI SRI NILKANTHA NARAYAN SINGH…

IT Judgement

Demonetization special: Addition upheld as the conduct of the assessee was wholly non-cooperative before the AO

7 years ago

Demonetization special: Addition upheld as the conduct of the assessee was wholly non-cooperative before the AO Karan Bhalla, New Delhi…

Income Tax

No capital gain exemption if there is a lack of basic amenity or if there is just a temporary makeshift shelter/ superstructure of insignificant worth : Ahmedabad ITAT

Order passed u/s 144C without intimating variations in income through draft assessment order set aside by ITAT

MAT credit not available to companies opting for new tax regime of 22%

Capital gains exemption under section 54EC if there is a delay in receipt of sale consideration amount and amount is invested after prescribed time period

Expenses incurred after setting up of business but before the commencement of business are deductible as revenue expenses.

Disallowance under section 14A cannot surpass quantum of exempt income

No books of accounts maintained – No Penalty under section 271B for Failure to get its audited

Additions upheld as assessee claimed TDS but didn’t offer corresponding income in ITR

Action for TCS default can be taken within a reasonable period only even if no limitation period is prescribed under the Act

Addition can not be deleted on ground that assessee used to show higher stock to avail high cash credit limit from bank

Completed assessment could not be interfered with while framing assessment under section 153A in the absence of incriminating material discovered during search.

Inter-trust donation by one charitable trust to another for utilization by the donee trust towards charitable objects is proper application of income for charitable purpose

Merely because a debt has not been repaid for over 3 years would not automatically imply cessation of liability. Limitation period may not be relevant for taxation under the IncomeTax Act.

Violation of section 11 & 13 of the Act would result in forfeiture of exemption?

Diwali Bonus by Modi Government : Biggest corporate tax rate cut

Simple Chart of Reduction in Corporate Tax Rates announced on 20th September:

Demonetization special: Validity of submission that high denomination notes were savings from his personal allowance,

Demonetization special: Addition upheld as the conduct of the assessee was wholly non-cooperative before the AO

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