Admission of undisclosed income during survey attracts Penalty under section 271(1)(c)
Admission of undisclosed income during survey attracts Penalty under section 271(1)(c) Short overview of the case: Assessee did not disclose…
Income Tax
Prosecution can be launched even if there is a time for filing income tax return u/s 139(4) if return is not filed u/s 139(1) & notice is issued u/s 142(1)
Prosecution can be launched even if there is a time for filing income tax return u/s 139(4) if return is…
Validity of Seizure of goods of perishable nature when requirements of section 129 not complied
Validity of Seizure of goods of perishable nature when requirements of section 129 not complied 2019 TaxPub(GST) 0300 (Guj-HC) Synergy…
Exchange of jewellery of customers by Jewellers is violation of section 40A(3)?
Exchange of jewellery of customers by Jewellers is violation of section 40A(3)? Income Tax Appellate Tribunal – Chennai Kirtilal Kalidas…
The word ‘expenditure’ used in Section 40A(3) does not cover expenditure on purchases of goods ?
The word ‘expenditure’ used in Section 40A(3) does not cover expenditure on purchases of goods ? Punjab-Haryana High Court Commissioner…
Heartiest congratulations to new Finance Minister Smt. Nirmala Sitharaman
Heartiest congratulations to new Finance Minister Smt. Nirmala Sitharaman Team www.theTAXtalk.com Congratulates Smt. Nirmala Sitharaman on being appointed as Minister…
Landmark Move : Input Tax credit (GST) Can not be denied to recipient for default on part of the supplier- Delhi High Court issued notice to UNION OF INDIA
Landmark Move : Input Tax credit (GST) Can not be denied to recipient for default on part of the supplier-…
How to file of Statement of Financial Transactions (SFT)?
How to file of Statement of Financial Transactions (SFT)? One of the key compliance expected from specified taxpayer is filing…
REAL ESTATE INVESTMENT BACK TO LIFE
REAL ESTATE INVESTMENT BACK TO LIFE Developers can expect a 10-year tax holiday on profits earned from rental housing. …
Procedure of Additions / Assessments etc in Search and Seizure cases.
Procedure of Additions / Assessments etc in Search and Seizure cases. Issue has been aptly elaborated by Kolkata Tribunal in…
Provision for warranty is a contingent liability. Whether it is allowable as deduction
Provision for warranty is a contingent liability. Whether it is allowable as deduction Provision for warranty is a contingent liability.…
Assessment under section 153C when Documents seized not belonging to the assessee
Assessment under section 153C when Documents seized not belonging to the assessee Decision : In assessee’s favour. Relied: CIT v. M/s. Arpit…
No exempt Income = No disallowance u/s 14A
No exempt Income = No disallowance u/s 14A In absence of exempt income earned by assessee during the year under…
If not a continuous activity, sale of land can not be treated as business income
If not a continuous activity, sale of land can not be treated as business income An interesting case by P…
If any partner does not agree to sell a firm’s property, whether the same can be considered as an encumbrance for capital gain computation?
If any partner does not agree to sell a firm’s property, whether the same can be considered as an encumbrance…
Residential house purchased which consists of several independent units cannot be a results in denial of exemption u/s 54.
Residential house purchased which consists of several independent units cannot be a results in denial of exemption u/s 54. Here…
Second proviso to section 40(a)(ia) as introduced by Finance Act, 2012 with effect from 1-4-2013, being curative and declaratory in nature was applicable restrosepctively with effect from 1-4-2005, therefore, no disallowance could be made if contents of CA certificate were proved to be correct
Second proviso to section 40(a)(ia) as introduced by Finance Act, 2012 with effect from 1-4-2013, being curative and declaratory in…
Amount received on liquidation of shares held an ESOP is taxable as salary income or capital gain income ?
Amount received on liquidation of shares held an ESOP is taxable as salary income or capital gain income ? Where…
