Income Tax

Audit Memo do not fall within the ambit of the term “information” as provided in Explanation 1 to Section 148 of the Act w.r.t Finance Act 2021

10 months ago

Audit Memo do not fall within the ambit of the term “information” as provided in Explanation 1 to Section 148…

Income Tax

Penalty cannot be imposed on disallowance of 80P claim which is highly debatable

10 months ago

Penalty cannot be imposed on disallowance of 80P claim which is highly debatable The copy of the Appellate is…

Income Tax

Newly notified Section 16(5) opens the door for revisiting denied ITC claims for specific periods – Kerala HC Ruling

10 months ago

Newly notified Section 16(5) opens the door for revisiting denied ITC claims for specific periods – Kerala HC Ruling …

Income Tax

Since Appellant acted in a bona fide manner and made necessary adjustments by the end of the financial year, there is no liability of interest under section 201(1A): ITAT Mumbai

10 months ago

Since Appellant acted in a bona fide manner and made necessary adjustments by the end of the financial year, there…

Income Tax

Penny stock addition deleted by ITAT Mumbai as no role has been attributed and/or established qua rigging of the shares

10 months ago

Penny stock addition deleted by ITAT Mumbai as no role has been attributed and/or established qua rigging of the shares…

Income Tax

Interest reimbursed to the sister concerns is not an income & there is no statutory obligation to deduct TDS under Section 194A: ITAT Mumbai

10 months ago

Interest reimbursed to the sister concerns is not an income & there is no statutory obligation to deduct TDS under…

Income Tax

Liabilities disclosed in the balance sheet by the assessee, if acknowledged and supported with evidence, cannot be treated as remission or cessation of liability under Section 41(1) of the Income-tax Act, 1961: ITAT Delhi

10 months ago

Liabilities disclosed in the balance sheet by the assessee, if acknowledged and supported with evidence, cannot be treated as remission…

Income Tax

What PAN 2.0 Means for you: Top 10 Takeaways for Taxpayers

10 months ago

What PAN 2.0 Means for you: Top 10 Takeaways for Taxpayers The Income Tax Department has launched PAN 2.0…

Income Tax

Taxability of ESOPs:

10 months ago

Taxability of ESOPs: 1. Meaning of ESOPs: As per Section 2(37) of Companies Act, 2013 “employees stock option” means,…

Income Tax

Mere Disagreement Doesn’t Justify invocation of Section 263 Revision Power: Madras HC

10 months ago

Mere Disagreement Doesn’t Justify invocation of Section 263 Revision Power: Madras HC EIH Associated Hotels Limited Vs CIT (Madras…

Income Tax

Details to be filled while filing ITR with foreign assets:

10 months ago

Details to be filled while filing ITR with foreign assets: 1. Introduction: If you’re having foreign assets, then you should…

Income Tax

Taxation on Sale of Agricultural Land in India: A Short Overview

10 months ago

Taxation on Sale of Agricultural Land in India: A Short Overview No Income Tax is Payable on sale of…

Income Tax

Addition towards cash deposits during demonetization deleted by ITAT as it was adequately explained based on the facts and nature of the business

10 months ago

Addition towards cash deposits during demonetization deleted by ITAT as it was adequately explained based on the facts and nature…

Income Tax

Stamp duty valuation under Section 50C or 43CA cannot be substituted & only the actual sale consideration should be reduced from WDV for depreciation purposes

10 months ago

Stamp duty valuation under Section 50C or 43CA cannot be substituted & only the actual sale consideration should be reduced…

Income Tax

PAN 2.0 Project Approved – Project outlay of 1435 crores

10 months ago

PAN 2.0 Project Approved – Project outlay of 1435 crores The PAN 2.0 Project enables technology driven transformation of…

Income Tax

The failure to issue a show cause notice constituted a significant procedural defect – Assessment Order quashed by Bombay HC

10 months ago

The failure to issue a show cause notice constituted a significant procedural defect – Assessment Order quashed by Bombay HC…

Income Tax

Order under section 87A by CIT – Appeal: The Controversy to continue

10 months ago

Order under section 87A by CIT – Appeal: The Controversy to continue Recently, the judgement on section 87A by…

Income Tax

Assessing Officer is not required to examine the commercial expediency of the transaction while evaluating the explanation U/S 68: Delhi HC

10 months ago

Assessing Officer is not required to examine the commercial expediency of the transaction while evaluating the explanation U/S 68: Delhi…

Income Tax

Audit Memo do not fall within the ambit of the term “information” as provided in Explanation 1 to Section 148 of the Act w.r.t Finance Act 2021

Penalty cannot be imposed on disallowance of 80P claim which is highly debatable

Newly notified Section 16(5) opens the door for revisiting denied ITC claims for specific periods – Kerala HC Ruling

Since Appellant acted in a bona fide manner and made necessary adjustments by the end of the financial year, there is no liability of interest under section 201(1A): ITAT Mumbai

Penny stock addition deleted by ITAT Mumbai as no role has been attributed and/or established qua rigging of the shares

Interest reimbursed to the sister concerns is not an income & there is no statutory obligation to deduct TDS under Section 194A: ITAT Mumbai

Liabilities disclosed in the balance sheet by the assessee, if acknowledged and supported with evidence, cannot be treated as remission or cessation of liability under Section 41(1) of the Income-tax Act, 1961: ITAT Delhi

What PAN 2.0 Means for you: Top 10 Takeaways for Taxpayers

Taxability of ESOPs:

Mere Disagreement Doesn’t Justify invocation of Section 263 Revision Power: Madras HC

Details to be filled while filing ITR with foreign assets:

Taxation on Sale of Agricultural Land in India: A Short Overview

Addition towards cash deposits during demonetization deleted by ITAT as it was adequately explained based on the facts and nature of the business

Stamp duty valuation under Section 50C or 43CA cannot be substituted & only the actual sale consideration should be reduced from WDV for depreciation purposes

PAN 2.0 Project Approved – Project outlay of 1435 crores

The failure to issue a show cause notice constituted a significant procedural defect – Assessment Order quashed by Bombay HC

Order under section 87A by CIT – Appeal: The Controversy to continue

Assessing Officer is not required to examine the commercial expediency of the transaction while evaluating the explanation U/S 68: Delhi HC

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