Income TaxWithout any evidence to doubt the genuineness, the resultant capital loss cannot be disallowed: ITAT Mumbai11 months agoWithout any evidence to doubt the genuineness, the resultant capital loss cannot be disallowed: ITAT Mumbai If the assessee…
Income TaxActual turnover of Kaccha Aarahtias (commission agents) is the commission charged and not the total sale proceeds on behalf of their principals: TDS credit allowed by ITAT Visakhapatnam11 months agoActual turnover of Kaccha Aarahtias (commission agents) is the commission charged and not the total sale proceeds on behalf of…
Income TaxAudit 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 202111 months agoAudit Memo do not fall within the ambit of the term “information” as provided in Explanation 1 to Section 148…
Income TaxPenalty cannot be imposed on disallowance of 80P claim which is highly debatable11 months agoPenalty cannot be imposed on disallowance of 80P claim which is highly debatable The copy of the Appellate is…
Income TaxNewly notified Section 16(5) opens the door for revisiting denied ITC claims for specific periods – Kerala HC Ruling11 months agoNewly notified Section 16(5) opens the door for revisiting denied ITC claims for specific periods – Kerala HC Ruling …
Income TaxSince 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 Mumbai11 months agoSince Appellant acted in a bona fide manner and made necessary adjustments by the end of the financial year, there…
Income TaxPenny stock addition deleted by ITAT Mumbai as no role has been attributed and/or established qua rigging of the shares11 months agoPenny stock addition deleted by ITAT Mumbai as no role has been attributed and/or established qua rigging of the shares…
Income TaxInterest reimbursed to the sister concerns is not an income & there is no statutory obligation to deduct TDS under Section 194A: ITAT Mumbai11 months agoInterest reimbursed to the sister concerns is not an income & there is no statutory obligation to deduct TDS under…
Income TaxLiabilities 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 Delhi11 months agoLiabilities disclosed in the balance sheet by the assessee, if acknowledged and supported with evidence, cannot be treated as remission…
Income TaxWhat PAN 2.0 Means for you: Top 10 Takeaways for Taxpayers11 months agoWhat PAN 2.0 Means for you: Top 10 Takeaways for Taxpayers The Income Tax Department has launched PAN 2.0…
Income TaxTaxability of ESOPs:11 months agoTaxability of ESOPs: 1. Meaning of ESOPs: As per Section 2(37) of Companies Act, 2013 “employees stock option” means,…
Income TaxMere Disagreement Doesn’t Justify invocation of Section 263 Revision Power: Madras HC11 months agoMere Disagreement Doesn’t Justify invocation of Section 263 Revision Power: Madras HC EIH Associated Hotels Limited Vs CIT (Madras…
Income TaxDetails to be filled while filing ITR with foreign assets:11 months agoDetails to be filled while filing ITR with foreign assets: 1. Introduction: If you’re having foreign assets, then you should…
Income TaxTaxation on Sale of Agricultural Land in India: A Short Overview11 months agoTaxation on Sale of Agricultural Land in India: A Short Overview No Income Tax is Payable on sale of…
Income TaxAddition towards cash deposits during demonetization deleted by ITAT as it was adequately explained based on the facts and nature of the business11 months agoAddition towards cash deposits during demonetization deleted by ITAT as it was adequately explained based on the facts and nature…
Income TaxStamp duty valuation under Section 50C or 43CA cannot be substituted & only the actual sale consideration should be reduced from WDV for depreciation purposes11 months agoStamp duty valuation under Section 50C or 43CA cannot be substituted & only the actual sale consideration should be reduced…
Income TaxPAN 2.0 Project Approved – Project outlay of 1435 crores11 months agoPAN 2.0 Project Approved – Project outlay of 1435 crores The PAN 2.0 Project enables technology driven transformation of…
Income TaxThe failure to issue a show cause notice constituted a significant procedural defect – Assessment Order quashed by Bombay HC11 months agoThe failure to issue a show cause notice constituted a significant procedural defect – Assessment Order quashed by Bombay HC…