“Payable” in section 40(a)(ia) covers even cases where amount is paid & not restricted to amount payable: Jharkhand HC
“Payable” in section 40(a)(ia) covers even cases where amount is paid & not restricted to amount payable: Jharkhand HC …
Income Tax
Only the profit element which is taxable if unrecorded sales are admitted and offered to tax in a survey action due to shortage of stock
Only the profit element which is taxable if unrecorded sales are admitted and offered to tax in a survey action…
Immunity from penalty under section 270AA:
Immunity from penalty under section 270AA: 1. Introduction: Section 270AA of the Income-tax Act, 1961 relates to immunity from…
Capital Gains Account Scheme: Confusion & Clarification (I)
Capital Gains Account Scheme: Confusion & Clarification (I) Any profit arising from transfer of land, building, gold, or any other…
It is the duty of AO to allow all lawful deductions, even if not expressly claimed by the assessee: SC
It is the duty of AO to allow all lawful deductions, even if not expressly claimed by the assessee: SC…
Any authorization issued by an authority lacking such jurisdiction would be liable to be quashed as ultra vires: Raipur ITAT
Any authorization issued by an authority lacking such jurisdiction would be liable to be quashed as ultra vires: Raipur ITAT…
The words ‘and also’ in section 147 cannot be read as being an alternative: Delhi HC
The words ‘and also’ in section 147 cannot be read as being an alternative: Delhi HC The High Court…
Rectification orders U/s 154 not legally permissible if the issue is debatable and not a mistake apparent from the record.
Rectification orders U/s 154 not legally permissible if the issue is debatable and not a mistake apparent from the record.…
GST: Refund can’t be held back on Commissioner’s opinion alone, Twin Conditions Must Be Satisfied:
GST: Refund can’t be held back on Commissioner’s opinion alone, Twin Conditions Must Be Satisfied: Delhi High Court has…
Demonetization Cash Deposits: ITAT Mumbai deleted addition as the books of account was not rejected.
Demonetization Cash Deposits: ITAT Mumbai deleted addition as the books of account was not rejected. Mumbai Tribunal: Aries Agro Ltd…
Expenses not represented by way of Assets – Assessment quashed by Delhi HC as barred by limitation
Expenses not represented by way of Assets – Assessment quashed by Delhi HC as barred by limitation Delhi HC…
No penalty under Section 272A(1)(d) when Assessment Completed u/s 143(3): ITAT Cochin
No penalty under Section 272A(1)(d) when Assessment Completed u/s 143(3): ITAT Cochin ITAT Cochin has held that no penalty…
Reopening & Reassessment on the same grounds already examined under Section 147 is quashed by Delhi HC
Reopening & Reassessment on the same grounds already examined under Section 147 is quashed by Delhi HC The Delhi…
Accepting Adatiya’s Business Proof – ITAT Jaipure deleted addition of Rs. 8.60 Cr
Accepting Adatiya’s Business Proof – ITAT Jaipure deleted addition of Rs. 8.60 Cr Commission Agent Scores Relief as Mandi…
Patna HC cancelled Reassessment Initiated on False Premise
Patna HC cancelled Reassessment Initiated on False Premise Recently, Patna HC cancelled the re-assessment Initiated on False Premise. Let us…
Without income, when it would be mandatory to file income Tax Return?
Without income, when it would be mandatory to file income Tax Return? Is it mandatory for an individual to…
A Short Overview of changes in new ITR-3 and ITR-5 forms for AY 2025-26:
A Short Overview of changes in new ITR-3 and ITR-5 forms for AY 2025-26: Let us have a look…
Electronics Records can be admitted even without a certificate under section 65B of the Evidence Act
Electronics Records can be admitted even without a certificate under section 65B of the Evidence Act In a landmark…
