Contingent liability is not eligible for deduction

Recent Posts

• Amendment to Circular No. 31/05/2018-GST, dated 9th February, 2018 on ‘Proper officer under sections 73 and 74 of the Central Goods and Services Tax Act, 2017 and under the Integrated Goods and Services Tax Act, 2017’
• Whether the scope of assessment U/s 153A could be broadened U/s 263 to include a re-calculation of LTCG pursuant to section 50C in cases where the original assessments remained unabated?
• Penalty of Rs.61.9 lakh for Non-filing of annual returns and annual financial statements in violation of Sec. 92(4) & Sec. 137(1) of the Companies Act by ROC, Tamilnadu
• Addition in the hands of Assessee in respect of account belonging to other: ITAT Agra deleted the addition after condoning delay of 174 days
• Compliance Calendar for Dec’2024
• Option once exercised by filing of Form 10IC, it remains valid for subsequent assessment years: No need to file it every year: ITAT Delhi
• Validity of notice issued U/s 148A(b) to deceased person and subsequent notices to the Legal heir
• Issuance of notice by the wrong officer will invalidate the assessment proceeding
• Without any evidence to doubt the genuineness, the resultant capital loss cannot be disallowed: ITAT Mumbai
• Actual 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 Visakhapatnam