discounting system

Recent Posts

• 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
• 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
• Income offered by Husband and Wife separately in the ITR & TDS credit claimed by Husband Only: ITAT Mumbai allows the TDS Credit