Lower Tax Deduction certificate (TDS)
What is lower tax deduction certificate (TDS)? 1. Under Section 197 of the Income Tax Act, 1961 the assessee can apply for a lower rate of tax to be deducted … Read More
Author: CA Adityavikram Banka
The author is a Practicing CA, Founder of A. S. Banka Advisors Private Limited & Partner of Dhiraj & Dheeraj.
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Sec 54 – Date of possession of new property is to be considered in the case of constructed property: ITAT Mumbai
Sec 54 of Income Tax Act – Date of possession of new property is to be considered in the case of constructed property: ITAT Mumbai Sunil Amritlal Shah & Rita … Read More
Transit rent paid by the developer is not a revenue receipt and so not taxable: Bombay HC
Transit rent paid by the developer is not a revenue receipt and so not taxable: Bombay HC Sarfaraz S. Furniturewalla vs. Afshan Sharfali Ashok Kumar & Ors. (WP No: 4958 … Read More
Legal precedents on Ad- Hoc Disallowances
Legal precedents on Ad- Hoc Disallowances: A. Examples of ad hoc disallowances made by the Assessing Officer: 1. Disallowances of 10 % of miscellaneous expenses merely because no break up … Read More
Additions cannot be made based on profit assumptions: Punjab & Haryana HC
Additions cannot be made based on profit assumptions: Punjab & Haryana HC M/s Shree Digvijaya Woollen Mills Ltd., Amristar Vs Commissioner of Income-Tax (ITR-3- 2010)(O&M) Facts: 1. The taxpayer discarded … Read More
Excessive or unreasonable salary, is a sine qua non in invoking the provision of Sec 40A(2)(b): ITAT Ahmedabad
Excessive or unreasonable salary, is a sine qua non in invoking the provision of Sec 40A(2)(b): ITAT Ahmedabad M S Hostel verses Deputy Commissioner of Income Tax Case Number: I.T.A. … Read More
Notional interest income cannot be taxable under the real income principle: Mumbai ITAT
Notional interest income cannot be taxable under the real income principle: Mumbai ITAT ACIT verses Kesar Terminals and Infrastructure Ltd. Case Number: I.T.A. No. 3001/Mum/2023 Facts: 1. During the year … Read More
Cash sales during demonetisation already reported as sales, cannot be taxed twice as unexplained credit: ITAT Delhi
Cash sales during demonetisation already reported as sales, cannot be taxed twice as unexplained credit: ITAT Delhi Harisons Diamonds Pvt Ltd Vs ACIT (ITAT Delhi) Appeal Number : ITA No. … Read More
TDS on Housing Rent
TDS on Housing Rent Applicability of TDS payment u/s 194IB & u/s 195 of the Income Tax Act in the case of housing rent payments to landlords is as bellow … Read More
Option to choose a valuation method for valuing shares rests solely with the assessee: Delhi HC
Option to choose a valuation method for valuing shares rests solely with the assessee: Delhi HC AGRA PORTFOLIO PVT. LTD. (ITA 1385/2018) Facts: 1. The appellant had allotted 3,15,000 equity … Read More