Tax Implication on Capital Reduction under IBC
Tax Implication on Capital Reduction under IBC Capital reduction refers to the technique of reducing a company’s share capital in any form. It is a mechanism usually adopted by companies … Read More
No Income Tax in India for salary earned by a Korean Resident outside India: ITAT Delhi
No Income Tax in India for salary earned by a Korean Resident outside India: ITAT Delhi Amit Laroya Vs ACIT (ITA No.1457/Del/2022) Facts: 1. Amit Laroya, the appellant, challenged the … Read More
ITAT Mumbai judgement on whether employment includes self employment for the purpose of determining residential status
ITAT Mumbai judgement on whether employment includes self employment for the purpose of determining residential status ACIT Vs Nishant Kanodia (ITA No. 2155/Mum./2023) Facts: 1. The assessee, being an individual, … Read More
Stock difference should be taxed as business income and not unexplained investment: ITAT Chennai
Stock difference should be taxed as business income and not unexplained investment: ITAT Chennai Ethiraj Hotel Mart (ITA No.: 1086/CHNY/2022) Facts: 1. The appellant/assessee operates in the wholesale trading sector, … Read More
Mere outsourcing of services to Indian subsidiary would not give rise to PE in India: ITAT Delhi
Mere outsourcing of services to Indian subsidiary would not give rise to PE in India: ITAT Delhi M/s EXL Service. Com INC (ITA No. 4989/DEL/2014) Facts: 1. Exl India has … Read More
Deduction u/s 43B of IT Act for payments made to MSME
Deduction u/s 43B of IT Act for payments made to MSME: 1. Finance Act 2023 inserted clause (h) in Sec 43B, which says that any amount payable to Micro or … Read More
Taxation on income of foreign IPL players
Taxation on income of foreign IPL players: The legal position and the mechanism is explained as below: 1. Section 115BBA of the Income Tax Act provides the answer: This section … Read More
All about Updated Return (ITR-U Form)
All about Updated Return (ITR-U Form): Introduction: 1. Section 139(8A) under the Income Tax Act allows you a chance to update your ITR within two years. 2. Two years will … Read More
AO is unjustified in making addition U/S 68 in respect of cash receipts converted into sales: ITAT Chennai
AO is unjustified in making addition U/S 68 in respect of cash receipts converted into sales: ITAT Chennai M/s.Sahana Jewellery- Exports Pvt. Ltd. Vs ITO (ITA No.999/Chny/2022) Facts: 1. The … Read More
Women can be Karta of an HUF: Delhi HC
Women can be Karta of an HUF: Delhi HC MANU GUPTA Vs SUJATA SHARMA & ORS (Case No.: RFA(OS) 13/2016 & CM APPL. 6041/2016) Order of the division bench of … Read More