Latest Tax Updates, News, Articles & Notifications
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 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 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 Harisons Diamonds Pvt Ltd Vs ACIT (ITAT Delhi) Appeal Number : ITA No. … Read More
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 AGRA PORTFOLIO PVT. LTD. (ITA 1385/2018) Facts: 1. The appellant had allotted 3,15,000 equity … Read More
Blume Ventures Indus Valley Report 2024 Explainer a must watch for getting a deep dive into the Indian economy and how you can use it take strategic decisions for your … Read More
Taxation of unexplained income or investment: 1. Sec .68 of Income Tax Act– Cash Credits Where any sum is found credited in the books of an assessee maintained for any … Read More
20% Pre deposit is not a precondition for granting a stay on Income Tax demand: National Association Of Software And Services Companies (NASSCOM) (TS-195-HC-2024(DEL)) Observations of the Hon Delhi HC … Read More
TDS exemption is available U/S 194C in case of a declaration, even when the transporter is not the owner: ITAT Jodhpur Adhunik Khanan VA Parivahan Theka Sahakari Samiti Limited Vs. … Read More
