Latest Tax Updates, News, Articles & Notifications
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
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
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 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
Whether agri operations on leased land be eligible for exemption under Income Tax Act? Introduction: 1. Agriculture income earned by individuals and HUF is exempt under the Sec 10(1) of … Read More
ITAT upholds cap-gain exemption to Mauritius entity, for shares acquired prior to April 1, 2017 Comstar Mauritius Ltd (ITA No. 1529/Mum/2023) Facts: 1. Assessee filed an appeal for the assessment … Read More
Receipt from sale of software as an end user is not taxable as Royalty: ITAT ACIT,Circle-2(2),International Taxation, New Delhi Vs. Newspage Pvt Ltd (ITA 1992 / DEL / 2022) Facts: … Read More
ITAT case on salary earned by the non resident outside India Devi Dayal vs DCIT, 2024, Delhi ITAT (ITA Nos. 835 & 836/Del/2023) Facts: 1. The Appellant was deputed to … Read More
