R & D Expenditure
In Deputy Commissioner of Income-tax vs. Metalman Auto (P.) Ltd. (78ITD327) the assessee was OE supplier to M/s Kinetic Honda…
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Today's
Wrong reopening ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Yesterday's In no way the AO has power to question arm’s length pricing in unrelated party transactions ......Read More
Scholarships are not taxable
In CIT v. Sir Kameshwar Singh [1935] 3 ITR 305 (PC) the assessee, who carried on an extensive money-lending business,…
......Read MoreMesne Profits Are Taxable
Mesne profits are recompensed by the Court to the landlord for wrongful possession of his property by the tenant even…
......Read MoreEmployment of second hand machinery
One of the restrictions for claiming deductions u/s 80J(corresponding sections 80IA/IB) is that the unit is not formed by the…
......Read MorePowers of Commissioner (Appeals)- Restrictive Nature
The Delhi High Court in CIT v. Sardari Lal & Co. (2002) 120TAX595 held that the Commissioner (A) has no…
......Read MoreExport Profits
In the case of Income-tax Officer vs. Fashion Sports (I) (P.) Ltd. (78ITD41) the assessee received insurance claim on account…
......Read MoreBudget 2002- Clever Amendment
Dividend exemption is proposed to be withdrawn after 31st March 2002 with a simultaneous withdrawal of 10.2% dividend tax. Let…
......Read MoreBudget 2002 – Pay Your Advance Tax Properly
Until now the Act authorize an assessing officer to send a demand for payment of advance tax to an existing…
......Read MoreBudget 2002-Unreasonable Amendment
In a retrospective amendment proposed both under section 115JA and section 115JB the set off otherwise permitted for either unabsorbed…
......Read MoreBudget 2002- Additional Depreciation
In an amendment made under section 32 of the income tax Act, 1961 it is provided that new industrial undertakings…
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