More than one remedy under the Act
Under section 264 of the Income tax Act, 1961 an assessee can move a revision petition to the Commissioner of…
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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
Leasing of Business Assets
It is a trite law that so long as assets are used as business assets, it is irrelevant whether the…
......Read MoreReal Income Theory
In the case of Commissioner of Income-tax Vs. Modi Rubber Ltd. (No.1) (230ITR817) the assessee sold goods on credit to…
......Read MoreRent & Major Repairs- Developing Stage
In the case of Jainsons SS vs. Assistant Commissioner of Income-tax (76ITD51) the assessee had taken certain premises on rent…
......Read MoreStrict Compliance with provisions of section 195- Payment to Non Residents
Section 195 cast an obligation upon the assessees to deduct tax on all payments (barring interest on securities or salary…
......Read MoreCommission for renting of premises- Capital in Nature
Arijit Pasayat CJ of the Delhi High Court in Bharat Steel Tubes Ltd. (119TAX6) held that commission or brokerage paid…
......Read MoreRectification of Mistake- Scope
The J & K High Court in the case of Commissioner of Income-tax Vs. Agya Wanti (2001) 248ITR641 held that…
......Read MoreReopening Notice- Best Strategy
The Kerala High Court in dismissing a petition against issue of notice u/s 148 in the case of G Suresh…
......Read MoreBusiness Income Loan to Employees- Interest Waiver Implications
If an assessee acquires a right to receive the income, the income can be said to have accrued to him…
......Read MoreDeduction of tax at source Packing Material Purchase
The Pune Bench of the ITAT in the case of Wadilal Dairy International Ltd. ACIT (2001) 118TAX141 held that where…
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