Professional education has charitable character
In the context of income tax law education per se is considered to be charitable in nature. Currently much 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
Limited scrutiny is to be limited to the core issue for case selection and no further
Section 68 is an inquiry section into the genuineness of sources of cash credits, which could be in the form…
......Read MorePublicity and business promotion expenditure
Publicity and business promotion are two aspects in any kind of business which are outside the bounds of the AO…
......Read MoreNon reporting of TDS may invite reopening of assessment
The AO in (2021) 439ITR719 ( Vedanta case) reopened a completed assessment for the sole reason that there is nothing…
......Read MoreWaiver of interest for advance tax payment defaults
Often applications for waivers , revisions, S.197 applications etc are rejected by the Commissioner / CC / PrCIT by citing…
......Read MoreBad debts vs provision for bad and doubtful debts
Income tax law has Explanation 1 to section 36 (1) (vii) by which any bad debt or part thereof written…
......Read MoreAdvances/loans write offs
Reading out conditions in grant of deduction for bad debts the Bombay High court in (2021) 439ITR 399 found that…
......Read MoreEducation cess deduction
The Delhi bench in (2021] 92 ITR (Trib) 434 following decisions of the coordinate benches in different regions like delhi…
......Read MoreRule for estimated addition
Income tax assessment is a highly subjective process yet very technical. A small error on either side can go adverse…
......Read MoreScenario of Leasing of commercial/business assets
Lease rentals received by the BIFR hooked taxpayer for leasing total business assets/ manufacturing plant under a rehabilitation scheme are…
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