Short TDS deduction leading to disallowance
The Hyderabad bench of ITAT in [2022] 26 ITR (Trib)-OL 88 held that section 40(a)(ia) is applicable only in those…
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Today's
Unwarranted additions- Need for Provision to Annex Computation of Income and Supporting Notes with ITR and Tax Audit Report ......Read More
Yesterday's 54F exemption is protected even in multiple ownership of residential properties ......Read More
Yesterday's 54F exemption is protected even in multiple ownership of residential properties ......Read More
Auto component industry – product perfection/ development expenses held revenue
The taxpayer in[2020] 16 ITR-OL 468 (Mad) made claim for deduction of large expenditure totalling 11 crores on perfecting the…
......Read MoreAdditional evidence in prejudice situation qua taxpayer
In the tax case report (2021] 91 ITR (Trib) 597 (ITAT[Jai]) the AO issued show-cause notice dated December 24, 2010,…
......Read MoreLimited 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 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 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…
......Read MoreSikhs/Hindus are old age expressions of charity
To derive 80G income tax exemption it is necessary that the donee institution is firstly established in India, only for…
......Read MoreRevenue at huge loss to the exchequer for failing to follow restriction under proviso to section 147 while issuing notice u/s148.
Section 147 provide an opportunity to revenue to reopen an assessment even after a gap of 4 years subject to…
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