Issue of Summons/notice without application of mind
In explaining the significance of powers enshrined u/s 131(1) of the Income-tax Act the Bombay High Court in the case…
......Read More
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
Merger Effect of Appellate Order
The Allahabad High Court in the case of CIT v. Sir Shadi Lal Enterprises Ltd. (108Tax543) reemphasized the settled law…
......Read MoreInsurance Money
In the case of CIT v. Needle Industries (India) Ltd.(108TAX524) the assessee is reimbursed for the loss of raw materials…
......Read MoreTax Free Incomes In Business- Fate of Related Expenditure
In CIT v. Indian Bank Ltd. [1965] 56 ITR 77 (SC), the assessee had income from interest on securities, both…
......Read MoreInterest Income
After the Apex Court rulings in Sterling foods, Tuticorn and Bokara Steel the Benches of the Tribunal are taking a…
......Read MoreExpenses of Personal Nature
The Gujarat High Court in Sayaji Iron & Engg. Co. v. CIT (2002) 121TAX43 held that the assessing officer has…
......Read MoreForward Exchange Contract
Often assessees who have exposure to forex transactions book forward contracts and in that process they incur either a loss…
......Read MoreDeduction u/s 80I/80IA- Gross or Net- Part II
The Andhra Pradesh High Court in the case of Commissioner of Income-tax Vs. Visakha Industries Ltd. (251ITR471) held that the…
......Read MoreOptimizing Export Profits Deduction
Often the margins are found to be more in exports than in domestic business. At times the domestic business may…
......Read MoreBusiness Depreciation
In the case of CIT v. Union Carbide (I) Ltd. (254ITR488) the assessee running existing business had set up two…
......Read More