Optimizing Export Profits Deduction
Often the margins are found to be more in exports than in domestic business. At times the domestic business may…
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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
Business Depreciation
In the case of CIT v. Union Carbide (I) Ltd. (254ITR488) the assessee running existing business had set up two…
......Read MoreModvat Claim
In the present day controversy for deduction of Modvat/Excise Duty/Custom duty paid on inputs the revenue has often opined that…
......Read MoreWide Powers of Rectification
The P&H High Court in Commissioner of Income-tax Vs. Smt. Aruna Luthra (252ITR76) explained the scope of the authority given…
......Read MoreR & D Expenditure
In Deputy Commissioner of Income-tax vs. Metalman Auto (P.) Ltd. (78ITD327) the assessee was OE supplier to M/s Kinetic Honda…
......Read MoreScholarships 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…
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