Transfer of Assets to Spouse- II
The Madras High Court in CIT v. M S S Rajan (120TAX680) held that interest on fixed deposit made out…
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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
Payments to Sister Concerns- Excessive or Reasonable
Section 40A(2) of the Income tax Act, 1961 authorise assessing officer to examine transactions with associates and disallow sums or…
......Read MoreDeduction of Tax at Source Failure to Deduct Tax- Burden of Interest
The liability for payment of interest stipulated in section 201(1A) accrues automatically on failure to pay the amount of tax…
......Read MoreRent- Unused Building
The Calcutta Bench of the Tribunal in the case of Vijay International v. ACIT (253ITR26) held that the expression “…
......Read MoreAO Must Exercise Caution
Levy of a penalty is a part of the assessment proceedings and hence it signifies importance. U/s 44AA of the…
......Read MoreInterest Free Loans- Business Expediency
The Calcutta Tribunal in the case of ACIT v. Perfect Project Ltd. (253ITR16) upheld the disallowance out of interest paid…
......Read MoreNetting of Interests- Possible
The Delhi Benches of the ITAT seem to be unanimous in their view that in the case of a running…
......Read MoreFinance Lease- Need To Check Out Depreciation Claims
In the English case of Melluish (Inspector of Taxes) Vs. B.M.I. (No. 3) Ltd. (213ITR236) the assessee companies (lesser’s) carried…
......Read MoreCash Purchases
J.H. Metals vs. Income-tax Officer (77ITD71) the assessee, a dealer in metals made certain purchases of scrap from Kabarias, who…
......Read MoreDeduction u/s 80I/80IA/80HH- Gross or Net
In the case of CIT v. Canara Workshop Pvt. Ltd. (161ITR320) the Apex Court clearly stated that the principle laid…
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