Interest on Borrowed Capital- Unoccupied House
After 01.04.1995 even deduction for interest is available in respect of unoccupied (vacant) house. In other words such deduction is…
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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
Advantage to Supporting Manufacturer
Often a manufacturer for want of quota ties up with a third party for shipping goods. The export incentives are…
......Read MoreTransfer 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…
......Read MorePayments 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…
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