Rectification of Mistake- Scope
The J & K High Court in the case of Commissioner of Income-tax Vs. Agya Wanti (2001) 248ITR641 held that…
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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
Reopening Notice- Best Strategy
The Kerala High Court in dismissing a petition against issue of notice u/s 148 in the case of G Suresh…
......Read MoreBusiness Income Loan to Employees- Interest Waiver Implications
If an assessee acquires a right to receive the income, the income can be said to have accrued to him…
......Read MoreDeduction of tax at source Packing Material Purchase
The Pune Bench of the ITAT in the case of Wadilal Dairy International Ltd. ACIT (2001) 118TAX141 held that where…
......Read MoreRelief u/s 89
Section 89 is meant to provide relief from tax paid on arrears of salary received in lump sum on the…
......Read MoreGift of Immovable Property- Invalid if not registered
The Gujarat High Court in the case of Commissioner of Income-tax Vs. Mormasji Mancharji Vaid (250ITR542) observed that while interpreting…
......Read More“Reasonable Cause” – Meaning Explained
In order to get-away from penalties it is desirable for an assessee to prove a reasonable cause of any failure…
......Read MoreInterest Free Advances
In the case of CIT v. India Carbon Ltd. (2001) 118TAX207 the assessing officer could only prove that the interest…
......Read MoreCharacter of any Payment/Receipt- Guiding principle
The capital or revenue nature of any payment is to be judged from the business viewpoint of the payer and…
......Read MoreRetracting Statement- Does Not Help
In the case of Dr. S.C. Gupta v. CIT (2001) 118TAX252 the assessee made surrender during the course of survey.…
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