Income Accumulation – Write Specific Object Else Loose Exemption
Under section 11(2), if a charitable institutions desires to accumulate more than 25 per cent. of its income the accumulation…
......Read More
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
Matching Concept Under IT Act
Section 40(b) of the Income tax Act, 1961 imposes certain ceilings and conditions on the payments made to the partners.…
......Read MoreCost of Raising Loans – Always Revenue in Nature in case of Running Business
The Pune Bench in the case of Chintamani Hatcheries (P.) Ltd. vs. Deputy Commissioner of Income-tax (75ITD116) held that if…
......Read MoreReopening – Courts cannot go into the sufficiency or correctness of the material relied by an AO
The P & H High Court in the case of Bal Ram Jakhar v. CIT (250ITR393) held that one of…
......Read MoreInterest free loan –Does the Benefit Accrue in All Cases
The Supreme Court in the case of V.M. Salgaocar and Bros. Pvt. Ltd. Vs. Commissioner of Income-tax (243ITR383) held that…
......Read MoreLate Filing- Power to Condone
Every Act lay down certain period of limitation as regard filing of appeals. applications etc. Also in most of the…
......Read MoreRevision Application u/s 264- Commissioner’s Role
The Calcutta High Court in the case of City Express Super Market v. CIT (118TAX248) held that in disposing of…
......Read MoreDisposal of Stay Applications- Parameters Laid Down
Often it is found that the revenue authorities reject stay petitions before March 31 only as a reason to enforce…
......Read MorePowers & Duty of AO
The Income-tax Officer is not fettered by technical rules of evidence and pleadings, and that he is entitled to act…
......Read MoreTime of income accrual- Worth Exploring
Under Income tax Act any income is taxable at the point of its accrual irrespective of actual receipt. For any…
......Read More