Forward Exchange Contract
Often assessees who have exposure to forex transactions book forward contracts and in that process they incur either a loss…
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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
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 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 MoreRent- Unused Building
The Calcutta Bench of the Tribunal in the case of Vijay International v. ACIT (253ITR26) held that the expression “…
......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 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 MoreBusiness Expenditure- Year of Deduction
The general rule for allowance for business expenditure is that any such expenditure should be claimed in the year in…
......Read MoreAssignment of doubtful debts/loans&advances- Resulting in loss of Capital nature
In the case of Greaves Ltd. Vs. Commissioner of Income-tax (251ITR190) Greaves International Ltd., under a deed of assignment assigned…
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