Employee Advances- Write Off Claim
Often assessees make mistakes in making a choice of section under which a deduction is admissible and therefore prefer alternate…
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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
Effect of Commuting a Debt
In the case of L.P. Investment Ltd. vs. Income-tax Officer (77ITD1) the assessee sold 50% interest in a property to…
......Read MoreRemodeling, renovation and reconstruction Costs- Capital in Nature
In Assistant Commissioner of Income-tax vs. Nirmal Warehousing Agency (77ITD1) the assessee-firm converted the leased premises held as a warehouse…
......Read MoreWaiver of Interest
In the case of CIT v. Punjab Agra Industries Corporation Ltd. (119TAX860) the assessee promoted a sister concern in a…
......Read MoreInterest liability- Under the Income tax Act, 1961
Following the Supreme Court ruling in the case of Bharat Commerce and Industries Ltd. Vs. Commissioner of Income-tax (230ITR733) the…
......Read MoreTest of Reasonableness
In the case of CIT v. Sahni Silk Mills (P.) Ltd. (119TAX133) it was found that the assessee, a manufacturing…
......Read MoreMAT Adjustments – Provision for bad debts and advances
In the case of Steel Authority of India Ltd. vs. Deputy Commissioner of Income-tax (76ITD69) it was claimed by the…
......Read MoreLeasing of Business Assets
It is a trite law that so long as assets are used as business assets, it is irrelevant whether the…
......Read MoreReal Income Theory
In the case of Commissioner of Income-tax Vs. Modi Rubber Ltd. (No.1) (230ITR817) the assessee sold goods on credit to…
......Read MoreRent & Major Repairs- Developing Stage
In the case of Jainsons SS vs. Assistant Commissioner of Income-tax (76ITD51) the assessee had taken certain premises on rent…
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