Loss on sale of depreciation assets is held deductible under head business- Deeming provisions reread
In a landmark ruling the Madras High Court in [2021] 17 ITR-OL 12 (Mad) held that an assessee is entitled to…
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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
Ad hoc disallowance of the expenditure upheld
In the case of T ATA COFFEE LIMITED ( 2021] 17 ITR-OL 1 (Kar) the assesses suffered disallowance out of entertainment,…
......Read MorePresumptive scheme for small business – Partner case
A Partner cannot claim the benefit of section 44AD on interest & remuneration received from firm, holds Madras High Court…
......Read MoreConflict between test of commercial expediency and test of business compulsion
The Cuttack in 20 ITR (Trib)-OL 1 raised the question on the business compulsion of the assessee for incurring an…
......Read MoreMaterial Repairs other than current repairs
In the context of repairs expenses incurred by a hotel the Cochin SMC bench in a detailed order in 18…
......Read MorePremium on forward contract – capital purchases
On the question of whether the amount of premium paid for hedging foreign exchange fluctuations on foreign currency loan taken…
......Read MoreFine /penalty nature of payments
The P & H High Court in 311ITR336 held that a penalty or fine paid under any law would not…
......Read MoreRelated party payments
Often in closely held businesses such as jewelry shops etc, family members also give participation so that amounts incurred by…
......Read MoreCommercial Expediency rule
In 250ITR772 the assessing officer alleged that the higher price paid by the assessee to the cane growers was in…
......Read MoreUncertainties in Revenue Recognition- accounting and income tax variables
AS-9 lays down that when uncertainties exist regarding the determination of the amount in its collectability, the revenue shall not…
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