CSR payments
What is being considered as business disallowance u/s37 for CSR expense in computation may be claimable u/s 80G subject however…
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Today's
All transactions in shares of penny stock company are not sham transactions ......Read More
Yesterday's Technical objections have no place in appeal proceedings ......Read More
Yesterday's Technical objections have no place in appeal proceedings ......Read More
Unsigned notices are invalid under the law
A notice issued under section 148 having no signature of the AO affixed on it, digitally or manually, would be…
......Read MoreCharitable institutions may lose exemption for any statutory offences
A charitable institution is expected to comply with all the laws of the land. The Commissioner (Exemption) is vested with…
......Read MoreBudget 2023 Interest free borrowing transactions now taxable
Under section 2(24) (vd) of the Income tax Act , 1961, income would include the value of any benefit or…
......Read MoreMembership/Entrance fee receipts are tax exempt——department slp dismissed by Supreme Court
The Supreme Court has dismissed the special leave petition filed by the Department against High Court decision @ [2023] 450 ITR…
......Read MoreProblematic situation
In the PepsiCo case @(2023] 30 ITR (Trib)-OL 1 (ITAT[Del]) the subject matter of appeal was essentially covered by the previous…
......Read MoreDate of acquisition
The date of acquisition of the property is to be reckoned from the date of the allotment so stated by…
......Read MorePrior persons expenses are admissible under law
A sum of Rs. 10,51,176 were disallowed in assessment out of total marketing expenses of Rs. 2,23,24,218 in (2022] 29…
......Read MoreAO is not permitted to initiate rectification and reassessment simultaneously
Vide [2023] 450 ITR 1 (SC) the AO cannot choose to have parellel actions u/s154 nd 147 on the same dispute.…
......Read MoreSubsequent year assessment magic
While noting that in the subsequent year the interest cost was allowed in the proceedings completed under section 143(3)…
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