Capital subsidies are exempt from MAT
The Tribunal in [2022] 26 ITR (Trib)-OL 403 (ITAT[Kolk]) held that amounts, which are not taxable in normal computation, could…
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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
Putting unlawful restrictions on business Entertainment
In the case of an exporter firm ( Maharani of india) reported at(2022) 94ITR(Trib) (S.N) 8 the A.O made some…
......Read MoreJurisdictional defect
Before the Mumbai bench in [2022] 94 ITR (Trib) 216 the assessee took a ground that notice under section 143(2)…
......Read MoreUnlawful deduction of tax
The High Court in (2022] 19 ITR-OL 128 (Bom) held that requirement to deduct tax on interest is only qua…
......Read MoreSeparate units can be considered as separate business in computing s.80HHC relief
In a possible carve out from landmark IPCA ruling the High Court of Madras in [2022] 441 ITR 171…
......Read MoreCWIP write offs of abandoned pre-operational projects
The assessee in [2022] 441 ITR 195 (Bom)claimed deduction of CWIP write offs total of more than 8 crores pertaining…
......Read MoreRules of procedure in modifying return in business reorganisation scenarios
In the NCLT lead demerger case @ 420 ITR 339 (SC) the revised return was not admitted beyond the prescribed…
......Read MoreScope of section 68
No addition u/s 68 etc can be made on the strength of suspicion so that the High Court in reading…
......Read MoreDisclosure methods Disclosures of important transactions in directors report and notes are good indicators to prevent AO to resort to reopening of cases after 4 years.
The High Court in [2015] 4 ITR-OL 517 (Bom) in their pointer held that in this case the director’s report…
......Read MoreDirectors of private limited companies at risk
Budget-wise section 179 @ income-tax is amended to make directors of private companies accountable for payment of taxes in the…
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