Interest 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 More
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
Netting of Interests- Possible
The Delhi Benches of the ITAT seem to be unanimous in their view that in the case of a running…
......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 MoreDeduction u/s 80I/80IA/80HH- Gross or Net
In the case of CIT v. Canara Workshop Pvt. Ltd. (161ITR320) the Apex Court clearly stated that the principle laid…
......Read MoreRelief u/s 89- VRS Payments
Under section 89 an employee can claim relief from tax for any arrears or advance of salary meaning thereby that…
......Read MoreSurrender of Income – Never Pay
The Allhabad High Court in the case of CIT v. Saran Khandsari Sugar Works (120TAX319) held that no penalty can…
......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…
......Read MoreNew Contention- When Permitted
The Madras High Court in the case of Commissioner of Income-tax Vs. West Coast Electric Supplies Corporation Ltd. (243ITR565) held…
......Read More