Credit Card and Club payments
Realizing the fact that such payments are often made in the course of entertainment of costumers, clients or constituents the…
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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
Furnishing Scheme- Completed Year of Use
The terms completed year of use shall mean 365 days from the date of purchase of asset. For instance if…
......Read MoreFurnishing Scheme- Electronic Items Assets Defined
The CBDT in their Circular No. 15/2001 dated 12.12.2001has clarified that the higher rate of depreciation is prescribed only in…
......Read MoreInterest Free or Concessional Loans – Case Of Partial Retrospective Operation
The Board has clarified that the even sums outstanding on 01.04.2001 or 01.10.2001 are to be considered for the purpose…
......Read MoreValuation of Perks Series I
The CBDT in their Circular No. 15/2001 dated 12.12.2001has issued directions and clarifications to the employers as to the computation…
......Read MoreDoctrine of Res judicata or Estoppel- Inapplicable in Assessments
The MP High Court in Luchhiram Puranmal v. CIT (119TAX1) held that the assessment in earlier years does not bind…
......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 MoreOrders on Merit- Case of Disregard of Well-defined procedures
The Karnataka High Court in the case of Munibyrappa (119TAX204) pointed out to the cavalier and careless manner in which…
......Read MoreTransfer of assets to spouse
The clubbing provisions have application when: a) there is transfer of asset by the assessee to his wife; b) the…
......Read MoreDeduction of tax at source Failure to deduct tax – Case of no loss to revenue
In the case of CIT v. Rishikesh Apartments Co-op. Housing Society Ltd. (119TAX239) the assessee failed to deduct tax u/s…
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