Interest liability- Under the Income tax Act, 1961
Following the Supreme Court ruling in the case of Bharat Commerce and Industries Ltd. Vs. Commissioner of Income-tax (230ITR733) 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
Test of Reasonableness
In the case of CIT v. Sahni Silk Mills (P.) Ltd. (119TAX133) it was found that the assessee, a manufacturing…
......Read MoreRole of Counsel
In the case of Joseph Kuruvilla Vs. Commissioner of Income-tax (234ITR55) the counsel for the assessee did not raise a…
......Read MoreAlternative Plea Allowed Part -II
In the case of CIT v. Mahalakshmi Textile Mills Ltd. (66 ITR 710) the assessee company all along in the…
......Read MoreAlternative Pleas/Grounds
Often assesses are found to have been making alternative pleas in the course of assessment proceedings or even before the…
......Read MoreSubstantial question of law or not- Unexplained Cash Deposit in Bank
In the case of Aradhna Oil Mills v. CIT (119TAX629) a raid was conducted on the assessee. During such raid…
......Read MoreMAT Adjustments – Provision for bad debts and advances
In the case of Steel Authority of India Ltd. vs. Deputy Commissioner of Income-tax (76ITD69) it was claimed by the…
......Read MoreMore than one remedy under the Act
Under section 264 of the Income tax Act, 1961 an assessee can move a revision petition to the Commissioner of…
......Read MoreLeasing of Business Assets
It is a trite law that so long as assets are used as business assets, it is irrelevant whether the…
......Read MoreReal Income Theory
In the case of Commissioner of Income-tax Vs. Modi Rubber Ltd. (No.1) (230ITR817) the assessee sold goods on credit to…
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