Surrender of Income – Never Pay
The Allhabad High Court in the case of CIT v. Saran Khandsari Sugar Works (120TAX319) held that no penalty can…
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Today's
54F exemption is protected even in multiple ownership of residential properties ......Read More
Yesterday's Club expenditure ......Read More
Yesterday's Club expenditure ......Read More
Business 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 MoreDeduction of Tax At Source Check Points in Discharge of Responsibility of Tax Deduction at Source
The Rajkot Bench of the Tribunal in the case of Essar Oil Ltd. vs. Income-tax Officer (77ITD92) point out to…
......Read MoreEmployee Advances- Write Off Claim
Often assessees make mistakes in making a choice of section under which a deduction is admissible and therefore prefer alternate…
......Read MoreEffect of Commuting a Debt
In the case of L.P. Investment Ltd. vs. Income-tax Officer (77ITD1) the assessee sold 50% interest in a property to…
......Read MoreSuperannuation Fund Contributions (SAF)- Not Taxable for Period Upto 01.04.1995
SAF contributions are subject to exemption u/s 10(13) on the satisfaction of certain conditions such as receipt of such sums…
......Read MoreExport Profits Deduction-Treatment of Other Incomes
Once again the Bombay High Court in the case of CIT v. S G Jhaveri Consultancy Ltd. (119TAX735) held that…
......Read MoreExemption to Spouse
If the house property which was used for residential purpose by the assessee or his parent is sold and from…
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