Substance Over Form – Positive Side
In Sir Kikabhai Premchand v. CIT [1953] 24 ITR 506 (SC), the Apex Court held that in revenue cases regard…
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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
Power of Tribunal to Rectify Order u/s 254(2)
Under section 254(2) of the Income-tax Act, 1961, the Appellate Tribunal may, ” with a view to rectifying any mistake…
......Read MoreSet Aside Assessment- Rule for Claim of Refund and Interest
The Supreme Court in CIT v. Chittoor Electric Supply Corporation (212 ITR 404) held that where an assessment order is…
......Read MoreParting Possession is Buzz Word
The capital gains tax can be levied as soon as the possession of the property is handed over to the…
......Read MoreSlump Sale or sale of individual assets
The Income tax Act, 1961 only recognize two types of sale transactions of business assets of business. One type of…
......Read MoreSource of Source- Unquestionable
The Ahmedabad Bench of the Tribunal in the case of Rohini Builders v. Dy. Commissioner of I Tax (2001) 117TAX25…
......Read MoreLimited Scope of Section 43B- Statutory Payments
Section 43 B provides that all statutory taxes, duties, cess etc. can be claimed as deductible expenditure only in the…
......Read MoreIncome Accumulation – Write Specific Object Else Loose Exemption
Under section 11(2), if a charitable institutions desires to accumulate more than 25 per cent. of its income the accumulation…
......Read MoreMatching Concept Under IT Act
Section 40(b) of the Income tax Act, 1961 imposes certain ceilings and conditions on the payments made to the partners.…
......Read MoreCost of Raising Loans – Always Revenue in Nature in case of Running Business
The Pune Bench in the case of Chintamani Hatcheries (P.) Ltd. vs. Deputy Commissioner of Income-tax (75ITD116) held that if…
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