Category: Income Tax
Valuation of closing stock is revenue neutral – ITAT deleted addition on account of valuation of stock In a recent judgment, ITAT has held that valuation of closing stock is revenue neutral. Even if it is enhanced for the year under consideration the same will reduce the profit …
Disallowance towards land filling expenses was right as except contractor bills no other evidence was produced – ITAT In a recent judgment, ITAT has confirmed the disallowance towards land filling expenses as except contractor bills no other evidence was produced showing how the property was made beneficial with …
Eligible donations by trust/institution to another trust/institution are application for charitable or religious purposes only to the extent of 85% of such donations – CBDT Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred …
Assessee was liable to pay penalty u/s 272A(1)(d) on the first default as thereafter, the AO could have proceeded to frame an ex-parte order – ITAT In a recent judgment, ITAT has deleted the penalty u/s 272A(1)(d) for multiple default in non-compliance to the notice holding that assessee …
Income tax prosecution u/s 276CC where assessee filed belated return under section 139(4) – Allahabad High Court admits application In a recent judgment, the Hon’ble Allahabad High Court has admitted an application contending that where assessee had filed return of income under Section 139(4) of the Income Tax …
Excel Calculator to compare Tax under old and new Personal Tax Regime u/s 115BAC for AY 2024-25 (FY 2023-24) This Excel Calculator utility has been made to compare Tax under existing old and new Personal Tax Regime u/s 115BAC. Union Budget 2023-24 has disappointed individual taxpayers who were …
CBDT extends time for filing audit report in Form 10B of 10BB for AY 2023-24 to 31.03.2024 Extension of time limit /due date for filing audit report in Form 10B of 10BB by trusts and institutions for AY 2023-24 to 31.03.2024 was necessitated by trusts / institutions filing …
Assessment order has to be read as it is and there is no scope for drawing any inference or reading between the lines of an assessment order – ITAT In a recent judgment, the ITAT set aside the revisonary order u/s 263 holding that Assessment order has to …
NSDL latest e-TDS TCS Return Preparation Utility (RPU) Version 5.0 from FY 2007-08 NSDL has revised the e-TDS TCS RPU utility for preparing of TDS/TCS returns. e-TDS/TCS RPU version 5.0 for Statement(s) from FY 2007-08 onwards has been released. Also e-TDS/TCS File validation utility (FVU) versions 2.181 for …
Belief of the Assessing Officer regarding escapement of income should be based on some tangible information In a recent judgment, the ITAT has held that belief of the Assessing Officer regarding escapement of income should be based on some tangible information and it should not be mere pretence …