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Hoarding expenses allowed as revenue in nature and not capital. Hoardings are subjected to vagaries of rain, storm, damages etc. and part normal activities of advertisements and publicity business. ABCAUS Case Law Citation: ABCAUS 2986 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: M/s Empress …

FMV of property on lease to be determined by applying rent capitalization method taking the rent actually received by the assessee and not the fair market rent – ITAT ABCAUS Case Law Citation:ABCAUS 2985 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties:Kerala v. Hassan Koya, …

ICAI Information Systems Audit Course Assessment Test, June, 2019 ICAI has announced the date of next ISA Course Assessment Test, June, 2019 on Saturday, the 29th June, 2019. An application for admission to the ISA-AT is required to be submitted online by visiting http://isaat.icaiexam.icai.org and the sum of …

Rigorous imprisonment awarded u/s 276B for delayed late deposit of TDS. Assessee had culpable mental state as he remained absent before the authorities and  also not filed application for compounding ABCAUS Case Law Citation:ABCAUS 2984 (2019) (06) AC Important Case Laws Cited/relied upon by the parties:Gopal Engineering V/s …

Addition u/s 40(a)(ia) in rectification proceedings u/s 154 upheld as question of second proviso being prospective was not debatable in view of jurisdiction High Court decision ABCAUS Case Law Citation: ABCAUS 2983 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT vs. Ansal Landmark Townships …

Without rejecting books of account, it was not proper to make addition towards unexplained investment u/s 69 of the Act   ABCAUS Case Law Citation: ABCAUS 2982 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: Smt. P.K. Noorjahan’s (237 ITR 570) w The instant appeal …

Purchasing many small properties itself not good enough reason to hold that it was a business transaction. The quantum or number or number of investments i.e. whether the assessee invested in a single property or in many small properties to get better appreciation, does not change the nature …

Sericulture income from sale of cocoons taxed @ 50% being not agricultural income following judgment of the Hon’ble Supreme Court ABCAUS Case Law Citation: ABCAUS 2980 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties: L. Basavaraj Vs. ACIT (2015) 61 taxmann.com 67 (Karn) Lakshmanan & …

Smt. Nirmala Sitharaman takes charge as the Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman assumed charge as the Union Minister of Finance & Corporate Affairs here today.  She was greeted at the office in North Block by Minister of State for Finance & Corporate Affairs …

The Patents (Amendment) Rules 2019. objections and suggestions invited MINISTRY OF COMMERCE AND INDUSTRY(Department for Promotion of Industry and Internal Trade) NOTIFICATION New Delhi, the 31st May, 2019 G.S.R.396(E).–The following draft rules to further amend the Patents Rules, 2003 which the Central Government proposes to make in exercise …