Income Tax

  • Income Tax

Rejected goods cannot be considered for valuation of closing stock, hence no concealment of income – ITAT

Rejected goods cannot be considered for valuation of closing stock. Therefore there was concealment of income or furnishing of inaccurate…

6 years ago
  • Income Tax

Concealment penalty upheld on profit estimated on suppressed turnover quantified on the basis of Form 26AS

Concealment penalty upheld on profit estimated on suppressed turnover conceded by assessee and quantified on the basis of Form 26AS…

6 years ago
  • Income Tax

Addition made for cash deposits in undisclosed bank account do not hold any force as withdrawals and deposits do not constitute income in itself – ITAT 

Addition made for cash deposits in undisclosed bank account do not hold any force as withdrawals and deposits do not…

6 years ago
  • Income Tax

Mere payment of remuneration to trustees not attract section 13(1)(d) unless excessive or unreasonable

Mere payment of remuneration to trustees not attract section 13(1)(d) of Income Tax Act unless it is excessive or unreasonable…

6 years ago
  • Income Tax

Exclusion inclusion of comparables to determine ALP not necessarily give rise to questions of law – High Court

Exclusion inclusion of comparables to determine Arm's Length Price (ALP) not necessarily give rise to purely legal or substantial questions…

6 years ago
  • Income Tax

Provision reducing asset side of balance sheet amounts to writing off bad debts in accordance with section 36 (2)

If asset side of balance sheet is reduced by provision made, it amounts to writing of the debts in accordance…

6 years ago
  • Income Tax

Petition in Delhi High Court for Tax Audit due date extension by FTAPS dismissed as withdrawn

Extension of Tax audit/ITR due date- FTAP withdraws the Petition in Delhi High Court in view of the CBDT Order…

6 years ago
  • Income Tax

Region wise list of Jurisdiction of CIT Appeals under the Black Money Act 2015 – CBDT Notification

Jurisdiction of CIT Appeals under the Black Money Act 2015. Region wise list including additional powers for cases of International…

6 years ago
  • Income Tax

High Court revives prosecution u/s 276CC for not filing return. No indefinite period for compliance

High Court revives prosecution for not filing return. An indefinite period for compliance can never be the intention of the…

6 years ago
  • Income Tax

CIT(A) erred by not admitting additional evidences in case restored by Tribunal

CIT(A) erred by not admitting additional evidences in case restored by Tribunal. Once the matter has been considered by the…

6 years ago