Income Tax

  • Income Tax

Addition of Purchases Made in March Month to Closing Stock on the assumption of under-utilization quashed by ITAT

Addition of purchases made in March month to closing stock on the assumption that items purchased in month of March…

8 years ago
  • Income Tax

Higher threshold 2 crores limit for non audit is applicable for presumptive taxation u/s 44AD(1) only and not to tax audit u/s 44AB – CBDT

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, the 20th…

8 years ago
  • Income Tax

Penalty us 2711c imposable on voluntary surrender-disclosure to avoid litigation and to buy peace of mind, as it does not meet requirements of Explanation (1) to section

Penalty us 2711c imposable on voluntary surrender-disclosure to avoid litigation and to buy peace of mind, as it does not…

8 years ago
  • Income Tax

FDR Interest Business Income-No addition when books rejected. AO cannot fall back upon same books for making addition of interest reflected therein

FDR Interest Business Income-No addition when books rejected In an interesting judgment which is quite opposite to the view held…

8 years ago
  • Income Tax

CBDT Exempts Startups shares issued above FMV to residents from the deeming taxation provisions of section 56(2)(viib)

CBDT Exempts Startups shares issued above FMV CBDT has notified tax exemption on investments above fair market rate for startups. Now…

8 years ago
  • Income Tax

Peak credit theory not applicable when cash not withdrawn but only deposited in bank account and used for investment in mutual funds.

Peak credit theory not applicable when cash not withdrawn but only deposited in bank account and used for investment in…

8 years ago
  • Income Tax

Annual Conference of Tax Administrators-2016 Major Take aways and action points identified on CBDT and CBEC Side

Annual Conference of Tax Administrators-2016 Major Take aways Ministry of Finance Press release dated 18-06-2016 Rajswa Gyansangam- Annual Conference of…

8 years ago
  • Income Tax

FDRs Interest was business income but not contract income. Interest on Margin Money deposits for bank guarantee is not income out of contract business

FDRs Interest was business income but not contract income. Interest on Margin Money deposits for obtaining bank guarantee is not…

8 years ago
  • Income Tax

Penalty 2711c – Pending Petition us 154 to be disposed off first and penalty be dropped if assessees claim as per rectification petition found correct-ITAT

Penalty 2711c - Pending Petition us 154 to be verified/disposed off first and penalty be dropped if the claim of…

8 years ago
  • Income Tax

Disallowance 40A3-two proprietorship concerns of same assessee. In the absence of alleged tax evasion, additions for cash purchases not warranted

Disallowance 40A3-two proprietorship concerns of same assessee. In the absence of alleged tax evasion, additions for cash purchases not warranted-ITAT…

8 years ago