Income Tax

  • Income Tax

Additions u/s 69A upheld for maximum peak bank deposits instead of closing balances for the day

In a recent judgment, ITAT, Amritsar has ruled that CIT(A) was right in taking the the highest amount of cash deposits…

8 years ago
  • Income Tax

Assessing Officer to apply directly for PAN allotment in arrears demand cases without PAN

Income Tax Department has issued an instruction ( ITBA-PAN Instruction No.4) dated 1st March, 2016 to all Chief/Principal Commissioners regarding allotment of…

8 years ago
  • Income Tax

Selection of scrutiny for the cases selected manually on the basis of recommendations of CPC for AY 2013-14

Selection of scrutiny for the cases selected manually on the basis of recommendations of CPC for AY 2013-14 AST- Instruction…

8 years ago
  • Income Tax

Keyman Insurance Policy (KIP) Premium is an allowable business expenditure

In a recent judgment, ITAT Amritsar has endorsed that Premium of Keyman Insurance Policy (KIP) is an allowable business expenditure. Case…

8 years ago
  • Income Tax

Shipping charges using non-resident shipping are not liable to TDS u/s 172(8) as supplemented by CBDT Circular No. 723/1995

ITAT Amritsar, in a recent judgment has held that shipping charges (Inland haulage charges, Terminal handling charges, Bunker adjustment factor,…

8 years ago
  • Income Tax

Expenditure incurred for software development are capital expenditure

Calcutta High Court in a recent judgment has held that expenditure incurred for software development was  capital expenditure Case Details: ITA…

8 years ago
  • Income Tax

Exemption u/s 10(22A) 10(23C)(iiiac)-Nexus between activities of hospital/institution and the income is essential for claim

In a recent judgment, Calcutta High Court has held that to claim exemption under section 10(22A), existence of a nexus between…

8 years ago
  • Income Tax

CBDT asks assessees to file/revise return by including correct interest income for AY 2014-15 and 2015-16

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 23rd March,…

8 years ago
  • Income Tax

Disallowance u/s 14A/Rule 8D upheld where major part of partners capital, bank and unsecured loans were stuck up in receivables

In a recent judgment, ITAT, Amritsar has upheld the disallowance u/s 14A read with Rule 8D where major part of partners…

8 years ago
  • Income Tax

Assessment u/s 263 based on judgement delivered after the date of original assessment bad

Assessment in pursuance of order u/s 263 based on a judgement subsequent to the date of original assessment cannot be…

8 years ago