Category: Income Tax
Education cess is an allowable expenditure under Section 37 of the Income Tax Act 1961. ITAT allows deduction on the basis of CBDT circular and PAN India judgments ABCAUS Case Law CitationABCAUS 3450 (2021) (02) ITAT Important case law relied referred:National Thermal Power Co. Ltd. vs CIT (1998) …
Reason recorded by non jurisdictional Assessing Officer cannot give jurisdiction to the jurisdictional Assessing Officer. ABCAUS Case Law CitationABCAUS 3449 (2021) (02) ITAT Important case law relied referred:Pankaj Bhai Jayshuklal Shah vs. CIT (2020) 425 ITR 70Manoj Kumar vs. ACIT reported 79 ITR (Tribunal) 158 Delhi In the …
Deduction u/s 35(1)(ii) for scientific research allowed in hands of donors, notwithstanding approval granted to Organization withdrawn retrospectively ABCAUS Case Law CitationABCAUS 3448 (2021) (02) ITAT Important case law relied referred:Pullangode Rubber Produce Co. Ltd. vs. State of Kerala, 91 ITR 18 (SC)IT vs. Chotatingrai Tea & Ors., …
Advance taken in cash against sale not loan or deposit u/s 269SS hence no penalty us/ 271D is leviable on the assessee ABCAUS Case Law CitationABCAUS 3447 (2021) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in sustaining the order …
Extension of due date under Direct Tax Vivad se Vishwas Act, 2020 till 28th February 2021 – CBDT Notification MINISTRY OF FINANCE(Department of Revenue)CENTRAL BOARD OF DIRECT TAXES Notification No. 04/2021 New Delhi, the 31st January, 2021 S.O. 471(E).—In exercise of the powers conferred by section 3 of …
Increase in exemption limit u/s 10(23C)(iiiad) and (iiiae) of Income tax Act to Rs. 5 crores Clause (23C) of section 10 of the Act provides for exemption of income received by any person on behalf of different funds or institutions etc. specified in different subclauses. Sub-clauses (iiiad) of …
TDS/TCS on non filer of Income tax returns at higher rates. New Section 206AB and Section 206CCA inserted by Budget 2021-22 TDS/TCS on non filer of ITRs at higher rates Presently, Section 206AA of the Income Tax Act 1961 provides for higher rate of TDS for non-furnishing of …
TDS on payment of certain sum for purchase of goods-New Section 194Q inserted by Budget 2021-22 TDS u/s 194Q on purchase of goods It is proposed to provide for TDS by person responsible for paying any sum to any resident for purchase of goods. The rate of TDS …
Goodwill of a business or profession not to be considered depreciable asset and no depreciation to be allowed in any situation. Goodwill not depreciable asset Hon‘ble Supreme Court has held that Goodwill of a business or profession is a depreciable asset under section 32 of the Act. According …
AO empowered to Provisionally attach property u/s 281B in Fake Invoice cases during pendency of penalty proceedings under section 271AAD Provisional attachment in Fake Invoice cases Provisional attachment in Fake Invoice cases Section 281B of the Income Tax Act 1961 contains provisions which provide that in cases of …
