RBI releases draft circular on “Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies” for public comments The Non-Banking Financial Companies (NBFCs) play an important role in the financial system of the country, particularly in delivering credit to the last mile, including the retail as …
Allowing telescoping of surrendered income against bogus sundry creditors appearing in the books of accounts was wrong – ITAT ABCAUS Case Law Citation: ABCAUS 2966 (2019) (05) ITAT The instant appeal was filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) in allowing …
Chartered flight travel by a charitable society enjoying tax benefit was an unreasonable expenditure. ITAT confirms addition for want of justification ABCAUS Case Law Citation:ABCAUS 2965 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties:Chiranjiv Charitable TrustIndraprastha Cancer Society 229 Taxmann 93 (Del)Lissie medical institutions vs. …
Interest Income paid on Interest Bearing Maintenance Security by Resident Welfare Association held to be allowable expenditure u/s 57(iii) ABCAUS Case Law Citation: ABCAUS 2964 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties: Belaire Condominium Association vs. ITO Bangalore Club vs. CIT 350 ITR 509. …
Meager or nil income of the lender no reason to make addition u/s 68 as bogus enty. Income may be a good reason for examining source but certainly not conclusive. ABCAUS Case Law Citation: ABCAUS 2963 (2019) (05) ITAT In the instant appeal filed by the Revenue before …
Salary earned for services rendered abroad by non resident not taxable in India treating it as accrued or arisen in India only because it was received in India ABCAUS Case Law Citation: ABCAUS 2962 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties: Utanka Roy vs. …
