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  • Income Tax

Claim for sales return provision was in accordance with AS notified u/s 145 being best estimate of information available

In a recent judgment, ITAT Delhi has allowed claim for provision made for sales return holding that as per Accounting Standard…

8 years ago
  • Income Tax

UPS entitled to higher rate depreciation @ 60% being accessories and peripherals forming integral part of computer system

In a recent judgment, ITAT Delhi has allowed depreciation on UPS at the higher rate of 60% allowable at computers following…

8 years ago
  • Income Tax

House Property Annual Value u/s 23(1). Whether flat ihabitable or not, a question of fact to be determined after appreciation of evidences

ITAT, Mumbai in a recent judgment has held that for determination of Annual Value of House property, u/s 23(1), whether the…

8 years ago
  • Income Tax

Availability of self owned interest free funds for disallowance u/s 36(1)(iii) can only be determined by examining the accounts

In a recent judgment, Amritsar has held that issue of availability of self owned interest free funds for making disallowance u/s…

8 years ago
  • Income Tax

Revision under section 263 is not to set aside merely unfavourable orders and bring to tax some more money to the treasury-ITAT

In a recent judgment, ITAT Delhi has interpreted the objective and scope of invoking revisionary powers of Commissioner of Income…

8 years ago
  • Income Tax

Demolition/destruction of house not necessarily results in transfer u/s 2(47) by extinguishment of capital assets rights for capital gain purpose

ITAT Mumbai, in a recent case has stated that demolition/destruction of house not necessarily results in transfer u/s 2(47) by…

8 years ago
  • Income Tax

Reopening/Reassessment u/s 147/148 on retrospective amendment bad as there is no failure on the part of assessee to disclose fully/truly all material facts

In a recent judgment, ITAT Delhi has stated that a concluded assessment can not be reopening u/s 147/148 based on…

8 years ago
  • Income Tax

No creditor’s liability cessation u/s 41(1) for an entry outstanding in books over the years and not been challenged in the initial year of such entry

ITAT Amritsar, in a recent judgment, has held that no conclusion of cessation of creditor's liability u/s 41(1) can be…

8 years ago
  • Income Tax

Writing “Yes, I am Satisfied” establishes non recording of proper satisfaction/approval

Writing “Yes, I am Satisfied” establishes non recording of proper satisfaction/approval before issue of notice u/s 148 No sooner than…

8 years ago
  • Income Tax

KPO Services provider could not be a comparable for benchmarking international transactions entered into by an entity rendering BPO services

In a recent judgment, ITAT Delhi has held that Knowledge Process Outsourcing Services (KPO Services) provider could not be be…

8 years ago