Notional interest income cannot be taxable under the real income principle: Mumbai ITAT ACIT verses Kesar Terminals and Infrastructure Ltd. Case Number: I.T.A. No. 3001/Mum/2023 Facts: 1. During the year under consideration, the assessee had…
Overview of Determination of Fair Market Value under Income Tax Act (Rule 11UA of Income Tax Act, 1961) •The Income Tax Act emphasizes on the requirement of ‘Fair Market Value’ in numerous provisions. •Rule 11UA…
Understanding Business Model Canvas (BMC) The Business Model Canvas (BMC) is a strategic management tool that helps businesses visualize, design, and analyze their business models. It's a one-page document that works through the fundamental elements…
Cash sales during demonetisation already reported as sales, cannot be taxed twice as unexplained credit: ITAT Delhi Harisons Diamonds Pvt Ltd Vs ACIT (ITAT Delhi) Appeal Number : ITA No. 1426/DEL/2021 Facts: 1. An addition…
TDS on Housing Rent Applicability of TDS payment u/s 194IB & u/s 195 of the Income Tax Act in the case of housing rent payments to landlords is as bellow : A) Section 194IB -…
Option to choose a valuation method for valuing shares rests solely with the assessee: Delhi HC AGRA PORTFOLIO PVT. LTD. (ITA 1385/2018) Facts: 1. The appellant had allotted 3,15,000 equity shares of a face value…
Blume Ventures Indus Valley Report 2024 Explainer a must watch for getting a deep dive into the Indian economy and how you can use it take strategic decisions for your company or startup. https://youtu.be/Lu95u5Wpq2U?si=syS0ZaqoDtD4gxO4 #indusvalleyreport…
Taxation of unexplained income or investment: 1. Sec .68 of Income Tax Act– Cash Credits Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee…
20% Pre deposit is not a precondition for granting a stay on Income Tax demand: National Association Of Software And Services Companies (NASSCOM) (TS-195-HC-2024(DEL)) Observations of the Hon Delhi HC while rejecting the precondition of…
TDS exemption is available U/S 194C in case of a declaration, even when the transporter is not the owner: ITAT Jodhpur Adhunik Khanan VA Parivahan Theka Sahakari Samiti Limited Vs. ITO (ITA Nos. 177 to…
