Lower Tax Deduction certificate (TDS)
What is lower tax deduction certificate (TDS)? 1. Under Section 197 of the Income Tax Act, 1961 the assessee can apply for a lower rate of tax to be deducted at source / no tax…
Sec 54 – Date of possession of new property is to be considered in the case of constructed property: ITAT Mumbai
Sec 54 of Income Tax Act - Date of possession of new property is to be considered in the case of constructed property: ITAT Mumbai Sunil Amritlal Shah & Rita Sunil Shah (ITA No.4069 &…
Transit rent paid by the developer is not a revenue receipt and so not taxable: Bombay HC
Transit rent paid by the developer is not a revenue receipt and so not taxable: Bombay HC Sarfaraz S. Furniturewalla vs. Afshan Sharfali Ashok Kumar & Ors. (WP No: 4958 OF 2024) Facts: 1. The…
Legal precedents on Ad- Hoc Disallowances
Legal precedents on Ad- Hoc Disallowances: A. Examples of ad hoc disallowances made by the Assessing Officer: 1. Disallowances of 10 % of miscellaneous expenses merely because no break up / supporting voucher of miscellaneous…
Additions cannot be made based on profit assumptions: Punjab & Haryana HC
Additions cannot be made based on profit assumptions: Punjab & Haryana HC M/s Shree Digvijaya Woollen Mills Ltd., Amristar Vs Commissioner of Income-Tax (ITR-3- 2010)(O&M) Facts: 1. The taxpayer discarded a copper wire cable of…
Excessive or unreasonable salary, is a sine qua non in invoking the provision of Sec 40A(2)(b): ITAT Ahmedabad
Excessive or unreasonable salary, is a sine qua non in invoking the provision of Sec 40A(2)(b): ITAT Ahmedabad M S Hostel verses Deputy Commissioner of Income Tax Case Number: I.T.A. No. 614/Ahd/2023 Facts: 1. During…
Notional interest income cannot be taxable under the real income principle: Mumbai ITAT
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
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…
Cash sales during demonetisation already reported as sales, cannot be taxed twice as unexplained credit: ITAT Delhi
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
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 -…