Income Tax

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January 7, 2023

No violation of Sec. 47(xiiib) if partner’s capital is credited with goodwill recorded by LLP post-conversion: ITAT

Case Details: ITO Vs. M/s … Continue reading “No violation of Sec. 47(xiiib) if partner’s capital is credited with goodwill recorded by LLP post-conversion: ITAT”

News, Blog, Income Tax

January 6, 2023

Salary & bonus paid to partners collectively termed as remuneration, not subject to TDS: ITAT

Case Details: ACIT v. Dhar … Continue reading “Salary & bonus paid to partners collectively termed as remuneration, not subject to TDS: ITAT”

Blog, News, Income Tax

January 5, 2023

HC can’t interfere with finding of facts recorded by ITAT without specific question of law: SC

Case Details: Muthoot Leasing and … Continue reading “HC can’t interfere with finding of facts recorded by ITAT without specific question of law: SC”

Blog, News, Income Tax

January 5, 2023

[Opinion] Tax turmoil on Social Welfare Fund and its aftermath!

CA Simarjot Singh & CA … Continue reading “[Opinion] Tax turmoil on Social Welfare Fund and its aftermath!”

News, Blog, Income Tax

January 4, 2023

Purchase by assessee couldn’t be treated as bogus if AO didn’t dispute corresponding sales transactions: HC

Case Details: Principal Commissioner of … Continue reading “Purchase by assessee couldn’t be treated as bogus if AO didn’t dispute corresponding sales transactions: HC”

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January 4, 2023

No Sec. 68 additions for cash deposited during demonetisation from available balance: ITAT

Case Details: R. S. Diamonds … Continue reading “No Sec. 68 additions for cash deposited during demonetisation from available balance: ITAT”

Blog, News, Income Tax

January 3, 2023

ITAT disallowed 50% of improvement expenses as assessee failed to substantiate genuineness of expenses

Case Details: Assistant Commissioner of … Continue reading “ITAT disallowed 50% of improvement expenses as assessee failed to substantiate genuineness of expenses”

News, Blog, Income Tax

January 2, 2023

Cash receipt by Co-op. Society from dealer not to be aggregated for Sec. 269ST purposes: CBDT

Circular No. 25/2022, dated, 30-12-2022 … Continue reading “Cash receipt by Co-op. Society from dealer not to be aggregated for Sec. 269ST purposes: CBDT”

Blog, News, Income Tax

January 2, 2023

Govt. notifies interest rates for small saving schemes for 4th quarter; FDs rates hiked by 1.10%

Office memo F. no. 1/4/2019-NS, … Continue reading “Govt. notifies interest rates for small saving schemes for 4th quarter; FDs rates hiked by 1.10%”

Blog, News, Income Tax

December 31, 2022

Sec. 11 exemption can’t be granted just because assessee having Sec. 12AA registration: ITAT

Case Details: ACIT (Exemption) v. … Continue reading “Sec. 11 exemption can’t be granted just because assessee having Sec. 12AA registration: ITAT”