Income Tax

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January 18, 2022

ITAT deletes additions as sum appearing in SWISS bank was assessee’s foreign-sourced income earned when he was NR

Case Details: Deputy Commissioner of … Continue reading “ITAT deletes additions as sum appearing in SWISS bank was assessee’s foreign-sourced income earned when he was NR”

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February 1, 2022

CBDT notifies rules for computation of income of specified funds u/s 10(4D) & 115AD(1B)

Notification No. 6/2022, dated 14-01-2022 … Continue reading “CBDT notifies rules for computation of income of specified funds u/s 10(4D) & 115AD(1B)”

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January 15, 2022

HC asks CBDT to frame a scheme to train AO on how to apply mind while recording reasons

Case Details: Sharvah Multitrade Company … Continue reading “HC asks CBDT to frame a scheme to train AO on how to apply mind while recording reasons”

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January 14, 2022

Company is entitled to dep. on increased value of plant & machinery arising out of exchange rate fluctuations: HC

Case Details: Ispat Alloys Ltd. … Continue reading “Company is entitled to dep. on increased value of plant & machinery arising out of exchange rate fluctuations: HC”

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January 14, 2022

Conversion of Income Tax Survey Into Search: No Hasty and Slipshod Approach

Ashish Parashar – [2022] 134 … Continue reading “Conversion of Income Tax Survey Into Search: No Hasty and Slipshod Approach”

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January 13, 2022

No Sec. 194D TDS on exp. incurred in foreign travel of insurance agents if sum paid directly to services providers: HC

Case Details: CIT v. SBI … Continue reading “No Sec. 194D TDS on exp. incurred in foreign travel of insurance agents if sum paid directly to services providers: HC”

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January 13, 2022

Do the provisions of section 10(23C) deserve amendments and merger with sections 11 to 13?

V. K. SUBRAMANI – [2022] … Continue reading “Do the provisions of section 10(23C) deserve amendments and merger with sections 11 to 13?”

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January 12, 2022

Payment of tax is sufficient to allow withdrawal from Capital Gain Account Scheme; HC directs AO to issue NOC

Case details: Rashesh Shirish Sanjanwala … Continue reading “Payment of tax is sufficient to allow withdrawal from Capital Gain Account Scheme; HC directs AO to issue NOC”

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January 12, 2022

Due date for filing of audit reports & ITRs extended to February 15, 2022 & March 15, 2022 respectively: CBDT

Circular no. 1/2022, dated 11-01-2022 … Continue reading “Due date for filing of audit reports & ITRs extended to February 15, 2022 & March 15, 2022 respectively: CBDT”

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January 11, 2022

TDS obligations u/s 194H arises only when assessee makes payment or give credit to payee account: HC

Case Details: CIT v. Super … Continue reading “TDS obligations u/s 194H arises only when assessee makes payment or give credit to payee account: HC”