Income Tax

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January 20, 2022

CBDT issues clarifications on applicability of Sec. 10(10D) exemption on sum received from ULIPs

Circular No. 2 of 2022, … Continue reading “CBDT issues clarifications on applicability of Sec. 10(10D) exemption on sum received from ULIPs”

Blog, News, Income Tax

January 20, 2022

CBDT notifies Rule to compute capital gains on sum received from ULIPs not exempt u/s 10(10D)

Notification No. 8/2022, dated 18-01-2022 … Continue reading “CBDT notifies Rule to compute capital gains on sum received from ULIPs not exempt u/s 10(10D)”

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January 19, 2022

Forex loss arising on loan obtained from Foreign Currency Non-Resident a/c for business purpose is allowable: HC

Case Details: PCIT v. United … Continue reading “Forex loss arising on loan obtained from Foreign Currency Non-Resident a/c for business purpose is allowable: HC”

Blog, Income Tax

January 2, 2023

FAQs based on Section 9B of the Income-tax Act, 1961

Section 9B of the Income-tax … Continue reading “FAQs based on Section 9B of the Income-tax Act, 1961”

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January 18, 2022

ITAT cautions against use of inappropriate choice of words to make baseless allegations against CIT(A)

Case Details: Abdul Wahab v. … Continue reading “ITAT cautions against use of inappropriate choice of words to make baseless allegations against CIT(A)”

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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”

News, Blog, Income Tax

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”

Blog, News, Income Tax

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”