Income Tax

Blog, News, Income Tax

December 11, 2023

No Sec. 41(1) Additions for Unsecured Loans Not Claimed as Trading Liability; Only Interest Portion to be Added as Income

Case Details: Shimmer Textiles (P.) … Continue reading “No Sec. 41(1) Additions for Unsecured Loans Not Claimed as Trading Liability; Only Interest Portion to be Added as Income”

Blog, News, Income Tax

December 8, 2023

‘NAC’ Not Eligible for Exemption as it Gave Govt. Allotted Land to Joint Stock Co. For Commercial Use | HC

Case Details: National Academy of … Continue reading “‘NAC’ Not Eligible for Exemption as it Gave Govt. Allotted Land to Joint Stock Co. For Commercial Use | HC”

News, Blog, Income Tax

December 8, 2023

Loss Claimed in Belated ITR to be C/F; AO to Disallow Set Off in Subsequent ITRs in which it was Claimed | ITAT

Case Details: International Fresh Farms … Continue reading “Loss Claimed in Belated ITR to be C/F; AO to Disallow Set Off in Subsequent ITRs in which it was Claimed | ITAT”

Blog, News, Income Tax

December 7, 2023

No Disallowance u/s 40A(2)(b) on Interest Paid to Related Party Without Comparing It With FMV of Rate of Interest | ITAT

Case Details: Genxt Mobile LLP … Continue reading “No Disallowance u/s 40A(2)(b) on Interest Paid to Related Party Without Comparing It With FMV of Rate of Interest | ITAT”

Blog, News, Income Tax

December 7, 2023

CBDT Notifies ‘Godavari River Management Board’ for Sec. 10(46) Exemption

Notification No. 102/2023, dated 05-12-2023 … Continue reading “CBDT Notifies ‘Godavari River Management Board’ for Sec. 10(46) Exemption”

Blog, News, Income Tax

December 6, 2023

CBDT Extends Time Limit To Process Refund Claimed ITRs for AYs 2018-19 to 2020-21 to January 31, 2024

F. NO. 225/132/2023/ITA-II dated 01-12-2023 … Continue reading “CBDT Extends Time Limit To Process Refund Claimed ITRs for AYs 2018-19 to 2020-21 to January 31, 2024”

News, Blog, Income Tax

December 5, 2023

Net Profit Declared By Assessee to Be Accepted by AO If He Didn’t Dispute Audited Financial Statement | ITAT

Case Details: Gopal Jaiswal vs. … Continue reading “Net Profit Declared By Assessee to Be Accepted by AO If He Didn’t Dispute Audited Financial Statement | ITAT”

Blog, News, GST & Customs, Income Tax

December 5, 2023

[Opinion] Online Gaming Industry – Tax Trapeze & The Roller Coaster

Aseem Chawla – [2023] 157 … Continue reading “[Opinion] Online Gaming Industry – Tax Trapeze & The Roller Coaster”

Blog, News, Income Tax

December 4, 2023

Deduction Under the Income-tax Act is Allowable If Assessee Claims it Following AS Prescribed by ICAI | HC

Case Details: Sehgal Easing Nvestments … Continue reading “Deduction Under the Income-tax Act is Allowable If Assessee Claims it Following AS Prescribed by ICAI | HC”

News, Blog, Income Tax

December 2, 2023

Trust’s Gold/Silver Purchase for Making Ornaments for Temple Idols Can’t Be Held as Invalid Investment u/s 11(5)

Case Details: ACIT (Exemption) v. … Continue reading “Trust’s Gold/Silver Purchase for Making Ornaments for Temple Idols Can’t Be Held as Invalid Investment u/s 11(5)”