Interest reimbursed to the sister concerns is not an income & there is no statutory obligation to deduct TDS under Section 194A: ITAT Mumbai
Interest reimbursed to the sister concerns is not an income & there is no statutory obligation to deduct TDS under Section 194A: ITAT Mumbai ITAT Mumbai in the case of KD Lite Developers Pvt. Ltd. v. DCIT (ITA 5305, 5325, 5357, 5356, 5354/Mum2024) has held that interest reimbursed to the sister concerns is not… […]
Liabilities disclosed in the balance sheet by the assessee, if acknowledged and supported with evidence, cannot be treated as remission or cessation of liability under Section 41(1) of the Income-tax Act, 1961: ITAT Delhi
Liabilities disclosed in the balance sheet by the assessee, if acknowledged and supported with evidence, cannot be treated as remission or cessation of liability under Section 41(1) of the Income-tax Act, 1961: ITAT Delhi The ITAT, Delhi Bench in the case of Golden Moment (P.) Ltd v. ACIT has held that liabilities disclosed in the… […]
Income offered by Husband and Wife separately in the ITR & TDS credit claimed by Husband Only: ITAT Mumbai allows the TDS Credit
Income offered by Husband and Wife separately in the ITR & TDS credit claimed by Husband Only: ITAT Mumbai allows the TDS Credit A very interesting common issue was there before ITAT Mumbai regarding TDS credit from sale of immovable property jointly held with wife wherein income is offered in the ITR of both… […]
What PAN 2.0 Means for you: Top 10 Takeaways for Taxpayers
What PAN 2.0 Means for you: Top 10 Takeaways for Taxpayers The Income Tax Department has launched PAN 2.0 to improve the efficiency of assigning and maintaining Permanent Account Numbers (PAN). It is a groundbreaking initiative that redefines how the PAN operates within India’s dynamic digital and financial ecosystem. With a dedicated financial allocation of ₹1,435 crore,… […]
Mere Disagreement Doesn’t Justify invocation of Section 263 Revision Power: Madras HC
Mere Disagreement Doesn’t Justify invocation of Section 263 Revision Power: Madras HC EIH Associated Hotels Limited Vs CIT (Madras High Court) Appeal Number : T.C.A. No. 1249 of 2010 Facts: 1. An order of assessment was passed on 30.11.2007 in respect of AY 05 – 06. While so, notice u/s 263 of the Income… […]
Taxability of ESOPs:
Taxability of ESOPs: 1. Meaning of ESOPs: As per Section 2(37) of Companies Act, 2013 “employees stock option” means, the option given to the employees including directors to purchase, or to subscribe for, the shares of the company at a future date at a pre-determined price. 2. Taxability as a perquisite: When an employee… […]
No liability where contract is cancelled before supply of goods
No liability where contract is cancelled before supply of goods The assessee entered into an agreement with the vendor for purchase of goods. The assessee paid an advance amount to the vendor and also paid the GST on advance amount. The vendor paid the GST amount to the Government from the advance amount received… […]
Details to be filled while filing ITR with foreign assets:
Details to be filled while filing ITR with foreign assets: 1. Introduction: If you’re having foreign assets, then you should show those while filing your Income Tax Returns ( ITR ). The income taxpayers with income from foreign sources, foreign bank accounts, or other assets outside India need to accurately complete the FSI (Foreign Source… […]
Taxation on Sale of Agricultural Land in India: A Short Overview
Taxation on Sale of Agricultural Land in India: A Short Overview No Income Tax is Payable on sale of Agricultural Land in India. But, we need to understand the facts and laws behind it. There are two sections in the Income Tax Act – 1961 which play a crucial role in determining IT liability… […]
Addition towards cash deposits during demonetization deleted by ITAT as it was adequately explained based on the facts and nature of the business
Addition towards cash deposits during demonetization deleted by ITAT as it was adequately explained based on the facts and nature of the business The case of Shobha Prakash Shetty v. Assistant Commissioner of Income Tax, Circle 25(1), Mumbai (ITA No. 1095/M/2024) decided on November 22, 2024, dealt with the issue of unexplained cash deposits… […]
