Income Tax

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August 28, 2023

ITAT Stayed Demand of ‘eBay’ as AO Repeatedly Insisted on Payment of 20% of Demand Without Considering TDS Amount

Case Details: eBay Singapore Services … Continue reading “ITAT Stayed Demand of ‘eBay’ as AO Repeatedly Insisted on Payment of 20% of Demand Without Considering TDS Amount”

Blog, News, Income Tax

August 28, 2023

CBDT Releases Instructions for AOs to Implement Abhisar Buildwel’s Ruling Delivered on Scope of Sec. 153A/153C

Instruction 1 of 2023, dated … Continue reading “CBDT Releases Instructions for AOs to Implement Abhisar Buildwel’s Ruling Delivered on Scope of Sec. 153A/153C”

Blog, News, Income Tax

August 28, 2023

[Opinion] Supreme Court Sets at Rest Controversy Surrounding the Phrase “Mutuality”

S. Krishnan – [2023] 153 … Continue reading “[Opinion] Supreme Court Sets at Rest Controversy Surrounding the Phrase “Mutuality””

Blog, News, Income Tax

August 28, 2023

ITAT Directs AO to Estimate Profit at 10% on Cash Purchases Made From Farmers in Violation of Sec. 40A(3)

Case Details: M. Shyamalanathan & … Continue reading “ITAT Directs AO to Estimate Profit at 10% on Cash Purchases Made From Farmers in Violation of Sec. 40A(3)”

News, Blog, Income Tax

August 28, 2023

AO Can’t Make Additions Merely Based on Form 26AS Without Verifying Total Contract Amount & Bills | HC

Case Details: PCIT v. MBC … Continue reading “AO Can’t Make Additions Merely Based on Form 26AS Without Verifying Total Contract Amount & Bills | HC”

Blog, News, Income Tax

August 28, 2023

SC Dismissed SLP Against Ruling Allowing Deduction of Mark-to-Market Loss Suffered on Stock in Trade

Case Details: Principal Commissioner of … Continue reading “SC Dismissed SLP Against Ruling Allowing Deduction of Mark-to-Market Loss Suffered on Stock in Trade”

Blog, News, Income Tax

August 28, 2023

Sec. 68 Couldn’t be Invoked Just Because Unsecured Loan Received Under FDI Not Approved by Competent Authority

Case Details: Niteshkumar Maganbhai Patel … Continue reading “Sec. 68 Couldn’t be Invoked Just Because Unsecured Loan Received Under FDI Not Approved by Competent Authority”

Blog, News, Income Tax

August 28, 2023

CBDT Releases’ Handbook On Advance Rulings’ to Guide/Assist Taxpayers Seeking Advance Rulings

Press Release, dated 19-08-2023 In … Continue reading “CBDT Releases’ Handbook On Advance Rulings’ to Guide/Assist Taxpayers Seeking Advance Rulings”

Blog, News, Income Tax

August 22, 2023

[Opinion] Whether 15% Disallowed Portion of Inter-charity Donations Will be Taxable? – Analysis of FA 2023 Amendment

Adv. (Dr.) Manoj Fogla, CA. … Continue reading “[Opinion] Whether 15% Disallowed Portion of Inter-charity Donations Will be Taxable? – Analysis of FA 2023 Amendment”

Blog, News, Income Tax

August 22, 2023

AO Couldn’t Pass Rectification Order Based on Revenue’s Favoured Ruling Given by SC in Subsequent Year | ITAT

Case Details: Sanjay Kumar v. … Continue reading “AO Couldn’t Pass Rectification Order Based on Revenue’s Favoured Ruling Given by SC in Subsequent Year | ITAT”