Income Tax

Blog, News, Income Tax

December 14, 2022

ITAT rules that sum paid from CCD conversion to IPO cannot be treated as interest for Sec. 194A TDS

Case Details: Spectrum Power Generation … Continue reading “ITAT rules that sum paid from CCD conversion to IPO cannot be treated as interest for Sec. 194A TDS”

Blog, News, Income Tax

December 14, 2022

[Opinion] Changing Indian Tax Residency in light of UAE’s new Corporate Tax Law

Mayank Mohanka – [2022] 145 … Continue reading “[Opinion] Changing Indian Tax Residency in light of UAE’s new Corporate Tax Law”

Blog, News, Income Tax

December 13, 2022

No sec. 68 additions if cash sales made by assessee were duly supported with sales invoices: ITAT

Case Details: NECX (P.) Ltd. … Continue reading “No sec. 68 additions if cash sales made by assessee were duly supported with sales invoices: ITAT”

News, Blog, Income Tax

December 12, 2022

No disallowance if purchases made on last day not shown under closing stock as same was included in sales: ITAT

Case Details: ITO v. Pravinbhai … Continue reading “No disallowance if purchases made on last day not shown under closing stock as same was included in sales: ITAT”

Blog, News, Income Tax

December 9, 2022

CBDT issues circular on TDS from salaries for Financial Year 2022-23

Circular No. 24/2022, dated 07-12-2022 … Continue reading “CBDT issues circular on TDS from salaries for Financial Year 2022-23”

Blog, News, Income Tax

December 9, 2022

Only profit element to be added as income if there was diff in turnover declared in P&L and Sales Tax order: ITAT

Case Details: Nikhil Garg v. … Continue reading “Only profit element to be added as income if there was diff in turnover declared in P&L and Sales Tax order: ITAT”

Blog, News, Income Tax

December 8, 2022

A transaction can’t be treated as Benami if alleged beneficial owner is actually the joint owner of property: ITAT

Case Details: ACIT v. Tupelo … Continue reading “A transaction can’t be treated as Benami if alleged beneficial owner is actually the joint owner of property: ITAT”

Blog, News, Income Tax

December 8, 2022

[Opinion] Perplexity on claim of Foreign Tax Credit of State taxes paid in countries with which India has DTAA

Deepak Goel – [2022] 145 … Continue reading “[Opinion] Perplexity on claim of Foreign Tax Credit of State taxes paid in countries with which India has DTAA”

Blog, News, Income Tax

December 7, 2022

[Opinion] Writ vs Appeal – The Quintessential Conundrum

Sanjeeva Narayan and Bhavesh Jindal … Continue reading “[Opinion] Writ vs Appeal – The Quintessential Conundrum”

Blog, News, Income Tax

December 7, 2022

Demerger sanctioned by NCLT is tax-compliant only if conditions in Sec. 2(19AA) are satisfied

Case Details: Grasim Industries Ltd. … Continue reading “Demerger sanctioned by NCLT is tax-compliant only if conditions in Sec. 2(19AA) are satisfied”