Income Tax

Profit from investment in penny stocks not sham as per Income Tax Tribunal 4 min read

• Income Tax

Profit from investment in penny stocks not sham as per Income Tax Tribunal

Rebecca Ghomes 8 years ago

Income Tax tribunal after getting sufficient authentic information from the Securities and Exchange Board of India has declared that the transactions or investment in penny... Read More

Whether loss on sale of shares of subsidiary is allowed as a business expenditure? 4 min read

• Income Tax

Whether loss on sale of shares of subsidiary is allowed as a business expenditure?

Sourav 8 years ago

The assessee claimed loss on sale of shares as business expenses. The issue came up before court was whether any loss on sale of the... Read More

Entries in loose sheets are inadmissible as evidence under section 34 of the Evidence Act 6 min read

• Income Tax

Entries in loose sheets are inadmissible as evidence under section 34 of the Evidence Act

Baisakhi Ganguly 8 years ago

The Hon’ble Apex Court in the case of Common Cause vs. Union of India, Interlocutory Application Nos. 3 and 4 of 2017 in Writ Petition... Read More

The deduction of the profits of a business should be made independently in respect of each business 4 min read

• Income Tax

The deduction of the profits of a business should be made independently in respect of each business

Baisakhi Ganguly 8 years ago

The Hon’ble apex Court in the case of CIT vs. Yokogawa India Limited, Civil Appeal No. 8498 of 2013,  8497of 2013 and others has held... Read More

What if the Assessing Officer erred assuming jurisdiction under Section 153A of Income Tax Act? 5 min read

• Income Tax

What if the Assessing Officer erred assuming jurisdiction under Section 153A of Income Tax Act?

Rebecca Ghomes 8 years ago

Following a series of proceedings and subsequent discussions, the Honorable ITAT declared the assessment order passed u/s 143(3) r.w.s 153A of the Income Tax Act... Read More

Prosecution and Penalties under Income Tax Act, 1961 4 min read

• Income Tax

Prosecution and Penalties under Income Tax Act, 1961

Rebecca Ghomes 8 years ago

The Income Tax Act, 1961 is a vast subject in itself. Below, we have given a brief on the topic Prosecution and Penalties under Income Tax... Read More

The Hon’ble Apex Court sets four Principles relating to levy of penalty under section 271(1) (c) 3 min read

• Income Tax

The Hon’ble Apex Court sets four Principles relating to levy of penalty under section 271(1) (c)

Baisakhi Ganguly 8 years ago

The Hon’ble Apex Court sets four Principles relating to levy of penalty under section 271(1) (c) of the Income Tax Act, 1961.   Principles relating... Read More

Loss for forward contract to protect against loss for fluctuations in foreign exchange allowed as deduction 5 min read

• Income Tax

Loss for forward contract to protect against loss for fluctuations in foreign exchange allowed as deduction

Manager 8 years ago

The ITAT, Mumbai in the case of ACIT , Mumbai (Appellant) vs. M/s. Venus Jewel, EC-5021/22, Bharat Diamond Bourse, Bandra-Kurla Complex Bandra, Mumbai 400051 (having... Read More

AOP not considered as an individual or HUF for the purpose of section 56(2) (vi) 2 min read

• Income Tax

AOP not considered as an individual or HUF for the purpose of section 56(2) (vi)

Manager 8 years ago

The ITAT Delhi in the case of Mridu Hari Dalmia Parivar Trust vs. Assessing Officer, Circle 31 (1) , New Delhi. – 2016 (4) TMI... Read More

The final order of an Assessing Officer cannot take benefit from the orders of subsequent litigation 3 min read

• Income Tax

The final order of an Assessing Officer cannot take benefit from the orders of subsequent litigation

Manager 8 years ago

Subsequent Litigation- Assessing Officer not to take benefit of it while framing orders A question arose recently whether a final order of an Assessing Officer... Read More