The Institute of Company Secretaries of India ( ICSI ) has urged inclusion of Company Secretary in the definition of ‘Accountant’ given under explanation to Section 288 (2) of the Income Tax Act, 1961. The
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the addition made merely on the basis of loose sheets scribbling is unlawful. The assessee is engaged in the business of construction
The Cuttack bench of the Income Tax Appellate Tribunal ( ITAT ) has held that disallowance of expenditure cannot be merely on the basis of surmises and conjectures of the Assessing Officer. In the instant
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has disallowed the claim for doubtful advance in respect of the amount paid by the assessee to obtain the membership of the Delhi Stock Exchange
In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Delhi bench has granted tax relief to retired professional shooter, Abhinav Bindra. The Tribunal bench has held that the former World and Olympic champion is
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the amount paid as License Fees to the consultant/ doctors abroad under a business arrangement is allowable as deduction under the provisions
The Income Tax Appellate Tribunal ( ITAT ), Amritsar bench recently held that an unregistered Agreement to Sell (ATS) cannot be treated as a sham document as the same is witnessed and signed persons. In
The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) in the case of M/s. Hinduja Group India Ltd. v. ACIT held that salary payments to management trainees cannot be disallowed since these are
In the Commissioner of Income Tax vs. M/s. Shree Rama Multi-Tech Ltd. the Supreme Court held that the interest income earned out of the share application money is liable to be set off against the
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that if cash was received from brother and father of the assessee to meet business exigencies, such transactions cannot be treated as the
The Delhi Bench of the ITAT in the case of M/S Vision I knowledge Solutions Pvt. Ltd versus PR. CIT ruled that Unabsorbed Depreciation can’t be adjusted while claiming deduction under section 10A of the
In the Union Budget presented today in Parliament, the Union Minister for Finance and Corporate Affairs, Arun Jaitley has proposed to extend Deduction in respect of New Employee under Section 80-JJAA of the Income Tax
With a few months left for the filing income tax return, the Central Board of Direct Taxes (CBDT) issued circular on tax deduction at Source applicable to Salaried class for the year 2017-18. The present
The Central Board of Direct Taxes (CBDT) today notified that Bonds of Indian Railway Finance Corporation will be exempted from Income Tax under section 54EC of the Income Tax Act, 1961. The Notification stated that
In a recent decision, the Bombay High Court observed that Section 52C of the Income Tax Act is not applicable in case of Capital Gains arising out of the transfer of leasehold property under the
