This financial year is about to end and the government has planned some major changes for the next financial year which will start from April 1, 2021. Here is a list of changes that will
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench ruled that the scrutiny assessment can not be framed in absence of a valid notice and the omission to issue notice is not a curable defect. The
The Income Tax Appellate Tribunal (ITAT), Kolkata Bench allowed the deduction under section 80IA to a developer paid by Government. The assessee company, M/s Simplex Infrastructures Ltd. has claimed deduction under section 80IA(4) of the
The Central Board of Direct Taxes (CBDT) notified Head-quarter of PCIT/CIT (Central), Guwahati retrospectively from January 1, 2020. The notification seeks to amend notification no. 70/2014 dated the 13th November, 2014. In the said notification,
Recently, the Delhi High Court while giving relief to the startups from angel tax ruled that if a proper methodology is followed while valuing a company during valuation rounds, it should not be challenged later.
The Income Tax Appellate Tribunal (ITAT), Allahabad Bench ruled that the addition for unexplained cash credit is justified in respect of unexplained creditors shown as bogus. The AO asked the assesMr. Malay Prasad see, to
The Income Tax Appellate Tribunal (ITAT), Delhi Bench refused to delete addition of Rs.27.39 Crores as a taxable long-term capital gain. The appellant, WGF Financial Services Pvt.Ltd. was engaged in the business of financing and
The Delhi High Court while giving relief to the startups from angel tax ruled that if a proper methodology is followed while valuing a company during valuation rounds, it should not be challenged later. The
The Income Tax Appellate Tribunal (ITAT), Allahabad Bench held that the information discovered in the course of the search, if capable of generating the satisfaction for issuing a notice under section 158BD, cannot altogether become
The Income Tax Appellate Tribunal ( ITAT ), Mumbai Bench deleted the addition on account of deemed dividend under section 2(22)(e) of the Income Tax Act, 1961. The assessee firm, Herbert Brown Pharmaceuticals & Research
The District Court of Delhi proceeded against the accused who has allegedly indulged in bribing the Income Tax Officer along with two Chartered Accountants (CAs). The Complainant Krishan Kumar is one of the partners of
COVID-19 came as a surprise and a shock to the whole world. It also affected the financial sector badly. The pillars of the economy, the banking sector, and the stocks were also deeply impacted. In
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench ruled that 15% contribution to Special Purpose Vehicle (SPV) retained by the monitoring committee to be treated as business expenditure. The Assessee, M/s Muneer Enterprises is a
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench allowed the deduction for expenditure incurred on research and development. The Assessee, Shilpa Medicare has filed the appeal against the order relating to AY 2011-12. The issue
The Income Tax Appellate Tribunal (ITAT), Pune Bench ruled that the deductions under section 10A and 10AA applicable on profits of the business and not on income from other sources. The assessee, Barclays Shared Services