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There is no need to disallow part of the director’s remuneration and depreciation if the business is stopped due to a temporary lull, the Jodhpur bench of the Income Tax Appellate Tribunal (ITAT) ruled. The mere pre-requisite for the permission of depreciation would be that the business must not have been closed out once and […]
In a recent decision, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that a reassessment could not be justified by fake information. The Delhi Income Tax Appellate Tribunal made the aforementioned observation in response to an appeal filed by the assessee against a decision made by the Commissioner of Income Tax (Appeals), […]
Simple Intro About the Depreciation Depreciation is a concept that is used to write off the cost of an item over its usable life. Depreciation is a necessary deduction in an entity’s profit and loss statements for depreciable assets, and the Act enables deduction using either the Straight-Line technique or the Written Down Value (WDV) […]
The AO is directed to charge a 6.5% gross profit rate on bogus purchases by the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) in its judgement. The two-judge panel, comprised of Kuldip Singh (Judicial Member) and Gagan Goyal (Accountant Member), has noted that the AO and CIT (A) made the entire inclusion based […]
Deciding between the old and new tax regimes is crucial when thinking about taking a mortgage. Home loan holders can take advantage of deductions under Sections 24 and 80C of the Income Tax Act. It describes that they may deduct up to Rs. 4,00,000 in deductions, including Rs. 2 lacks in interest, Rs. 1.5 lakh […]
The Income Tax e-filing portal has allowed the service to file Form 10 for taxpayers. Clause (a) of Explanation 3 to the third proviso to clause (23C) of section 10 or clause (a) of sub-section (2) of section 11 are the clauses of the Income Tax Act, 1961 under which Form No. 10 is a […]
The Income Tax Appellate Tribunal (ITAT) Guwahati Bench has held that an additional shouldn’t be made on the basis of a declaration made under Section 132(4) of the Income Tax Act without authenticated evidence. A two-judge panel led by Vice President, Rajpal Yadav and Accountant Member, Manish Borad has noted that besides the disclosure statement, […]
When the foundation was missing then there do not have any erection of the basis to ask for the reopening of the assessment, the Gujarat High Court ruled. Neither foundational points do exist nor can any tangible material be available with the assessing officer to prove the practice of power for reopening the assessment, the […]
In a recent decision, the Income Tax Appellate Tribunal (ITAT), Jodhpur Bench, ruled that TDS under Section 194IA is only applicable when the consideration for transferring immovable property is greater than Rs. 50 lacs. When the assessee filed an appeal against the judgement of the CIT(A), National Faceless Appeal Center, Delhi, dated 20-10-2021, for the […]
