Non deduction of tax is very costly to business assessees on account of provision u/s 40(a )(ia) of the I T Act under which no business expanse are not allowed to be deducted while computing income chargeable to tax for failure to deduct tax or not depositing tax after deduction before due date of filing...
Whether valuation of property u/s 142A can be sought by A.O from DVO without assessment or reassessment proceedings ?
June 26, 2011 by
This issue was before Income Tax Tribunal, Lucknow in case of Gopi Apartments vs ACIT 132 TTJ 249 in which facts were as under : the assessee is a partnership firm which came into existence on 7th Jan., 2005 relevant to the asst. yr. 2005-06. For the asst. yr. 2007-08, the assessee filed the return...
Delhi High Court: No 43B disallowance for non inclusion of excise duty in finished products lying in factory.
June 25, 2011 by
Delhi High Court in case of The CIT-III, vs Loknete Balasaheb Desai S.S.K. Ltd., vide its decision dt 22/06/2011 held that disallowance u/s 43B of any excise duty on goods manufactured but not cleared from factory is not correct. The issue before High Court was Whether ITAT was justified in holding that under Section 145A...
Mumbai ITAT: Amendment to disallowance u/s 40(a)(ia) by Finance Act 2010 Retrospective
June 23, 2011 by
Please read Mumbai Special Bench: Amendment to section 40(a)(ia) Not retrospective . Mumbai ITAT in case of Bansal Parivahan India (P) Ltd. vs ITO [137 TTJ 319] order dated 22 September 2010 ruled that the amendment by Finance Act in 40(a ) (ia) of the I T Act is retrospective.The effect of the ruling is that for any...
Can brought forward business loss be set off against the profit realized on sale of business assets?
June 19, 2011 by
ITAT Mumbai in its judgment dated 20th October 2010 has held in case of Digital Electroncis Ltd Vs Add CIT [ 135 TTJ 419] that a tax payer can adjust brought forward business loss with capital gains arising on sale of depreciable assets which was used for business purpose. The facts of the case The...
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