Don't Worry , Be Happy !
In case of lease finance of vehicle, the question of claiming depreciation has been a controversial issue. Earlier a decision of Delhi High court that depreciation allowable to lease finance company was published on this blog.Actually , the controversy arises out of the question of ownership of vehicle during the period of lease. For claiming the depreciation, one of...
Mere payment of advance tax or tax deducted at source on any income can be argued as an evidence that a tax payer has disclosed the income , so held in a landmark judgment by Supreme Court in ACIT , Chennai vs A.R Enterprises [2013] 29 taxmann. com 50 (SC). The Apex Court decided in favour of income...
Income Tax returns contains various details about a person , ranging from date of birth , father name to financial transactions . Right to Information Act has a provision u/s 8(1)(j ) which exempts certain personal information from being disclosed. Supreme Court in a very recent decision in case of Girish Ramchandra Deshpande vs CIC...
When the total income is determined u/s 115JB of the Income Tax Act , penalty proceeding u/s 271(1)© can not be imposed . The Delhi High Court order in CIT vs Nalwa Sons Investment Ltd [2010] 194 Taxman 387 has become finality as Supreme Court has quashed Special Leave Petition by Income Tax department in...
Penalty u/s 271(1)© of the Income Tax Act is initiated by assessing officer , usually when he makes addition while computing total income in an assessment proceeding u/s 143(3) .The proceeding u/s 271(1)© is challenged more than the assessment by A.O because while the additions are done on technical grounds , many time , the...
The proposal of Cyprus government to impose a 7.5% tax on all money kept in fixed deposits in the … [Read More...]
Deduction u/s 80D of the Income Tax Act provides relief to tax payer by allowing a deduction in … [Read More...]
Monthly Subscription
Annual
Semi Annual Subscription
Quiz for CA/ICMA/CS Students