tax_provision_allowable

Are provisions on account of warranty claims allowable under I T Act?

YES, as per Supreme Court. Provisions are generally not allowable under I.T.  Act as these are not actual expenditure. However, Supreme Court , based...

Will the introduction of stock-in-trade as capital in firm by a partner have capital...

Yes , even the the stock-in-trade will be suffer  capital gains tax . This is as per the order of Special bench of Delhi...

Should the individual account be closed in order to claim bad debt under I...

Two questions arise for determination before Supreme Court in Vijaya Bank Ltd vs CIT . the manner in which actual write off takes place...

Got capital gains in fag end of financial year? Don’t pay higher interest u/s...

Advance tax payment liability is fixed for every taxpayer who is liable to pay  tax exceeding Rs 5,000 a year. Then there are provision...

Ruling by Authority on Advance Ruling is binding on applicant ,A.O and commissioner only!

The decision of Authority on Advance Ruling  is binding only to only the case of assessee who applied for such advance ruling. It can...

Limitation date for invoking revisionary power of CIT u/s 263 is counted from...

Mumbai High Court has given verdict on 16 April 2010 in favour of assessee in Ashoka Buildcon ltd vs ACIT by stating that if the original order  of assessment is reopened and subsequent an order of reassessment is passed , the if the Commissioner of Income tax invokes his revisional power u/s 263 of the

Controversy About “Paid ” & “Payable” & Disallowance u/s 40(a)(ia) For Default in TDS

Whether non deduction of tax on amount already paid  is not disallowable u/s 40(a)(ia) ? Section 40(a)(ia) of the I T Act provides that if the tds on interest, commission, brokerage, royalty , contractual payments , consultancy fee or professional fees and other payments as per relevant has not been made

Reassessment Notice to ICICI Prudential Quashed By Mumbai high Court

Rs.98.70 crores. 4 5) Section 44 of the <b>Income</b> <b>Tax</b> <b>Act</b>, 1961 provides that notwithstanding anything contained to the contrary ... First schedule to the <b>Act</b>, <b>income</b> of life insurance business assessable under the <b>Income</b> <b>Tax</b>
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