Section 11: Deduction of Loss on Investment Allowed

Whether the loss on account of sale of a capital asset is an allowable expenditure for the computation of total income of the assessee...

Section 80P: No Deduction on Rental Income !

Section 80P of the Income Tax Act provides deduction to cooperative society .However the deduction is allowable only in case the income  of the...

RTI :Tax Return Details Exempt From Being Disclosed !

Income Tax returns contains various details about a person , ranging from date of birth , father name to financial transactions . Right to...

Section 54F : Exemption Allowed Even If Construction Incomplete

Section 54F provides exemption from tax on long term gains if the net consideration is invested in residential house . In the condition given...

Goodwill is Intangible Depreciable Asset: Supreme Court

For long , there was controversy whether the goodwill is a depreciable asset and whether depreciation is allowable on the amount of goodwill. The...

Section 269T: Loan or Deposit Repayment through Journals Not Allowed !

Section 269T of the Income Tax Act provides that a person is required to repay loan or deposit only by account payee cheque or...

Public Substantially Interested Company: Should The Facts Override Conditions u/s 2(18)(b)?

The Public substantially interested companies  are given many relief under Income Tax Act . For example certain transfer are not considered, there are specific...
search_seizure

Search & Seizure : Sealing of Shop is Unlawful !

Powers of search and seizure under Income Tax Act is very wide. It has been provided under section 132(1)(iii) of the I.T. Act that...
disallowance

No Disallowance u/s 14A for Dividend on Stock -in-Trade : Mumbai ITAT

In the continuing saga of disallowance u/s 14A and for the purpose of computation of disallowable amount under Rule 8D of Income Tax Rule,...
Block_of_assets

Section 50 Applies to Block of Assets of Even Closed Business Units !

The concept of block of assets for the purpose of depreciation was brought in the Income tax for the purpose of simplicity of the...
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