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Foreign technical expense related to main business of assessee shall not be excluded for Sec. 80HHE
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 2, 2015
Assessee incurring expenditure in foreign exchange for providing of technical services related to his business of export of computer soft...
E- Commerce: Full of mysteries
News & FAQs | By ALOK PATNIA | Apr 1, 2015
Shopping…. After listening to this word.. what comes first to your mind?? Going to crowded malls… chasing your products… hunting in many ...
Income shall be computed based on net profit rate in Best Judgment Assessment
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 31, 2015
Case: Income-tax Officer vs. Om Silk Mills Facts: The assessee filed its return on 31.10.2003 declaring total income of Rs. 1,10,463. The...
Capital Gain shall be the income of owner of land even if wrongly shown as income of HUF
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 31, 2015
The Tribunal held – If the capital gain wrongly showed in hands of HUF while the individual owned the property then, the said capital gai...
Top 10 things to know about Companies Act, 2013
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Mar 30, 2015
Almost a year has passed since the Companies Act, 2013 had been implemented. The act has replaced some grandfathered provisions of the ol...
Clarification on income deemed to accrue or arise in India
News & FAQs | By ALOK PATNIA | Mar 28, 2015
Section 9 of Income Tax Act, 1961 deals with income deemed to accrue or arise in India. However, many explanations have been provided reg...
Hopes raised for e- filing of returns to go paperless
News & FAQs | By ALOK PATNIA | Mar 26, 2015
Must be Busy in filing returns.. just few days left. However, remember just filing will not be enough to make the return valid. Submittin...
Where guarantor repays loan of its subsidiary for benefits of its business then such expense shal...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 25, 2015
The High Court ruled that if installments of loans taken by subsidiary company were repaid by guarantor for protecting its business then,...
Claim Sec. 54 on sale of short-term asset being building if developed on land, which is long-term...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 25, 2015
Where land being long term capital asset and building being short term capital are sold then, assessee was entitled to claim benefit of s...
If AO not satisfied with correctness of accounts then AO has the power to reject the books
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 24, 2015
Where errors in vouchers and in other account books are discovered and no credible reason was extended by the assessee then, AO’s action ...
If shares held for investment purpose then profit on sale of shares shall be capital gains
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 23, 2015
Long-term capital gain shall be calculated on profit on sale of shares held as long-term investment by the assessee. Further, assessee en...
Expense if treated as revenue expenditure in earlier years then principle of consistency shall be...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 23, 2015
The High Court in a case ruled that if expenses incurred for replacement in membrane cells – I plant was treated as revenue expendi...
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