customersuccess@taxmantra.com
+91 9230033070 
Toll Free: 
Contact Us
Direct Taxes (including International Taxation)
Depreciation shall not be claimed on goodwill if retiring partner were not paid in excess of bala...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 4, 2015
If retiring partner were not paid in excess of balance in capital account then, no goodwill arises. Thus, depreciation shall not be claim...
Purchases made from person carrying dummy business shall be added to the income of assessee u/s 69C
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 4, 2015
Case:Assistant Commissioner of Income-tax vs. Shanti Swarup Jain Where assessee purchases from a firm running dummy business then such pu...
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...
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...
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...
Partners introducing capital in the firm shall not be deemed as loan
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 18, 2015
If money exchanged between partners and partnership firm,provisions of section 269SS would not be violated. Case: Commissioner of Income-...
Clarification regarding certain deductions and Expense incurred on expansion of existing business
Direct Taxes (including International Taxation) | By ALOK PATNIA | Mar 17, 2015
In Commissioner of Income Tax vs. Nirma Ltd., following issues were raised: While claiming deduction under sections 80HH, 80-I and 80HH...
Download Ebook
