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Direct Taxes (including International Taxation)
No penalty u/s 271(1)(c) inspite of concealment, if s. 115JB book profits assessed
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 12, 2012
CIT vs. Nalwa Sons Investment Ltd (Supreme Court) The assessee filed a Return of Income (ROI) declaring loss of Rs.43.47 crores under the...
No disallowance u/s 40(a)(ia) resultant of 194C default, if TDS paid before ROI due date
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 11, 2012
ACIT vs. Shri M.K. Gurumurthy (ITAT Bangalore) The assessee made payments to contractors from April 2007 to February 2008 for AY 2008-09....
Gain from shares invested out of Borrowed Funds assessed as STCG & not business profits
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 10, 2012
Narendra Gehlaut vs. JCIT (ITAT Delhi) Gains from shares earned by the assessee out of which Rs. 7.61 crores was from delivery-based tran...
Interest u/s 234C for deferment in payment of advance tax
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 10, 2012
Any income earned by an assessee during the financial year is taxable immediately in the following assessment year. Individual are liable...
Factors to determine, Gain from shares is capital gain or business profits
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 9, 2012
CIT vs. Vinay Mittal (Delhi High Court) On sale of shares the assessee earned gain and he offered LTCG of Rs. 2.59 crores and STCG of Rs....
Who can use ITR 7 for return filing?
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 9, 2012
Who can use ITR7 Form? ITR 7 Form can be used by persons including companies who are required to furnish return under Section 139(4A) : F...
Startups and Angel Investors Can Breathe Easy – Enabling Provisions to Come In
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | May 8, 2012
The finance minister has proposed to exempt angel investments from the purview of the proposed share premium tax on closely held companie...
No Disallowance u/s 14A/Rule 8D, if AO is satisfied with the correctness of the assessee’s claim
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 8, 2012
Auchtel Products Ltd vs. ACIT (ITAT Mumbai) Assessee claimed in AY 2008-09 that in earning income from dividend it had not incurred any e...
Taxability of Credit Card and Club Expenditure – Perquisites
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 8, 2012
 However, these expenses are often incurred to entertain customers and clients for the purposes of business. Therefore, where such expen...
Taxation of Free Meals – Perquisites
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 8, 2012
The provision of free meals varies widely from uniform canteen food, coupons, etc., to lavish hotel meals. The scheme of free meals as a ...
Taxation of Motor Car Perquisite
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 8, 2012
When you might be thrilled to know that your boss will provide you a car for official usage, owing to your commendable efforts behind the...
Can EPABX and mobile phones be treated as computers?
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 8, 2012
Case : Is it lawfully correct to claim 60 % depreciation on EPABX and mobile phones used for business by the assessee on the ground that ...
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