Tax Guru4h
Exploring Alternative Lending Options: Beyond Traditional Banks
Interest Rates: Conventional banks offer lower interest rates because of their stable funding compared to alternative lenders ...
Tax Guru4h
Discount on issue of ESOP is allowable deduction: Karnataka HC
Conclusion: The Karnataka High Court, upholding the ITAT’s order, reiterated that discounts on the issuance of ESOPs are allowable deductions under Section 37 (1) of the Income Tax Act, in line with ...
Tax Guru4h
Karnataka HC Allows Reconsideration of Tax Audit Report Rejected for Unsigned Annexures
In the case of C.T. Raghu Vs ITO, the Karnataka High Court addressed a dispute involving the rejection of a tax audit report for the assessment year 2012-13. The petitioner’s claim had been rejected ...
Tax Guru5h
Payment of management and license fee not relatable to imported goods not includible in transaction value
Held that the payment of Management Fee and the License Fee not being relatable to the imported goods and condition precedent ...
Tax Guru5h
Retrospective cancellation of GST registration without affording sufficient opportunity unjustified: Delhi HC
Delhi High Court held that cancellation of GST registration with retrospective effect without affording sufficient opportunity of being heard is unjustified. Accordingly, order cancelling GST ...
Tax Guru5h
Severance compensation is capital receipt and not chargeable to tax u/s. 17(3): ITAT Ahmedabad
ITAT Ahmedabad held that the severance compensation received by the employee is a capital receipt and the same is not chargeable to tax under Section 17 (3) of the Income-tax Act, 1961.
Tax Guru5h
CIT(A) Cannot Dismiss Appeal on Limitation After Condoning Delay: ITAT Bangalore
ITO, the ITAT Bangalore addressed an appeal against the CIT(A)’s decision to dismiss an income tax appeal on limitation ...
Tax Guru5h
Assessee having center of vital interest in India is treated as resident of India: ITAT Mumbai
ITAT Mumbai held that as per article 4 (2) (a) of Indo-US DTAA, an individual is resident of state in which he has center of vital interest being where his personal and economical relations are closer ...
Tax Guru5h
Applicability of section 13 during the registration stage u/s. 12A unjustified: ITAT Ahmedabad
ITAT Ahmedabad held that the applicability of Section 13 of the Income Tax Act should only be examined during assessment and not at the registration stage under Section 12A of the Income Tax Act.
Tax Guru5h
Notices Sent to no communication Email Address – ITAT Bangalore Orders Fresh Adjudication
In the case of Igoor Seva Sahakara Sangha Niyamitha, the ITAT Bangalore addressed an appeal against the National Faceless Assessment Centre (NFAC) regarding the assessment year 2017-18. The assessee ...
Tax Guru5h
Madras HC Dismisses Revenue Appeal against Stay order as stay order already expired
Heard both sides and perused the materials available on record.
Tax Guru5h
Reassessment u/s. 148 quashed as matter already decided in favour of assessee by PCIT: Delhi HC
Delhi High Court held that reopening of assessment u/s. 148 of the Income Tax Act unsustainable as PCIT already decided the matter in favour of the assessee while invoking revisionary powers u/s. 263 ...