Option to choose a valuation method for valuing shares rests solely with the assessee: Delhi HC AGRA PORTFOLIO PVT. LTD. (ITA 1385/2018) Facts: 1. The appellant had allotted 3,15,000 equity shares of a face value
Taxation of unexplained income or investment: 1. Sec .68 of Income Tax Act– Cash Credits Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee
20% Pre deposit is not a precondition for granting a stay on Income Tax demand: National Association Of Software And Services Companies (NASSCOM) (TS-195-HC-2024(DEL)) Observations of the Hon Delhi HC while rejecting the precondition of
TDS exemption is available U/S 194C in case of a declaration, even when the transporter is not the owner: ITAT Jodhpur Adhunik Khanan VA Parivahan Theka Sahakari Samiti Limited Vs. ITO (ITA Nos. 177 to
Subscription to database is not royalty or professional fees and so not taxable: Delhi HC THE COMMISSIONER OF INCOME TAX – INTERNATIONAL TAXATION -3 Vs RELX INC Facts: 1. The case is pertaining to the
Interest on loan taken to invest in a subsidiary is allowable as a deduction: Bombay HC PCIT Vs Videocon Industries Ltd. & Anr (Bombay High Court) (Income Tax Appeal No.434 of 2018) Facts: 1. The
Individual Residential Status as per Income Tax Act. Taxation of individuals in India is primarily based on their residential status in the relevant tax year. An individual is said to be a resident in the
Whether agri operations on leased land be eligible for exemption under Income Tax Act? Introduction: 1. Agriculture income earned by individuals and HUF is exempt under the Sec 10(1) of the Income Tax Act. This
Alternate Minimum Tax (AMT) on LLP Introduction to Alternate Minimum Taxation (AMT) Initially, the concept of MAT, i.e. Minimum Alternative Tax, was introduced only for the companies. However, gradually it was made applicable to all
ITAT upholds cap-gain exemption to Mauritius entity, for shares acquired prior to April 1, 2017 Comstar Mauritius Ltd (ITA No. 1529/Mum/2023) Facts: 1. Assessee filed an appeal for the assessment year 2018-19 against a revisionary