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ITAT – DCIT v. Railtel Corporation of India Ltd. [2022] 140 taxmann.com 132 (Delhi – Trib.) – The assessee purchased assets of Rs.275 Lakhs and revalued at Rs. 175.54 lakhs and the loss amounting to Rs. 99.46 lakh due to determination of the fair value of assets has been shown as ‘loss on revaluation of fixed…
Taxpayer is entitled for exemption if conditions are fulfilled Conditions can be mandatory or directory, courts have condone violation of directory conditions It is based on the effect of non compliance SC in Hari Chand Shri Gopal case led that Conditions which are a matter of substance is mandatory; & one which are mere convenience…
– Repayment of the principal amount of a home loan: An individual is entitled to tax deductions on the amount paid as repayment of the principal component on the housing loan. – Also, Taken a Home loan from Friends or Relative to buy a new house? Interest payment can be claimed as a deduction under…
1. Dealers Education conference – Not Applicable as per Q8 of circular 2. Dealers targets achievement incentive / Customary gifts to business/ professional associates – applicable 3. Discounts on MRP or additional qty as freebies – Not Applicable Q4 of circular 4. Loyalty Rewards in cash (cash back)/ prepaid vouchers/ kind.- applicable 5. Insurance coverage…
1. Transfer of capital asset or stock on dissolution/reconstitution will be consider as transfer for firm and not partner who receive it 2. Reconstitution includes admission, retirement or change in profit sharing ratio 3. 9B will tax firm on difference of FMV and indexed cost of assets 4. 45(4) will tax partner on Profit =…
Recently, in the INSTRUCTION F. NO. 225/101/2021-ITA-II, DATED 23-4-2022, The CBDT provided for constitution of ‘Local Committees to deal with Taxpayers’ Grievances from High-Pitched Scrutiny Assessment’ in each Pr.CCIT region. The purpose of constitution of Local Committees is to effectively and efficiently deal with the genuine grievances of taxpayers and help in supporting an environment where…
