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INTEREST PAID IN RESPECT OF CAPITAL BORROWED FOR THE PURPOSE OF BUSINESS OR PROFESSION [SECTION 36(1)(iii)]
INTEREST PAID IN RESPECT OF CAPITAL BORROWED FOR THE PURPOSE OF BUSINESS OR PROFESSION [SECTION 36(1)(iii)]The interest paid on capital borrowed for business/profession is eligible for deduction under Section 36(1)(iii)....
Claim of Bogus Losses through Client Code Modification - Taxability under Income Tax Law
Claim of Bogus Losses through Client Code Modification - Taxability under Income Tax LawClient Code Modification means modification / change of the client codes after execution of trades. Stock E...
Pr. Commissioner of Income Tax-XVIII vs Praveen Saxena (Delhi High Court) – Allowability of Customs Duty Deposit as Deduction under Section 43B of the Income Tax Act, 1961
Facts of the CaseThe assessee, Mr. Praveen Saxena, was engaged in the business
of import and export of commodities through his proprietary concern, M/s Nova
International. A search operation was conducted by Customs Au...
Determining the full value of consideration as per section 50C in cases of transfer of immovable property, being land or building or both
Determining the full value of consideration as per section 50C in cases of transfer of immovable property, being land or building or bothAs per Section 50C of the Income-tax Act, 1961 when a capital asset, being land or ...
Penalty under section 270A for under-reporting and misreporting of income
Penalty under section 270A for under-reporting and misreporting of incomeSection 270A has been inserted by the Finance Act, 2016, with effect from 01.04.2017 i.e. from the assessment year 2017-18. Section 270A conta...
Income from other sources - a residuary head of income under the Income-tax Act, 1961
Income from other sources - a residuary head of income under the Income-tax Act, 1961Income from other sources is a residuary head of income i.e. income not chargeable under any other head, and which is not excluded from...
Director of Income Tax (International Taxation) vs. KLM Royal Dutch Airlines & Lufthansa German Airlines Taxability of Technical and Ground Handling Services Rendered Under IATP Pooling Arrangements – Scope of Article 8 of India-Germany and India-Netherlands DTAAs
Facts of the CaseThe matter concerned multiple connected appeals before the
Delhi High Court involving the Revenue and two international airlines, namely KLM
Royal Dutch Airlines and Lufthansa German Airlines. Both air...
Modes of Creation of HUF (Hindu Undivided Families)
Modes of Creation of HUF (Hindu Undivided Families)How HUF comes into existenceA Hindu male with his wife and children automatically constitutes the HUF. The HUF is a creature of Hindu Law. It cannot be created by acts o...
Rights and Duties of Income Tax Department during Search and Seizure operation
Rights and Duties of Income Tax Department during Search and Seizure operation[A] Income Tax Department - Rights Following are the rights of the officer to whom a...
Taxability of Specified Agreement under the provisions of Section 45(5A) of the Income Tax Act, 1961
Taxability of Specified Agreement under the provisions of Section 45(5A) of the Income Tax Act, 1961Sub-section (5A) was inserted in section 45 of the Income-tax Act (the Act) with effect from 01.04.2018, i.e., from the ...