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Commissioner of Income Tax vs. Mahindra Finlease P. Ltd. | Validity of Protective Assessment under Section 158BC and Section 158BD
Facts of the Case
A
search and seizure operation under Section 132 of the Income Tax Act was
conducted on June 20, 2000, at the residential and business premises of
Shri P.K. Sood, who was...
6 AIS Mismatches That Can Trigger Income Tax Notices in AY 2026-27: A Complete Pre-Filing Checklist
With the Income Tax Department leveraging integrated data analytics and automated matching systems for Assessment Year (AY) 2026-27, even a minor oversight can halt your processing. The department now cross-checks your I...
Vodafone Essar Mobile Services Ltd. vs Assistant Commissioner of Income Tax & Anr – Challenge to Proviso of Section 201(3) of Income Tax Act, 1961
Facts of the
CaseVodafone Essar Mobile Services Ltd., the
petitioner, filed writ petitions challenging the constitutional validity of the
proviso to Section 201(3) of the Income Tax Act, 1961, as inserted by the
Fina...
Admission of a new partner /Retirement from Partnership Firm - Taxability under the Income Tax Act, 1961
Admission of a new partner /Retirement from Partnership Firm - Taxability under the Income Tax Act, 1961Partnership firm is a very common method of doing business in India. The Income tax has recognized the Partnership f...
Principles of Accounting: Theory and Application
Principles of
Accounting: Theory and ApplicationINTRODUCTION:
ACCOUNTING AS AN INDEPENDENT DISCIPLINEAccounting is not
merely a clerical activity of recording transactions, nor is it a mechanical
extension of finance...
Going Concern Assumption in Auditing: Principles, COVID-19 Impacts, Triggers, and Practical Illustrations
Going Concern Assumption in Auditing: Principles, COVID-19
Impacts, Triggers, and Practical IllustrationsExecutive
Summary The going concern
assumption is the bedrock upon which financial reporting and audit assu...
Separate GST Registration for Warehouses – Mandatory or Not? Detailed Analysis with AAR Maharashtra Ruling in Gandhar Oil Refinery (India) Ltd. under CGST & IGST Acts
Whether separate GST Registration is required for
a warehouse?Getting registered under GST is the pre-eminent step for embarking
on the journey of doing business. The registration under GST is
compulsory...
THE MERCANTILE METHOD OF ACCOUNTING & THE ACCRUAL SYSTEM UNDER THE INCOME-TAX ACT, 1961
THE MERCANTILE
METHOD OF ACCOUNTING & THE ACCRUAL SYSTEM UNDER THE INCOME-TAX ACT, 1961
1. IntroductionThe method of
accounting adopted by an assessee forms the very foundation upon which taxable
income is comp...