Allowability of deprecation on goodwill as per provisions of the Income-tax Act, 1961The word goodwill is not a term of law and it has nowhere been defined in the provisions of the direct taxes acts. The Courts have trie...
Decoding of provisions of Section 194H regarding TDS on Commission or BrokerageSection 194H was reintroduced in the Act with effect from 01.06.2001 by replacing the earlier section 194H. This section deals with the payme...
Formation, Management and Taxation of Partnership FirmA Partnership is a common vehicle in India for carrying on business activities on a small or medium scale. Partnership is the relationship between persons who have ag...
Cases where revision order under Section 263 of the Income Tax Act, 1961 was upheldIn the following instances, the revision under Section 263 was held to be valid :Commissioner can assume jurisdiction under section 263 d...
TDS from payments to contractors & Sub-Contractors [Section 194C]Section 194C was introduced long back in 1972 by the Finance Act, 1972 with effect from 01.04.1972 and subsequently amended from time to time.Under sec...
Allowability of Expenditure incurred wholly and exclusively in connection with transfer of capital asset [Section 48(i)]Expenditure incurred wholly and exclusively in connection with the transfer of a capital asset is de...
Landmark Judgments of Supreme Court on Law of LimitationThe ‘Law of Limitation’ prescribes the time-limit for different suits within, which an aggrieved person can approach the court for redress or justice. The suit,...
Procedure where an identical question of law is pending before High Courts or Supreme Court [Section 158AB]The pendency of appeals at various judicial fora has been a grave concern for the taxpayers and tax adm...
Income of other Persons included in Assessee’s Total Income as per provisions of Section 60 to 64 of the Income Tax Act, 1961Generally, an assessee is taxed on income accruing to him only and he is not liable to tax fo...
75 Landmark Judgements on Section 271D of the Income Tax Act, 1961 [Penalty for failure to comply with the provisions of section 269SS] SLP dismissed as withdrawn against High Court’s ruling that where assessee fa...