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Overseas Commission to Non-Resident Agents Not Disallowable u/s 37(1): Ahmedabad ITAT in DCIT v. Kewalram Textiles Pvt. Ltd. (AY 2017-18) Relying on CIT v. Toshoku Ltd.
Whether
commission paid by an export-oriented assessee to non-resident agents, for
services rendered outside India, can be disallowed under section 37(1) of the
Income-tax Act, 1961 on the ground of alleged lack of ge...
Non-Compete Fee: Revenue or Capital Expenditure? Supreme Court in Sharp Business System (India) Pvt. Ltd. v. CIT (2025) on Section 37(1), Enduring Benefit Test & Depreciation u/s 32(1)(ii)
Nature of
Expenditure – Non-Compete FeeCapital or
Revenue | Allowability of Depreciation under Section 32(1)(ii) Sharp
Business System (India) Pvt. Ltd. v. Commissioner of Income TaxSupreme
Court | Civil Appea...
Schedule FA Disclosure in ITR Explained: Foreign Assets, ESOPs, RSUs, Dividends & Penalties under Black Money Act | Complete Compliance Guide
Schedule FA
(Foreign Assets) is mandatory for Resident & Ordinarily Resident
(ROR) individuals who hold any foreign asset or foreign income at
any time during the relevant financial year, even if:
Asset is d...
INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME, Section 10 Income Tax Act, 1961
CHAPTER IIIINCOMES WHICH DO NOT FORM PART OF TOTAL INCOMEIncomes not included in total income.10. In computing the total income of a previous year of any person, any income falling within any of the following clause...
India and New Zealand conclude Free Trade Agreement Negotiations on Financial Services, a part of Annex to the Trade in Services Chapter
India and New Zealand conclude Free Trade Agreement Negotiations on Financial Services, a part of Annex to the Trade in Services ChapterNegotiations on financial services annex commenced in May 2025; Comprehensive financ...
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Black Money (Undisclosed Foreign
Income and Assets) and Imposition of Tax Act, 2015 Sections 44 and 45Penalty Provisions – Statutory
Exclusions, Monetary Thresholds and ESOP Amendment 1. Overview:-The Black...
When GST Meets Income Tax: How GST Analytics Are Driving Income-Tax Assessments, Reassessments and Litigation in India
When GST Meets Income Tax:
How GST Analytics Are Driving Assessments and ReassessmentsThe introduction of the Goods and
Services Tax (GST) marked a major reform in India’s indirect tax structure.
Equally transformat...
Levy of Late Filing Fee under Section 234E for TDS Statements:
Levy of Late
Filing Fee under Section 234E for TDS Statements:A
Consolidated Judicial Analysis of Pre-1 June 2015 Period**1. Introduction :-The levy of late filing fee under Section
234E of the Income-tax Act, 1961 fo...
Bogus Purchases Addition under Section 69 Unsustainable without Rejection of Books u/s 145(3): Delhi ITAT in KDP Infrastructure (P) Ltd. v. DCIT (AY 2012-13)
Addition for bogus purchases under section 69 unsustainable sans rejection of books of accounts under section 145(3)
Delhi ITAT deletes addition under Section 69 made on account of alleged bogus purchases sans rejection...
Section 263 Revision Unsustainable: Delhi ITAT Quashes CIT Action on Offshore Supplies under Section 44BBB | Shenzhen SDG Information Co. Ltd. v. CIT (ITAT Delhi, AY 2017-18)
Section 263 unsustainable
Delhi ITAT holds that Assessee’s offshore supplies revenue are not taxable in India under the provisions of Section 44BBB; In the extant case, Assessee, a Chinese company engaged in R&D, ...