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Commissioner of Income Tax Versus M/s Hewlett Packard India (P) Ltd. – Admissibility of Provisions for Warranties, Doubtful Debts, and Gratuity under Section 115-JB and Rule 46A of the Income Tax Act
Facts of the CaseThe Revenue preferred an appeal against the order dated 20th
May, 2005, passed by the Income Tax Appellate Tribunal, Delhi Bench D in ITA
No. 5417/Del/04 for the assessment year 2001-2002. The Assessee...
Director of Income Tax (Exemption) v. Jaipur Golden Charitable Clinical Laboratory Trust – Voluntary Corpus Donations Received by Charitable Trust Held Not Taxable under Sections 2(24)(iia), 11, 12, 12A & 260A of the Income-tax Act, 1961
Facts of the CaseThe respondent assessee was a charitable trust registered
under Section 12A of the Income-tax Act, 1961 and was running Jaipur Golden
Hospital at Rohini, New Delhi.For the relevant assessment year, the...
Commissioner of Income Tax v. Tyagi Group (2008): Valuation of Unquoted Equity Shares under Section 2(22B)(ii) of the Income Tax Act, 1981 – Applicability of the Principle of Consistency and DVO Fair Market Value Determinations in Co-Owner Assessments
Facts of the Case
The
case involves six conjoined appeals arising from a common order passed by
the Income Tax Appellate Tribunal (ITAT) on September 17, 2001, concerning
assessees belonging to the Ty...
Commissioner of Income Tax vs. Jyoti Apparels (Delhi High Court) – Interest on FDRs Not Eligible for Deduction under Section 80HHC | Taxable as Income from Other Sources under Section 56
Facts of the
CaseThe assessee, Jyoti Apparels, earned interest
amounting to ₹41,22,165 from Fixed Deposit Receipts (FDRs). The Income Tax
Appellate Tribunal (ITAT) held that such interest income constituted business...
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...