Current Issue

In the High Courts: Part A

• Appeal to ITAT – Sections 253, 254 and 254(2) of ITA, 1961 – Ex parte order – Application for recall of order – Limitation – Assessee not served with ...
• Business expenditure – Section 37 – Assessee company taking over business of another company – Scheme for voluntary retirement of employees of such co...
• Business expenditure – Disallowance u/s 40(a)(i) – Depreciation – Scope of section 40(a)(i) – Depreciation is not an expenditure and is not covered by...
• Exempt income – Disallowance u/s 14A – Disallowance of expenditure relating to exempt income – Scope of section 14A and rule 8D – Disallowance cannot ...

President's Message

On 15th March we lost our evergreen Past President (1964-65) Shri Arvindbhai H. Dalal. He was also Past President (1989-90) of ICAI, our alma mater. A thorough and dedicated professional, he was always ready to guide and provide a helping hand to all professionals and juniors and mentored many.

Tribunal News : PART A

• Section 37 – Input service tax credit is deductible u/s 37(1) when such Input Tax Credit is written off in the books of accounts...
• Sections 120 and 250 – CIT(A) has no jurisdiction to pass orders after a direction from DGIT(Inv.) not to pass any further orders during the pendency ...
• Sections 2(24), 45, 56 – Compensation received by the assessee towards displacement in terms of Development Agreement is not a revenue receipt and con...
• Sections 250, 251 – The appellate authorities are obligated to dispose of all the grounds of appeal raised before them so that multiplicity of litigat...

Tribunal News : PART C

• Sections 90 and 91, read with Article 24 of DTAA and section 37 of the Act – FTC cannot be granted in India in absence of tax liability in India – The...

Tribunal News : PART B

• Section 54F – Exemption cannot be denied merely because the sale consideration was not deposited in a bank account as per ‘capital gain accounts schem...
• Item (c) of the Explanation to section 115JB – Reduction of provision of doubtful debts written-back from book profit allowed, even when in the year w...