Apurva Maheswari CA Akash Sanghai CA BACKGROUND: Forming an opinion on the financial statement (FS)
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Rajasthan High Court held that amendment made by Finance Bill, 2016 to provisions of section 115BBE providing that no set off of any loss shall be allowed to assessee against deemed income under sections 68, 69, 69A to 69D could not be applied retrospectively.
A person holding a leasehold property and later on it got converted into freehold property. At times...
Education Cess and Higher and Secondary Education Cess on Income Tax paid on Profit of business or profession, not to be disallowed u/s 40(a)(ii) of Income Tax Act, 1961. Q. Whether Education Cess and Higher and Secondary Education Cess on Income Tax are liable for deduction in computing income chargeable under head of ‘profits and gains of business or profession’ ?
Ans: Hon’ble Rajasthan High Court in case of Chambal Fertilisers and Chemicals Limited vs. JCIT (I...
ADDITIONS U/S 68 OF THE ACT PARTNERS’ CONTRIBUTIONS OF CAPITAL FOR BUSINESS OF FIRM-FIRM CANNOT BE CALLED UPON TO EXPLAIN SOURCE OF INCOME OF PARTNERS.
