Income Tax – Agarwal Maheswari & Co.

TCS on Goods Sold: Applicability of New Section 206C(1H) w.e.f 1st October 2020

Apurva Maheswari CA Akash Sanghai CA BACKGROUND: Standards on Auditing (SA)- 500 explains what constitutes audit evidence and SA 501 […]

A Brief Note on the ICAI – Guideline on Physical Inventory Verification – Amid COVID-19

Salient Points of Banglashree for MSMEs

Finance Act 2016 amended Section 115BBE to provide that w.e.f AY 2017-18 set off of any loss shall not be […]

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.

1) Where High Court upheld Tribunal’s order holding that AO was not justified in making addition to assessee’s income in […]

Recent Supreme Court and High Court Judgements :

Ans: Hon’ble Rajasthan High Court in case of Chambal Fertilisers and Chemicals Limited vs. JCIT (ITA No. 52/2018 order dated […]

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’ ?

Gold bonds can fetch interest rate of 2.75% per annum on the amount invested. Though, on the face of it, […]

Gold Bonds Basic-Features

A person holding a leasehold property and later on it got converted into freehold property. At times a person may have tenancy right over a flat and later on becomes the owner of the same flat. The question arises when the said property is sold within 3 years after the conversion of property into freehold or after the conversion of tenancy right into ownership.

TAXABILITY UNDER THE HEAD CAPITAL GAIN ON CONVERSION OF RIGHTS OF LESSEE IN PROPERTY FROM LEASEHOLD RIGHT INTO FREEHOLD.

[2015] 370 ITR 212(T & AP) [IN THE TELANGANA AND ANDHRA PRADESH HIGH COURT] COMMISSIONER OF INCOME-TAX v. M. VENKATESWARA […]

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.

[2015] 370 ITR 50(T & AP) [IN THE TELANGANA AND ANDHRA PRADESH HIGH COURT] GURURAJ MINI ROLLER FLOUR MILLS v. […]