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    December 31, 2019   NotificationsIncome Tax
    New Rules Mandate Businesses to Accept Digital Payments u/s 269SU of Income Tax Act, 2019.
    December 31, 2019   Case LawsIncome Tax
    Challenge to Reopening of Assessment u/s 147 Due to Inadequate Consideration and Discrepancies in Form 26AS.
    December 31, 2019   Case LawsIncome Tax
    Reopening Assessments Not Allowed for Retrospective Amendments in Explanation-1 to Section 115JB on Bad Debt Provisions.
    December 31, 2019   Case LawsIncome Tax
    Advance Forfeiture in Business Classified as Legitimate Loss under Income Tax Considerations.
    December 31, 2019   Case LawsIncome Tax
    Wealth tax excluded from book profit calculation for assessee company u/s 115JB; A.O. can't add it.
    December 31, 2019   Case LawsIncome Tax
    Shareholder's Cash Deposits Explained; Additions Deleted After Proving Company Origin.
    December 31, 2019   Case LawsIncome Tax
    Entity Granted Tax Exemption for Charitable Activities u/s 11, Recognized as Public Utility by Government of Gujarat.
    December 31, 2019   Case LawsIncome Tax
    Assessment Order Lacked Proper Inquiry; Section 263 Revision Upheld for Cash Deposits, Capital Gains Bonds, Land Investments.
    December 31, 2019   Case LawsIncome Tax
    Revenue Fails to Prove Assessee's Bank Deposits as Undisclosed Income; Burden of Proof Not Met.
    December 31, 2019   Case LawsIncome Tax
    25% of Event Management Expenses Disallowed Due to Lack of Invitee Details and Potential Personal Guest Inclusion by Directors.
    December 31, 2019   Case LawsIncome Tax
    Sales Tax Additions for 2000-01 Deleted Due to Lack of Evidence in Alleged Bogus Sales Case.
    December 31, 2019   Case LawsIncome Tax
    Goodwill in Mining Business Classified as Capital Asset u/s 2(14) of Income Tax Act; Subject to Capital Gains Tax.
    December 31, 2019   Case LawsIncome Tax
    Fraudulent Tax Refund Scheme: Accused 1-4, 6-8 Found Guilty Under IPC Sections 120B, 420, 467, 498, 471.
    December 30, 2019   Case LawsIncome Tax
    Assessment Notice Invalid: Issued to Non-Existent Company Post-Amalgamation u/s 147. No Legal Estoppel Applies.
    December 30, 2019   Case LawsIncome Tax
    Income from Flat Sales: Capital Gains or Business Income? Intent and Holding Period Key to Classification.
    December 30, 2019   Case LawsIncome Tax
    Section 43B Inapplicable: Assessee's Role as State's Tax Collector Excludes Outstanding Municipal Tax Liability from Disallowance.
    December 30, 2019   Case LawsIncome Tax
    Revenue Authorities Fail to Prove Investment in Paintings; Additions for Unexplained Assets Deleted for 2008-09.
    December 30, 2019   Case LawsIncome Tax
    Doctor's Fees from Hospital Taxed as Business Income Due to Lack of Employer-Employee Relationship, Not Salary.
    December 30, 2019   Case LawsIncome Tax
    Revenue Fails to Provide Proper Satisfaction in Section 153C Assessment; CIT(A) Upholds Deletion of Additions.
    December 30, 2019   Case LawsIncome Tax
    Assessee Eligible for Gratuity and Leave Encashment Exemptions, Including Arrears, Under Income Tax Act Sections 10(10)(i) & 10(10AA)(i.
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    Highlights
    All› Income Tax › Income Tax - 2019
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    December 31, 2019   Notifications Income Tax
    New Rules Mandate Businesses to Accept Digital Payments u/s 269SU of Income Tax Act, 2019.
    December 31, 2019   Case Laws Income Tax
    Challenge to Reopening of Assessment u/s 147 Due to Inadequate Consideration and Discrepancies in Form 26AS.
    December 31, 2019   Case Laws Income Tax
    Reopening Assessments Not Allowed for Retrospective Amendments in Explanation-1 to Section 115JB on Bad Debt Provisions.
    December 31, 2019   Case Laws Income Tax
    Advance Forfeiture in Business Classified as Legitimate Loss under Income Tax Considerations.
    December 31, 2019   Case Laws Income Tax
    Wealth tax excluded from book profit calculation for assessee company u/s 115JB; A.O. can't add it.
    December 31, 2019   Case Laws Income Tax
    Shareholder's Cash Deposits Explained; Additions Deleted After Proving Company Origin.
    December 31, 2019   Case Laws Income Tax
    Entity Granted Tax Exemption for Charitable Activities u/s 11, Recognized as Public Utility by Government of Gujarat.
    December 31, 2019   Case Laws Income Tax
    Assessment Order Lacked Proper Inquiry; Section 263 Revision Upheld for Cash Deposits, Capital Gains Bonds, Land Investments.
    December 31, 2019   Case Laws Income Tax
    Revenue Fails to Prove Assessee's Bank Deposits as Undisclosed Income; Burden of Proof Not Met.
    December 31, 2019   Case Laws Income Tax
    25% of Event Management Expenses Disallowed Due to Lack of Invitee Details and Potential Personal Guest Inclusion by Directors.
    December 31, 2019   Case Laws Income Tax
    Sales Tax Additions for 2000-01 Deleted Due to Lack of Evidence in Alleged Bogus Sales Case.
    December 31, 2019   Case Laws Income Tax
    Goodwill in Mining Business Classified as Capital Asset u/s 2(14) of Income Tax Act; Subject to Capital Gains Tax.
    December 31, 2019   Case Laws Income Tax
    Fraudulent Tax Refund Scheme: Accused 1-4, 6-8 Found Guilty Under IPC Sections 120B, 420, 467, 498, 471.
    December 30, 2019   Case Laws Income Tax
    Assessment Notice Invalid: Issued to Non-Existent Company Post-Amalgamation u/s 147. No Legal Estoppel Applies.
    December 30, 2019   Case Laws Income Tax
    Income from Flat Sales: Capital Gains or Business Income? Intent and Holding Period Key to Classification.
    December 30, 2019   Case Laws Income Tax
    Section 43B Inapplicable: Assessee's Role as State's Tax Collector Excludes Outstanding Municipal Tax Liability from Disallowance.
    December 30, 2019   Case Laws Income Tax
    Revenue Authorities Fail to Prove Investment in Paintings; Additions for Unexplained Assets Deleted for 2008-09.
    December 30, 2019   Case Laws Income Tax
    Doctor's Fees from Hospital Taxed as Business Income Due to Lack of Employer-Employee Relationship, Not Salary.
    December 30, 2019   Case Laws Income Tax
    Revenue Fails to Provide Proper Satisfaction in Section 153C Assessment; CIT(A) Upholds Deletion of Additions.
    December 30, 2019   Case Laws Income Tax
    Assessee Eligible for Gratuity and Leave Encashment Exemptions, Including Arrears, Under Income Tax Act Sections 10(10)(i) & 10(10AA)(i.

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      Income Tax

      Addition on account of forfeiture of advance - nature of...

      Advance Forfeiture in Business Classified as Legitimate Loss under Income Tax Considerations.

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      Income TaxDecember 31, 2019Case LawsHC
      Addition on account of forfeiture of advance - nature of expenses - for whatever reason, the advance given was forfeited. In this view of the matter, the advance given in the ordinary course of business has been rightly treated as loss incurred by the company.
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