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    December 31, 2020   Case LawsIncome Tax
    High Court rules in favor of assessee: Adequate inquiry by Assessing Officer u/s 263 upheld, different views insufficient.
    December 31, 2020   Case LawsIncome Tax
    Trust Exemption Restored: Activities Not Deemed Commercial u/s 2(15) Proviso; Section 10(23C)(iv) Applies.
    December 31, 2020   Case LawsIncome Tax
    Section 68: No additions for unexplained cash creditors if creditors' identity, capacity, and transaction genuineness are proven.
    December 31, 2020   Case LawsIncome Tax
    LTCG Deduction u/s 54: Entire Cost of New Home, Including Furniture, Counts Toward Tax Benefits.
    December 31, 2020   Case LawsIncome Tax
    Challenge to Section 263 Revision: Assessment Order Stands as Commissioner's Directions Already Executed by Assessing Officer. No New Reasons Given.
    December 31, 2020   Case LawsIncome Tax
    Provision for Bonus Deemed Ascertained Liability; Excluded from Book Profit u/s 115JB After Actual Payment.
    December 31, 2020   Case LawsIncome Tax
    Section 195 TDS on Foreign Interest Income Not Applicable: No Interest Paid or Claimed, Waived by Assessee.
    December 31, 2020   Case LawsIncome Tax
    Court Upholds Depreciation Claim Adjusted for Exchange Fluctuations; Follows Accounting Standard AS-11 Without Errors.
    December 31, 2020   Case LawsIncome Tax
    PCIT can't review orders u/s 263 if the same issue is pending appeal with CIT(A).
    December 31, 2020   Case LawsIncome Tax
    Salary Refunds Not Taxable: CIT(A) Confirms Non-Voluntary Refunds Aren't Income Taxable.
    December 31, 2020   Case LawsIncome Tax
    Travel Expense Reimbursements to Foreign Parties Not Subject to Section 195 or Section 40(a)(i) of Income Tax Act.
    December 30, 2020   Case LawsIncome Tax
    Tribunal Rules Revenue Must Use Accepted Interest Rate for External Borrowings in 2006-07 as in Other Years.
    December 30, 2020   Case LawsIncome Tax
    Section 40(a)(ia) Inapplicable: Depreciation on Intellectual Property Rights Not Subject to TDS Deduction for Outright Purchases.
    December 30, 2020   Case LawsIncome Tax
    No TDS Deduction on External Development Charges; Section 271C Penalty Not Applicable for Payments to Government Departments.
    December 30, 2020   Case LawsIncome Tax
    Court Clarifies Interest Deduction on Loans for Commercial Property Construction u/s 24(b) of Income Tax Act.
    December 30, 2020   Case LawsIncome Tax
    Special Purpose Vehicle Charges Not CSR: Contributions to SPV Account Are Business Expenditure Under Explanation 1 to Section 37.
    December 30, 2020   Case LawsIncome Tax
    Transport Charges u/s 194C: No Justification for Disallowing Payments with Provided PANs for Five Transporters.
    December 29, 2020   Case LawsIncome Tax
    Assessee Entitled to Forex Loss Deduction of Rs. 41,96,702; ICDS-6 Irrelevant for Year in Question.
    December 29, 2020   Case LawsIncome Tax
    Authorities Must Apply Investment Value Reduction for Disallowance u/s 14A & Rule 8D in Tax Calculations.
    December 29, 2020   Case LawsIncome Tax
    Freight Expenses Disallowed Due to Non-Deduction of TDS; Separate Truck Contracts u/s 194C Examined by Revenue.
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    Highlights
    All› Income Tax › Income Tax - 2020
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    December 31, 2020   Case Laws Income Tax
    High Court rules in favor of assessee: Adequate inquiry by Assessing Officer u/s 263 upheld, different views insufficient.
    December 31, 2020   Case Laws Income Tax
    Trust Exemption Restored: Activities Not Deemed Commercial u/s 2(15) Proviso; Section 10(23C)(iv) Applies.
    December 31, 2020   Case Laws Income Tax
    Section 68: No additions for unexplained cash creditors if creditors' identity, capacity, and transaction genuineness are proven.
    December 31, 2020   Case Laws Income Tax
    LTCG Deduction u/s 54: Entire Cost of New Home, Including Furniture, Counts Toward Tax Benefits.
    December 31, 2020   Case Laws Income Tax
    Challenge to Section 263 Revision: Assessment Order Stands as Commissioner's Directions Already Executed by Assessing Officer. No New Reasons Given.
    December 31, 2020   Case Laws Income Tax
    Provision for Bonus Deemed Ascertained Liability; Excluded from Book Profit u/s 115JB After Actual Payment.
    December 31, 2020   Case Laws Income Tax
    Section 195 TDS on Foreign Interest Income Not Applicable: No Interest Paid or Claimed, Waived by Assessee.
    December 31, 2020   Case Laws Income Tax
    Court Upholds Depreciation Claim Adjusted for Exchange Fluctuations; Follows Accounting Standard AS-11 Without Errors.
    December 31, 2020   Case Laws Income Tax
    PCIT can't review orders u/s 263 if the same issue is pending appeal with CIT(A).
    December 31, 2020   Case Laws Income Tax
    Salary Refunds Not Taxable: CIT(A) Confirms Non-Voluntary Refunds Aren't Income Taxable.
    December 31, 2020   Case Laws Income Tax
    Travel Expense Reimbursements to Foreign Parties Not Subject to Section 195 or Section 40(a)(i) of Income Tax Act.
    December 30, 2020   Case Laws Income Tax
    Tribunal Rules Revenue Must Use Accepted Interest Rate for External Borrowings in 2006-07 as in Other Years.
    December 30, 2020   Case Laws Income Tax
    Section 40(a)(ia) Inapplicable: Depreciation on Intellectual Property Rights Not Subject to TDS Deduction for Outright Purchases.
    December 30, 2020   Case Laws Income Tax
    No TDS Deduction on External Development Charges; Section 271C Penalty Not Applicable for Payments to Government Departments.
    December 30, 2020   Case Laws Income Tax
    Court Clarifies Interest Deduction on Loans for Commercial Property Construction u/s 24(b) of Income Tax Act.
    December 30, 2020   Case Laws Income Tax
    Special Purpose Vehicle Charges Not CSR: Contributions to SPV Account Are Business Expenditure Under Explanation 1 to Section 37.
    December 30, 2020   Case Laws Income Tax
    Transport Charges u/s 194C: No Justification for Disallowing Payments with Provided PANs for Five Transporters.
    December 29, 2020   Case Laws Income Tax
    Assessee Entitled to Forex Loss Deduction of Rs. 41,96,702; ICDS-6 Irrelevant for Year in Question.
    December 29, 2020   Case Laws Income Tax
    Authorities Must Apply Investment Value Reduction for Disallowance u/s 14A & Rule 8D in Tax Calculations.
    December 29, 2020   Case Laws Income Tax
    Freight Expenses Disallowed Due to Non-Deduction of TDS; Separate Truck Contracts u/s 194C Examined by Revenue.

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      Income Tax

      Income from salary - addition being the amount of salary...

      Salary Refunds Not Taxable: CIT(A) Confirms Non-Voluntary Refunds Aren't Income Taxable.

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      Income TaxDecember 31, 2020Case LawsAT
      Income from salary - addition being the amount of salary refunded to the employer company - The ld. CIT(A) has deleted the addition holding that refund of salary by the assessee was not voluntary but was to comply with the legal requirements of law, therefore, the same cannot be considered as income assessable to tax - Order of CIT(A) sustained - AT
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