Daily digest for Gupta Chandan & Associates, on May 17, 2022

posted: "INCOME TAX : Notice issued in SLP against impugned order of High Court holding that where it was statutory obligation of assessee co-operative bank to contribute to 'common good fund', 'special assistance fund', etc., amount expended on funds will be allo" SC issued notice in SLP filed against ruling that amount spent on funds under statutory obligation is deductible exp. May 17 INCOME TAX : Notice issued in SLP against impugned order of High Court holding that where it was statutory obligation of assessee co-operative bank to contribute to 'common good fund', 'special assistance fund', etc., amount expended on funds will be allowable as deduction while computing income of assessee co-operative bank, even when said expenditure did […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/sc-issued-notice-in-slp-filed-against-ruling-that-amount-spent-on-funds-under-statutory-obligation-is-deductible-exp/ Powered by Jetpack

posted: "INCOME TAX : Notice was issued in SLP filed against High court ruling upholding Tribunal's decision that where assessee-company did not have exempt income, no disallowance could be made under section 14A read with rule 8D, while revenue's case was that sa" SC issued notice in SLP filed against ruling that no Sec. 14A disallowance can be made if no exempt income was earned May 17 INCOME TAX : Notice was issued in SLP filed against High court ruling upholding Tribunal's decision that where assessee-company did not have exempt income, no disallowance could be made under section 14A read with rule 8D, while revenue's case was that said provisions provide for disallowance of expenditure even when tax payer in a particular […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/sc-issued-notice-in-slp-filed-against-ruling-that-no-sec-14a-disallowance-can-be-made-if-no-exempt-income-was-earned/ Powered by Jetpack

posted: "INCOME TAX : Where while deciding issue as to whether assessee was entitled to benefit of deduction under section 80P, decision of Supreme Court relied upon by both assessee as well as revenue had not been properly considered, case was remanded back to pa" HC remanded case as SC's ruling wasn't considered properly while deciding allowability of sec. 80P relief May 17 INCOME TAX : Where while deciding issue as to whether assessee was entitled to benefit of deduction under section 80P, decision of Supreme Court relied upon by both assessee as well as revenue had not been properly considered, case was remanded back to pass appropriate ordersINCOME TAX : Where while deciding issue as to whether […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/hc-remanded-case-as-scs-ruling-wasnt-considered-properly-while-deciding-allowability-of-sec-80p-relief/ Powered by Jetpack

posted: "INCOME TAX : Where assessee was managing partner of a firm and he was unable to explain an entry shown in balance sheet of firm and admitted that amount of entry may be added to income of firm and thereafter Assessing Officer unsatisfied with explanation " Prosecution proceedings to be set-aside if penalty imposed on assessee was quashed by court: HC May 17 INCOME TAX : Where assessee was managing partner of a firm and he was unable to explain an entry shown in balance sheet of firm and admitted that amount of entry may be added to income of firm and thereafter Assessing Officer unsatisfied with explanation offered by assessee imposed penalty under section 271(1)(c) upon firm […] Read more of this post Comment Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at manage subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/prosecution-proceedings-to-be-set-aside-if-penalty-imposed-on-assessee-was-quashed-by-court-hc/ Powered by Jetpack