The ITAT Pune in the case of VV Constructions v ACIT (ITAT Pune), ITA No. 1641/PN/2013 on 12.06.2015 held that books of account cannot be... Read More
Income Tax
If the Assessing Officer is not satisfied regarding the authenticity or completeness of the books of accounts maintained by the assessee or where in his... Read More
Section 40(b) of Income Tax Act, 1961 provides certain limitations on the deductions of expenses allowed to assessees being partnership firms regarding the remuneration and... Read More
The Karnataka High Court in the recent case of CIT vs. Manjunatha Cotton and Ginning Factory (2013) 92 DTR 111, has held that as the... Read More
Penalty for concealment
3 min read
There are different kinds of penalty imposed upon an assessee under the Indian Income Tax Act for defaulters under the different provisions of the Act.... Read More
Traditionally since ages Income Tax Officers have been harassing tax payers and coercing them to admit to undisclosed income. Not any more now, Well, May... Read More
One can avail deduction for expenses on account of medical treatment of himself or any of his dependents in case of some specified diseases like... Read More
It has been recently held in the case of Sri Prasad Nimmagadda vs. DCIT, Hyderabad, 2013-57-ITAT that an assessee’s claim of exemption under section 54... Read More
Understanding the pros and cons between the two –Gift deed and Will, will help you to take the decision in a better way. If you... Read More