Scope of deduction under section 37(1)
AO is in no position to outrightly decide whether or not an expenditure has been incurred for business purpose until and unless he places himself in the shoes of the business owner/ professional.
Can Assessee Be Assessed As An Hindu Undivided Family Even After Partition Thereof?
The deciding factor is whether the assesssee has been assessed as an HUF in the past.
Clarification Pertaining To Section 36(1)(xvii)
CBDT has issued clarification in pursuance of instances of additional payments being made as income distribution to farmers by cooperative sugar mills for purchase of sugarcane.
Can Deduction u/s 24(b) Be Claimed Even If Property Is Not Owned?
The methodology of arriving at the annual value for computing income chargeable under the head of House property is based on ownership rather than possession.
TDS deductible but not deducted is to be reduced to arrive at Advance Tax?
A proviso to Section 209(1)(d) was inserted by the Finance Act, 2012, thereby explicitly providing for non reduction of TDS deductible but not deducted for the purpose of computing Advance Tax.
Insertion of Rule 12F in the Income Tax Rules 1962
The prescribed income tax authority in accordance with the Rule should not be below the rank of Income tax officer (ITO). Also, the aforementioned authority should be so authorized by the CBDT.
Fiction Created By One Provision Cannot Be Super-Imposed On Another Provision
No deduction under section 54F can be denied in pursuance of fiction that has been established under section 27
Amendment To Section 72A To Incentivize Erstwhile PSUs
Incentives under the Income Tax Act have been provided in case of amalgamation of an erstwhile PSU which became so by reason of its strategic disinvestment.
Whether Order of Magistrate Is Suffice For Attracting Penalty Under Section 271D?
The onus of proving that the provisions contained in Section 269SS have been violated rests with the A.O. The Assessing officer is liable to prove that the amount of loan or deposit was accepted by other than the means prescribed. Only then the penalty can be imposed.
Deemed Authentication of Documents For Faceless Assessment
New Rule 14C has been inserted to simplify the procedure of authentication for the electronic records furnished in the course of faceless assessment.
