S. 44AD : Presumptive basis-Cash credits-Unexplained money-Books of account not maintained-Cash deposits and withdrawals-Telescoping is applicable-Addition is deleted-Delay of 33 days in filing of an appeal is condoned. [S. 68]
S. 44AD : Presumptive basis-Cash credits-Unexplained money-Books of account not maintained-Cash deposits and withdrawals-Telescoping is applicable-Addition is deleted-Delay of 33 days in filing of an appeal is condoned. [S. 68]
S. 44AD : Presumptive basis-Trading business-Order of CIT(A) estimate of profit based on earlier year is held to be justified.[S. 132, 153A]
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Sundry creditors-Summons issued through Inspector is unserved-No party existing at address provided-Confirmation filed-Amounts shown as outstanding in the balance sheet-Addition is deleted. [S.133(6)]
S. 40(a)(ia) : Amounts not deductible-Deduction at source-Payment of legal professional fees-Additional evidence is filed before the ITAT-Matter remanded. [S.9(1)(vii)]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Installation and testing service-Fees for technical services-Not liable to tax in India-Not liable to deduct tax at source.[S.9(1)(vii)(b), 195]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Fes for technical services-Legal and consultancy services for registration of product in foreign country-Not fees for technical services-Not taxable in India-Not liable to deduct tax at source-DTAA-India-USA.[S.9(1)(vii),195 Art.12]
S. 37(1) : Business expenditure-Foreign exchange fluctuation losses-Hedging-Foreign exchange risks in respect of exports and imports-Loss is not speculative-Allowable as business loss.[S.28(i)]
S. 37(1): Business expenditure-Capital or revenue-Product registration expenditure-Revenue expenditure.
S. 37(1) : Business expenditure-Huge expenses of purchases, job-work payment, petrol and transport expenses Compared to preceding year-Failure to discharge the onus-Addition is affirmed.
S.37(1): Business expenditure-Capital or revenue-Stock brokerage-Expenditure on broadband, lease rent, software customisation, facility management, repair and maintenance-Allowable as revenue expenditure. [S. 32, 40(a)(ia)]