Mumbai Tribunal : S. 23 : Income from house property-Annual value-Unsold flats held as stock-in-trade-Annual letting value-Estimation of rent-The matter was remitted to the Assessing Officer to ascertain the municipal rateable value and recompute the addition after giving the assessee an opportunity to furnish the relevant details [S. 22, 23(5), 24] The assessee, engaged in the business of… Read More ...

Mumbai Tribunal : S. 32 : Depreciation-Goodwill arising on amalgamation-Excess consideration over net assets acquired-Depreciation allowable. [S. 32(1(ii), Companies Act, 2013, S. 230, 232] Pursuant to the amalgamation of Precious Trading & Investments Ltd. with the assessee, the excess consideration over the net assets acquired was recognised as goodwill on the basis of the valuation report and the… Read More ...

Mumbai Tribunal : S. 37(1) : Business expenditure-Interest on delayed payment of TDS-Compensatory or penal in nature-Allowable as deduction. [Expln. to S. 37(1)] The assessee claimed deduction of interest paid for delayed remittance of tax deducted at source. The Assessing Officer disallowed the amount by treating it as expenditure incurred for an infraction of law, and the CIT(A)… Read More ...

By CA Vijayakumar Shetty: The Jaipur ITAT directed the CIT(E) to grant registration to Jamna Devi Shikshan Sansthan, holding that an increase in rent paid to specified persons could not, by itself, establish that an undue benefit had been conferred under Section 13(1)(c). The society was running a co-educational English-medium senior secondary school in rented premises. The monthly rent… Read More ...

By Advocate Bharat Berry: The said article or blog is intended to ease the understanding of taxpayers that when they file the returns under Goods and Service Tax, how the said algorithm or tagging their return is judged and the neccessary components that are requisite while computation and tagging of the said return by the software, so the taxpayer… Read More ...

By CA Anilkumar Shah: This is the story of the glitches in the ITR and other forms for AY 2026-27 which were brought to the notice of the e-filing team and are resolved after pursuing and followup. This shows how time is consumed by the Dept. But tax payers and tax professionals suffer and are slapped with late fees… Read More ...