TMI Short Notes

TMI Short Notes on various issues

151. Doctrine of Merger in Income Tax Assessment: An Analysis of ITAT Chennai's Recent Judgment

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152. Delay in refund processing, the petitioner's entitlement to interest, and the court's decision to grant interest based on Section 244A

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153. Rejection of revision application u/s 264 in favor of assessee: A beneficial provision of Income Tax Act.

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154. An Analysis of ITAT Decision on International Taxation, Capital Gains, and DTAA

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155. Taxability of CSR fund: Treatment of certain funds received by an entity, particularly focusing on whether these funds should be included in the income and expenditure account or directly transferred to the balance sheet

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156. Legal Analysis of ESOP Deduction and allowability in the Revised Return of income: An ITAT decision.

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157. Distinction between Capital Gains and Business Income: Comprehensive Analysis of a Income Tax Case

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158. A Multifaceted Legal Analysis on Transfer Pricing and Tonnage Tax Scheme, Bareboat Charter, Interest on loan and other issues

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159. Assessment of Eligibility for Tax Deductions Under Scrutiny: Tribunal Upholds PCIT's Revisionary Powers

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160. Taxation of Employee Benefits: TDS on value of accommodation provided to the employees at the rate of 15 percent of salary

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161. The Intricacies of Unexplained Investment and Legal Recourse: A Comprehensive Analysis of a recent Case

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162. Intricacies of Taxation on Interconnect Charges in Telecom: Unraveling the Concept of 'Use or Right to Use'

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163. The Principle of Mutuality in Taxation: A Comprehensive Analysis of a Landmark Supreme Court Decision

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164. Landmark Income Tax Reassessment Case

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165. A Legal Dissection of Best Judgment Assessments in Tax Law, in the context of Sections 153A/153C in pursuance of search and seizure: Insights from a High Court Ruling

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166. Complexities of Residential Status and Tax Liability

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167. Navigating International Taxation Waters

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168. Deduction u/s 80P: Navigating the Legal Labyrinth - Co-operative Societies Vis-a-vis Co-operative bank

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169. Navigating Legal Complexities - Assessment in case of third parties post search and seizure - The period for which the assessee requires to file the return.

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170. Scope of compliance of the Document Identification Number (DIN) in tax communications​​.

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171. Navigating the Nuances of Capital vs Revenue Expenditure: The Asian Hotels Ltd. Case Analysis

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172. Tax Credit Entitlement - Credit of TDS if deductor failed to deposit the TDS to the Government

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173. A Landmark Judgment on Tax Credit Entitlement - Credit of TDS if deductor failed to deposit the TDS to the Government

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174. Validity of reopening of assessment - need for a direct link between the portal's information and the income allegedly escaping assessment

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175. Disallowance of expenses - need for tax authorities to have a practical understanding of the nature of business operations

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176. Disallowance of the assessee's business expenditure claims related to the purchase of sugarcane from member farmers, as well as the treatment of additional sugarcane price paid to growers as an appropriation of profits.

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177. Additions made u/s 69 and Section 56 in the absence of direct incriminating evidence linking the assessee to the alleged unexplained investments and interest income. - Assessment of search and seizure

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178. Manner of disposal of application for advance ruling under Income Tax Act, 1961

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179. Computation of Turnover for the purpose of tax audit u/s 44AB - Speculation Business or Derivatives, futures, and options or Delivery based transactions

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180. Income deemed to accrue or arise in India - Section 9

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181. Current Repairs - ‘Nature & Treatment’ of expense

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182. Addition u/s 69A - ambit of the word "owner" and "valuable article" for the purpose of additions as Unexplained money, etc

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183. Pharmaceutical companies’ gifting freebies to doctors, etc. - whether Allowable Business expenditure under Section 37(1)?

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184. Impact of belated deposit of employees’ contribution towards the EPF and ESI under Income Tax

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185. Reassessment conducted after 4 years by Income Tax Authorities.

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186. Strictures against the Income Tax Office - abuse of authority by the revenue officers, ignoring the provisions of law

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187. Introduction of concept of mediation and Advance Ruling System for Residents to reduce tax litigation and more clarity

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188. Reopening of assessment u/s 147 - Notice issues u/s 148 kept in abeyance since the issue of Deduction u/s u/s 80P(2)(a)(i) is pending before the Apex Court

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189. Reopening of assessment - Substance over Form - Failure to disclose material fact - Duty of the AO to make an enquiry to test the correctness of the disclosure made even if the statutory forms signed and certified by the Chartered Accountant

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190. Facility of Form SUGAM (ITR-4) - List of person who are eligible and who are not eligible to avail the facility of simple ITR-4 SUGAM form - For the AY 2019-20

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191. Facility of Form SAHAJ (ITR-1) - List of person who are eligible and who are not eligible to avail the facility of simple ITR form - For the AY 2019-20

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192. Can a Non-Resident claim deduction u/s 80QQB for royalty income ?

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193. What is the minimum donation limit to get tax deduction u/s 80GGA?

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194. What are the conditions to claim deduction u/s 80GG?

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195. Is loan taken in name of any family member is eligible for deduction u/s 80E?

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196. What is the main difference between deduction u/s 80U & u/s 80DD of the Act?

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197. Can a taxpayer claim deduction u/s 80DD for himself?

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198. Whether deduction u/s 80D is allowed if expenditure is made in cash?

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199. Can an individual pay medical insurance premium for spouse and claim deduction u/s 80D?

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200. Can a Guardian claim tax benefit u/s 80CCG if investment is done in the name of Minor?

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