Home Highlights January 2014 Year 2014 This

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1. Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...

2. Disallowance of stock written off - Books of accounts of the assessee were not rejected by AO in the instant case. It is pertinent to note that no benefit has been...

3. Deductibility of the amount of service tax paid under VCES, 2013 - contention of the assessee is that the amount paid was a discharge of liability which got crystallized...

4. Disallowance of tax credit / service tax written off - disallowance made by the AO for the refund of input service tax written off - Prior period item - When the input...

5. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

6. Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay...

7. Disallowance towards ‘Project Development cost written off’ by the assessee - year of deductibility - As the assessee found the project to be lost and decided to write...

8. Dis-allowance of insurance claim written off - This amount was written off in the year 1993-94 - in the assessment year 1993-94 no theft was committed, but, it was in...

9. Deduction u/s 80IC - Since in the present case the fact that the assessee had undertaken substantial expansion is not disputed, the assessee, we hold, is entitled to...

10. The income relatable to earlier year cannot be added to the income of this year - AT

11. Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

12. Expenses written off - abandoned project - similar project was abandoned during the earlier year - those part of the expenditure incurred during the year which are...

13. Amendment of section 44AD. - computing profits and gains of business on presumptive basis - where an assessee declares profit for any previous year in accordance with...

14. Set off of losses with the surrendered income - the restriction shall apply to assessment year 2017-18 onwards. Accordingly, for the year under consideration, there is...

15. Regarding Tax rate wise details of closing stock as on 31st March of every year - Notification