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Income Tax - Highlights / Catch Notes

Home Highlights November 2019 Year 2019 This

Addition on account of credit card payment - Since the assessee ...

Income Tax

November 26, 2019

Addition on account of credit card payment - Since the assessee has himself capitalized these amounts by transferring the same to his capital account without crediting the same in the profit and loss account, additions were rightly made.

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  2. Disallowance u/s 40(a)(i) - Payments made for technical know-how which had been capitalized, no TDS has been deducted thereon - no reason to disallow depreciation on...

  3. Cenvat credit cannot be denied on playing cards supplied as free gift alongwith final product - playing cards were purchased on payment of duty - AT

  4. TDS under section 194H – assessee had paid commission to HDFC on payments received from customers who had made purchases through credit cards - TDS is not required - HC

  5. Levy of service tax on interest charged by credit card company for late payment of dues - prima facie in favor of assessee - stay granted - AT

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  9. Whether the introduction of the new, comprehensive definition of “credit card, debit card, charge card or other payment card service“ vide section 65 (33a) read with...

  10. Income - receipt of advance payment - due to inadvertence the amount was credited to the accounts of the assessee in the balance-sheet - no addition - HC

 

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