Taxable income Archives

loan for non-business purpose deemed dividend

Advance/Loan amount used for purposes other than business execution is taxable as deemed dividend: Bombay High Court

Mere maintenance of running account by the appellant with GPIL, having continuous business transactions with them or mere repayment of advance within same financial year cannot be the reasons to admit that the amount of advance is actually utilized for execution of business transaction.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Whether the interest paid on late payment of TDS after deduction can be claimed as expenditure for determining the taxable income? ITAT examines and elucidates

Income Tax Appellate Tribunal (ITAT): While deciding the instant appeal wherein the relevant question arose that whether the interest paid on late

Case Briefs High Courts

Rajasthan High Court| Police may charge fee from couple seeking police protection if the income is more than taxable income

Rajasthan High Court: Sameer Jain J. granted police protection and directed the State authorities to charge an appropriate fee from the couple

Case Briefs Tribunals/Commissions/Regulatory Bodies

Whether gift received from HUF to any member of HUF is exempt from taxable income? ITAT Explains

Income Tax Appellate Tribunal, Chandigarh (ITAT): The Coram of Sanjay Garg (Judicial Member) and Annapurna Gupta (Accountant Member) examined the issue as

Case Briefs Tribunals/Commissions/Regulatory Bodies

WB AAR | Definition of “recipient” under S. 2(93) of CGST Act is exhaustive: Supply of composite printing service to recipients located in India taxable under GST

West Bengal Authority for Advance Ruling (WB AAR): A Division Bench of Susmita Bhattacharya and Parthasarathi Dey, (Members) held that the supply of composite