Tag Archives: Income Tax updates

Section 14A disallowance only for Expenses not directly relatable to exempt or taxable Income

Section 14A disallowance only for Expenses not directly relatable to exempt or taxable Income Pr. CIT Vs. Bharti Overseas Pvt. Ltd. (Delhi High Court), ITA No. 802/2015,Date of decision: 17-12- 2015 Brief about the case The assessee company was engaged in the promotion of international telecom business and insurance business and filed its original return […]

Expenses on News/TV programs/Film rights not having enduring benefit allowed as revenue expenditure

Expenses on News/TV programs/Film rights not having enduring benefit allowed as revenue expenditure Citation of the Case: Zee Media Corporation Limited vs. DCIT (ITAT Mumbai), Income tax (Appeal) no. 1590 of 2015, Date of Judgment: 12/08/2015 Brief of the Case ITAT Mumbai held In the case of Zee Media Corporation Limited vs. DCIT that regarding […]

How deductor can Submit Self-Declaration for Lower Deposit of TDS

How deductor can Submit Self-Declaration for Lower Deposit of TDS Centralized Processing Cell (TDS) has started sending notices to those deductors who have paid 40 to 60% lesser TDS during the period from April 1 to October 15, 2015 as compared to the corresponding period in Financial Year 2014-15. If as a deductor you have […]

CIT can invoke jurisdiction u/s 263 if assessment order was based on inadequate or improper enquiry

CIT can invoke jurisdiction u/s 263 if assessment order was based on inadequate or improper enquiry Case Law Citation: PVS Multiplex (India) Ltd. Vs. CIT (ITAT DELHI), ITA No. 2370/Del /2013, Date of Decision: 14.08.2015 Brief of the case: In the case of PVS Multiplex (India) Ltd. Vs. CIT Delhi Bench of ITAT held that […]