Broken Period Interest on Securities Held as Stock-in-Trade Allowed as Deduction Summary in Key Points: Issue: Was the broken period interest paid on the purchase of securities held as stock-in-trade allowable as a deduction under Section 37(1)? Facts: The assessee, a banking company, claimed a deduction for broken period interest paid on the purchase of… Read More »
Exemption under Section 11 Allowed even if Audit Report Filed after due date but Within Extended Due Date Summary in Key Points: Issue: Was the assessee’s claim for exemption under Section 11 valid, even though the audit report was filed after the original due date but within the extended due date provided by the Taxation… Read More »
8 IMPORTANT INCOME TAX CASE LAWS 04.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Act 1 Principal Commissioner of Income Tax4 v. Prabhat Agri Biotech Ltd. Apportionment of Common Expenditure based on based on the cost of goods sold instead of Turnover Acceptable Click Here Section 10(1) Income Tax Act, 1961 2 Pavai… Read More »
Order Giving Effect (OGE) New Functionalty on Income Tax Portal Started This is for taxpayers in India who have won an appeal against an income tax assessment. Here’s a breakdown: What is an Order Giving Effect (OGE)? When you appeal an income tax assessment and win, the tax department needs to update their records to… Read More »