Ten Year Look Back Under Section 153A Begins From Search Year Exclude Assessment Year 2008-09 Issue How is the ten-year look-back period under Explanation 1 to Section 153A(1) of the Income-tax Act, 1961 to be computed following a search operation. Whether an assessment order passed under Section 153A for Assessment Year 2008-09 pursuant to a… Read More »
Assessee Eligible for Depreciation, Various Deductions, and Exemptions; Ad Hoc Travel Disallowance Restricted to Ten Percent Issue Whether the assessee-company is entitled to deductions, exemptions, and depreciation regarding block of assets, Section 14A disallowances, non-deduction of TDS on demurrage and consultancy, write-offs, business expenditures, and various operational expenses across assessment years 2009-10 to 2016-17. Facts… Read More »
Delay of 22 Days in Filing Form 10B Does Not Bar Section 11 Exemption if Report is Available Before Processing Issue Whether an assessee registered as a charitable trust/section 8 company can be denied exemption under Section 11 of the Income-tax Act, 1961 due to a 22-day delay in submitting Form 10B prior to the… Read More »