Tag Archives: Section 153

Preventing permanent deferral of taxes through undervaluation of inventory

By | February 2, 2023

Preventing permanent deferral of taxes through undervaluation of inventory BUDGET 2023-24 MEMORANDUM EXPLAINING THE PROVISIONS IN THE FINANCE BILL, 2023 Assessees are required to maintain books of account for the purposes of the Act. The Central Government has notified the Income Computation and Disclosure Standards (ICDS) for the computation of income. ICDS-II relates to valuation… Read More »

Period of stay excluded from period of limitation to complete block assessement

By | May 16, 2016

SUPREME COURT OF INDIA VLS Finance Ltd. v. Commissioner of Income-tax A.K.SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NO. 2667 OF 2007 APRIL  28, 2016 JUDGMENT A.K. Sikri, J. – In this appeal, challenge is laid to that part of the judgment of High Court of Delhi dated 15th December, 2006 whereby High Court… Read More »