Posts by: Ashish Ahuja

It has been held by the Honorable ITAT Pune in the case of Amruta Organics Pvt. Ltd. Vs DCIT that penalty u/s 271(1)(c) cannot be levied where there is a bonafide mistake made by the assessee without any intention to evade tax. In this case the company was already showing losses for the previous years …

Investment allowance @15 % allowed as deduction for new investment in Plant & Machinery over Rs. 100 Crores in addition to depreciation. In case of First Home Loan upto Rs. 25 Lacs additional deduction upto  Rs. 1 lac in Interest is allowed.

In the recent case law of Sanofi Pasteur Holding SA Vs Dept of Revenue, Andhra HC there are various landmark analysis of various provision of DTAA, Income Tax as well as, various distinguishing features as compared to the Vodafone case. Facts of the case In August, 2009 M/s Sanofi Pasteur Holding SA, France acquired the entire …

The Honorable Supreme Court in its judgement dated 11th September, 2012 has held that change in legal position due to reversal of a judgement by a higher court is not a valid ground for reopening of assessment u/s 147 when the assessment was finalised on the basis of law in force at the time of …

The Honorable Supreme Court in its judgement dated 12th September, 2012 has held that the onus to prove that the donors of gift has financial capacity to give gifts is on the assessee. Also, simply stating the fact that the donors were assessed to Singapore Income Tax is not sufficient enough to prove the financial …

Currently many Advocates, Doctors and Other Professionals are hired by employers an full time basis but the payment made to them are treated as retainership fees and TDS is deducted on the same under section 194J of Income Tax Act. However, the Hyderabad ITAT in the case of Dy. CIT v Wockhardt Hospitals Ltd. has …

The Learned Mumbai Tribunal has held that payment to builder / developer for under construction property comes under the purview of construction under section 54 of Income Tax Act for exemption from Capital Gains. Therefore, the time limit for investment is 3 years and if the amount is paid then possession of flat is also …

We at Ahuja & Ahuja are looking for voluntary contributors who would like to write for our website voluntarily to show their technical accomplishments. The articles can be on the updates happening in areas related to this website or analysis of various case laws or explanation of provisions of various acts or any other relevant …

There is lots of confusion in the mind of various exporters regarding period for export realisation and procedure if exports are not realised within prescribed time and overall what is the current prescribed time for export realisation. I will try to provide a simple to understand but comprehensive analysis of RBI policy on this matter. …

Budget 2012 has inserted Provision to Section 68 the effect of which is that any share application, share capital or share premium received in a privately held company shall be treated as unexplained income u/s 68 unless the same is corroborated by the payer of such amount. This was a long standing loophole which has …