M/s. TVS Finance & Services Ltd. Vs ACIT

 M/s. TVS Finance & Services Ltd. Vs ACIT


The ITAT's Chennai bench ruled that land received by the assessee in the normal course of its finance business in lieu of a foregone business loan would take on the character of a business asset rather than a capital asset, regardless of its treatment in the assessee's books of accounts. (M/s. TVS Finance & Services Ltd. Vs ACIT)



Comments

Post a Comment

Popular posts from this blog

The Income Tax e-Portal has added a new feature that allows taxpayers

Image
The Income Tax e-Portal has added a new feature that allows taxpayers The Income Tax e-Portal has added a new feature that allows taxpayers to respond to any ITBA notice/document DIN that is not linked to a PAN/TAN or Notice under Section 133(6) where the user does not have an e-filing account with the entity to which the notice is issued. The new feature also enables taxpayers to view the submitted response or add new response to any ITBA notice/document DIN not linked to PAN/TAN or Notice u/s 133(6) where user may not have e-filing account of the entity to which notice is issued. To see the tutorial kindly follow the link.
Read more

Red Chilli International Sales vs ITO

Image
Red Chilli International Sales vs ITO The Supreme Court has set aside an order of the Punjab and Haryana High Court, which held that the writ petition would be unsustainable in light of the alternative remedy. The Supreme Court held that the provisions of reopening under the Income Tax Act, 1961 have undergone an amendment by the Finance Act, 2021, and consequently the matter would require a deeper and in-depth consideration keeping in view the earlier case law. Accordingly, we set aside the observations made by the High Court and clarify that this issue would be examined in depth by the High Court if and when it arise for consideration. (Red Chilli International Sales vs ITO)
Read more

The interest under section 234A and 234B cannot be levied beyond

Image
The interest under section 234A and 234B cannot be levied beyond The interest under section 234A and 234B cannot be levied beyond the date of self-assessment tax paid as held by the Hon'ble Supreme Court in the case of CIT v. Prannoy Roy 309 ITR 231 that the interest under section 234A of the Act on default in furnishing return of income shall be payable only on the amount of tax that has not been deposited before the due date of filing of the income-tax return for the relevant assessment year. The impugned provisions are only compensatory in nature and no part thereof is penal in character.
Read more