CA Ram Bajaj Introduction 1. Section 14A was first inserted by the Finance Act, 2001. However, same was inserted with retrospective effect from 1-4-1962. The inserted section reads as under:— '14A. Expenditure incurred in relation to income not includible in total income.—For the purposes of computing the total income under this Chapter, no deduction shall […]
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English speaking or writing is a terrorized and fearful thought, especially for a lot of students and young chartered accountants. English, as lot of us believe is our weak forte and we all struggle to find it difficult to communicate in this language. The prime reason for this fear is because English is not our […]
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Continuing with my earlier article Improve Your English Grammar – Quick Guide – Part 1, in this article I have tried to capture some more words used interchangeably by a lot of people, but in the wrong context, albeit inadvertently.
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A Co. isn't entitled to deduction of interest under sec. 24(b) as it can't utilize properties for 'own residence'
January 30, 2015[2015] 53 taxmann.com 310 (Mumbai - Trib.)
IT: Even where assessee-company had paid interest on borrowed fund, deduction under section 24(b) could not be allowable as such provision is applicable only to self occupied properties
AO can make additions on issues not included in reasons recorded that come to his notice in course of reassessment
January 30, 2015[2014] 52 taxmann.com 51 (Punjab & Haryana)/[2014] 367 ITR 769 (Punjab & Haryana)
IT : In view of Explanation 3 to section 147, Assessing Officer is empowered to make addition even on ground on which reassessment notice might not have been issued
Trader has commenced its business when it got registration of shop, appointed employees and opened bank account
January 30, 2015[2015] 53 taxmann.com 289 (Delhi)/[2015] 228 Taxman 261 (Delhi)(MAG.)/[2014] 368 ITR 692 (Delhi)
IT: Where assessee-company had rented out office premises, opened bank account, appointed employees and got registered under Shop & Establishment Act, business of assessee could be said to have been set up and expenditure incurred thereafter were allowable as revenue expenditure
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