Hospitality and telephone allowances to assessee being in nature of reimbursement cannot be treated as income in hands of assessee and, consequently, non-inclusion of same in assessee’s return of income could not be treated as concealment of income and penalty was not called for IN THE ITAT CUTTACK BENCH Soumya Prakash Pattnaik v. Assistant Commissioner… Read More »
Where payments accrued to members of religious congregations by way of salary/pension as their income in individual capacity, subsequent diversion of that income to religious congregations concerned was only a case of application of that income and not diversion by overriding title HIGH COURT OF KERALA Fr. Sunny Jose v. Union of India A.K. JAYASANKARAN… Read More »
If notice under section 148(2) is found to be valid, then addition can be made on all grounds or issues which may come to notice of Assessing Officer subsequently during course of proceedings under section 147, even though reason for notice for ‘such income’ which may have escaped assessment, may not survive HIGH COURT OF… Read More »
Where assessee had acquired land under Chhattisgarh Nagar Tatha Gram Nivesh Adhiniyam, 1973 by mutual negotiation hence, same could not be treated, as compulsory acquisition and provision of section 194LA would not be applicable HIGH COURT OF CHHATTISGARH Income-tax Officer (TDS), Raipur v. Naya Raipur Development Authority YATINDRA SINGH, CJ. AND GOUTAM BHADURI, J.… Read More »
Where land owners surrendered their land to assessee municipal corporation, for public purpose under scheme of development right certificates, permitting development rights to owners in form of additional floor area which was equal to one and half times of area of land surrendered, and there was no quantification of said certificates, therefore, section 194LA would… Read More »
Where assessee company had maintained accounts with applicable accounting standards and revenue was unable to find fault with assessee’s claim, capital gains arising out of investments portfolio was to be taxable under head ‘Capital gain‘ and not as business income HIGH COURT OF CALCUTTA Commissioner of Income-tax, Kolkata-IV v. H K Financiers (P.) Ltd. GIRISH… Read More »
Transaction of derivative market which included foreign currency and call option/put option could not be termed as speculative in nature IN THE ITAT MUMBAI BENCH ‘I’ IVF Advisors (P.) Ltd. v. Assistant Commissioner of Income-tax, Range 10 (1), Mumbai N.K. BILLAIYA, ACCOUNTANT MEMBER AND AMIT SHUKLA, JUDICIAL MEMBER IT APPEAL NO. 4798 (MUM.) OF 2012… Read More »
There is no requirement to deduct tax at source from payments made to NSE/BSE towards VSAT charges and lease line charges under section 194J Market to market loss on derivatives could not be treated as contingent liability and hence, same was to be allowed as deduction under section 37(1) IN THE ITAT MUMBAI BENCH ‘C’… Read More »
Where assessee, an exporter of garments, entered into forex derivative transactions through its bankers to hedge its foreign currency risk, loss incurred on such transactions could be considered as business loss which could be set off against other business income Where assessee has acquired a business asset from country outside India in any previous year,… Read More »
Assessee, a share broker, loss incurred in trading of derivative transaction i.e. future and options, was to be regarded as ‘business loss’ and thus same could be set off against its commission income earned on sale and purchase of shares IN THE ITAT CHENNAI BENCH ‘C’ Deputy Commissioner of Income-tax, Co. Circle-I(1) v. Aishwarya &… Read More »