Daily Archives: March 20, 2020

Section 80-IA deduction will start as per option of Taxpayer, not from first year of commencement of operations :HC

By | March 20, 2020
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  HIGH COURT OF MADRAS Commissioner of Income Tax, Salem v. Chola Spinning Mills (P.) Ltd. DR. VINEET KOTHARI, ACTG., CJ. AND C. SARAVANAN, JJ. TAX CASE (APPEAL) NOS. 793 & 794 OF 2019 OCTOBER  30, 2019 M. Swaminathan, Sr. Standing Counsel and Ms. V. Pushpa, Jr. Standing Counsel for the Appellant. A.S. Sivaraman and S. Sridhar for the Respondent. JUDGMENT Dr.Vineet Kothari,… Read More »

Web advertisement expenses disallowed as paid to Non Existent Companies : HC

By | March 20, 2020
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  HIGH COURT OF DELHI Fiitjee Ltd. v. Principal Commissioner of Income-tax-2 VIPIN SANGHI AND MS. REKHA PALLI, JJ. IT APPEAL NOS. 823 & 824 OF 2019 DECEMBER  6, 2019 C.S. Aggarwal, Sr. Adv., Ravi Pratap Mall, and Uma Shankar, Advs. for the Appellant. Sunil Agarwal, Sr. Standing Counsel, and Priya Sarkar, Adv. for the Respondent. ORDER C.M. No. 40928/2019 in I.T.A. No.… Read More »

Rent Received from Children, House property can be treated as Let Out : ITAT

By | March 20, 2020
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The assessee has claimed a loss of Rs. 15,32,120 qua the said property on account of interest (on borrowed capital) at Rs. 21,62,120, adjusting it against the rental income of Rs. 9 lakhs. The said rent was, on the basis of a field enquiry by the Assessing Officer (AO), found to be from the assessee’s major son,… Read More »

No Addition of undisclosed income if corroborative evidence not available : HC

By | March 20, 2020
1 Comment

As, Section 132(4A) of the Act provides that any books of account, documents, money, bullion, jewellary or other valuable articles or things found in possession or in control of any person in course of search may be presumed to be belonging to such person, and further, contents of such books of account and documents are… Read More »