No Exemption to State Army Wives Welfare Association’ u/s 10(23AA) : HC Exemption under section 10 (23AA) of the Act of 1961 is admissible only on receipt of fund from an establishment of the armed forces of the Union for the welfare of the past and present members of the such forces or their dependents.… Read More »
Indexed Cost on Revalued Land purchased is to be calculated from year of acquisition : HC Held In this case, even though there is no transfer of property by excluding the sale deed, but at the same time, the property has been revalued in accordance with law and capital gains tax also paid on the… Read More »
Direct Tax Dispute Resolution Scheme 2016 Relief not allowed after delay of 3 years : HC Direct Tax : Petitioner’s appeal before the CIT(A) was dismissed on 31st March, 2016. The Petitioner’s application admittedly made on 9th August, 2016 after the Appeal was dismissed. This application came to be rejected on 22nd September, 2016, as… Read More »
Exp for Director remuneration allowed if it was allowed in earlier years : HC Assessing Officer in the orders passed u/s. 143 (3) for subsequent assessment years from 2010-11 to 2014-15 has allowed similar commission/incentive, therefore, following the rule of consistency, we are of the considered opinion that no disallowance u/s. 36 (1) (ii) of… Read More »
No Revision u/s 263 if barred by limitation Period : HC The action u/s 263 of the Act in so far as the premium paid was barred by limitation as laid down u/s 263(2) of the Act. We therefore quash the order u/s 263 of the Act on the ground of limitation. HIGH COURT OF… Read More »
No Income Tax Exemption to Schools with no Free Education or Scholarships :HC Trust Deed states that the fees and charges shall be fixed taking into account the cost of running including future development thereof though without an element of profit motive indicates that the actual intention of the trust is only to generate income… Read More »
Recovery proceedings valid as loan Taken from non existent Companies : HC However physical spot enquiries conducted at the registered address have revealed that the premise is actually a staff colony and is only for residential purposes of staff. No sign board/name plate/letter box was found in the name of M/s Glebe Trading Private Limited… Read More »
Assessee can file additional grounds if appeal filed by it was defective before CIT (A) : HC HIGH COURT OF KERLA Chirayinkeezhu Service Co-operative Bank Ltd. v. Income-tax Officer Ward-2(5) ALEXANDER THOMAS, J. WP (C) NO. 2856 OF 2020 FEBRUARY 3, 2020 T.R. Harikumar and Arjun Raghavan, Advs. for the Petitioner. Christopher Abraham, for the Respondent. JUDGMENT 1. The case projected… Read More »
ITO Can’t ask Banks to pay Tax Due of Taxpayer if Stay application pending with him : HC The ITO, to hear the petitioner – assessee and dispose of the application dated 22-1-2020 seeking, in effect, a stay on the recoveries as expeditiously as possible and in any case within a period of six weeks… Read More »
No TDS u/s Sec 194C if Right to Sell Complex in favour of Contractor : HC HIGH COURT OF BOMBAY Assistant Commissioner of Income-tax, Circle-2(1), Panaji, Goa v. Alfran Construction P. Ltd. M.S. SONAK AND C.V. BHADANG, JJ. TAX APPEAL NO. 13 OF 2012 DECEMBER 2, 2019 No TDS u/s Sec 194C Ms. Amira Razaq, Standing Counsel, for… Read More »