Held :- In our view deposit of money by the assessee inter-alia in mutual fund prior to purchase of residential house albeit will not make any difference if the assessee had purchased the residential house within the time provided by the Act ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru) Appeal Number : ITA No.… Read More »
Issue :Revenue’s contention that the Respondent Assessee, a trust, running a hospital, had to deduct the tax at source under Section 192 (salary) of the Income Tax Act, 1961 Held ;Significant features of the contractual relationship between the doctors and the hospital in the present case were that the hospital would provide support service where a… Read More »
Mere recovery of POA from the possession of the assessee is not enough to estimate income against the assessee. The law is clear that POA is meant for doing the certain acts on behalf of the principal. It is also subject-matter of cancellation. Only certain acts which have been authorised by the POA could be… Read More »
If a plot is purchased in contemplation of ensuing construction within a reasonable time even before the transfer of the original asset, there can be no fetters on the allowability of exemption u/s 54F, if other conditions are fulfilled. The assessee acquired land in two parts for construction of a new residential house, viz, the… Read More »
Madras High Court CIT Vs. M/s. Indian Potash Ltd. Tax Case Appeal No.1363 of 2008 Date of Judgement/Order : 11/09/2018 Related Assessment Year : 1998-99 This appeal filed by the Revenue is directed against the order passed by the Income Tax Appellate Tribunal Bench A, Chennai, in I.T.A.No.2025/Mds/2006, dated 14.03.2008 for the Assessment Year 1998-1999.… Read More »
ITAT Kolkata Modern Impex Vs Assistant Commissioner of Income-tax I.T.A. No. 755/Kol/2018 Date of Judgement : 27/03/2019 Related Assessment Year : 2012-13 FULL TEXT OF THE ITAT JUDGEMENT This is an appeal preferred by the assessee against the order of Ld. CIT(A)-9, Kolkata dated 23.03.2018 for AY 2012-13. 2. Ground nos. 1 and 6 are general… Read More »
From time to time assessee was in touch with his CA, however, on 27.05.2018 when the assessee visited the office of the CA, he was informed that CA has expressed his inability to file the second appeal as he was not much conversant with the Tribunal matters. Thereafter, the assessee took steps and engaged different… Read More »
The assessee inter alia claimed deduction on interest on borrowed capital at Rs. 8,27,014/- under s.24 of the Act under the head ‘income from house property’. The lower authorities have rightly questioned the veracity of claim of property being actually let out. The affidavit filed was clearly bald and a self-serving document. No cross examination of the… Read More »
SUPREME COURT OF INDIA Union of India v. Shreya Sen A.K SIKRI AND ABDUL NAZEER, JJ. SPECIAL LEAVE PETITION (CIVIL) DIARY NO. 34292 OF 2018 FEBRUARY 4, 2019 1. Delay condoned. 2. The High Court vide impugned order dated 24.2.2018 passed in Petition (Civil) No.7444 of 2018, had permitted the respondents herein to file the Income Tax Return for the Assessment… Read More »
ITAT Mumbai Ms Deekay Gears Vs ACIT ITA No. 2366/Mum./2018 Date of Judgement: 16/01/2019 Related Assessment Year : 2009-10 Aforesaid appeal has been filed by the assessee challenging the order dated 21stSeptember 2017, passed by the learned Commissioner (Appeals)-40, Mumbai, pertaining to assessment year 2009-10. 2. There is a delay of 116 days in filing… Read More »