we uphold the impugned order of the ld. CIT(Appeals) allowing the deduction claimed by the assessee on account of software licence fees paid to M/s. Wipro Limited. DCIT Vs Lovelock & Lewes ITAT (ITAT Kolkata) I.T.A. Nos. 1020 & 1021/KOL/2017 Date of Judgement/Order : 08/03/2019 Related Assessment Year : 2007-2008 & 2010-2011 Courts : All ITAT (5824) ITAT… Read More »
We find that the loan received by the assessee from Prakash Electronics System Ltd had been squared off by way of conversion of loan into equity in the sum of Rs 6,00,000/- was carried out by the assessee through book entries without any physical outflow of funds. It is usual business practice and is part… Read More »
we are of the opinion that share applicant entities are paper entities created by some individuals for providing entries to the persons including the assessee, not having tax paid capital for promoting their ventures. As the entries of credit are appearing in the books of the assessee, it was the onus of the assessee to… Read More »
HIGH COURT OF BOMBAY Sumit Balkrishna Gupta v. Assistant Commissioner of Income-tax, Circle 16(2), Mumbai*AKIL KURESHI AND M.S. SANKLECHA, JJ. WRIT PETITION NO. 3569 OF 2018 FEBRUARY 15, 2019 Satish Mody and Ms. Aasifa Khan for the Petitioner. Suresh Kumar for the Respondent. JUDGMENT 1. At the request of the parties, this petition is taken up for final disposal at this stage. 2. This… Read More »
HIGH COURT OF KERALA Dhanalakshmi Bank Ltd. v. Commissioner of Income-tax, Cochin K. VINOD CHANDRAN AND ASHOK MENON, JJ. IT APPEAL NOS. 456, 498, 635, 643, 651, 712, 717, 1108, 1318 AND 1691 OF 2009 & ORS. DECEMBER 11, 2018 P. Balakrishnan (E) and Mohan Pulikkal, Advs. for the Appellant. P.K R. Menon, Sr. Counsel and Jose Joseph, SC, Advs. for the Respondent.… Read More »
The funds from the Central and State Governments flow directly to the Assessee company as equity and Subordinate Debt/Loans. The objective is to create and maintain a fund for the development of infrastructural assets on a continuing basis and, therefore, the Assessee is a SPV formed by the Government of India and Government of West… Read More »
ITAT Indore DCIT Vs M/s. Brilliant Sare Reality Pvt. Ltd. Appeal Number : IT(SS)A No. 44/Ind/2015 This appeal and cross objection pertaining to the assessment year 2007-08 have filed by the revenue and the assessee against order of the Commissioner of Income Tax (Appeals)-I, Indore dated 22.10.2014. 2. In cross objection the assessee has raised… Read More »
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that a partners’ remuneration from the Firm shall not be subject to the application of presumptive interest rate under section 44AD of the Income Tax Act. The assessee received remuneration and interest from partnership firms namely M/s. Kumbakonam Jewellers, M/s. ANS… Read More »
Facts of the Case Assessee is in the business of running guest houses and has a property at Hyderabad in which it has seven rooms. Assessee has entered in to various agreements with various companies for accommodating their employees from time to time in these rooms and received rental receipts to the extent of Rs.… Read More »
we find that the assessee has not produced the registered sale deed for purchase of house boat, therefore it cannot be said that the assessee has purchased a residential house. Further, there is a ban in purchase of immovable property as well as boat by the non-sate subject of the J & K State. Therefore,… Read More »