Payment made for Long lasting source of material is capital Expenditure Payment made for acquiring right for mining of limestone which shall be used as raw material is capital expenditure We find that the respondent had obtained a long term captive source of the raw material by purchase of right from Texmaco. However, at the… Read More »
Pending rectification application to be considered by CIT(A) as AO started recovery proceedings :HC Kerala HC directed CIT(A) to consider pending rectification application as AO initiated recovery proceedings HIGH COURT OF KERALA Manambur Service Co-Operative Bank Ltd. v. Income-tax Officer ALEXANDER THOMAS, J. W.P. (C) NO. 601 OF 2020(A) JANUARY 22, 2020 C.A. Jojo, Adv. for… Read More »
Addition justified for non Deposit of employee’s contribution towards PF and ESI within time : HC pf the assessee had made the deposits late beyond 20th of Month following the month for which such deduction was being made. The date of 20th of each month was chosen by the Assessing Officer was made considering the… Read More »
Sec 10A to exclude Foreign travel exp for providing services outside India : ITAT Whether on the facts and circumstances of the case, the CIT(A) was justified in law in holding that the expenditure incurred towards date link charges / telecommunication charges and foreign travel expenses attributable to delivery of computer software for providing technical… Read More »
No Interest u/s 234A/B/C interest if winding up order against Financialy weak company : HC No Interest, As the petitioner was under a legal disability during the period between 18-6-2001 and 27-10-2006, during the subsistence of winding up order and since the petitioner company was under the control of this court and the official liquidator,… Read More »
Premises purchased for benefits of all family members, suit can’t be rejected outrightly u/s 4(3) of unamended Benami Act The plea taken by the appellants that though the suit premises was applied for and allotted in the name of the respondent No.1, but the consideration for acquiring the land and the construction raised thereon was… Read More »
No Tax on Accrued Interest on Govt grant received for house construction of Police Officers : HC No Tax : The income which accrued to the Assessee from the funds of the Government which were released to it were not diverted by it and could not be diverted by to any other purpose and had… Read More »
No Addition u/s 69B based on Stamp Duty Value : HC Section 69B does not permit an inference to be drawn from the circumstances surrounding the transaction that the purchaser of the property must have paid more than what was actually recorded in his books of account for the simple reason that such an inference… Read More »
Sec 10A Deduction will exclude Foreign travel exp. incurred for providing services outside India : ITAT IN THE ITAT BANGALORE BENCH Deputy Commissioner of Income-tax v. Yahoo Software Development (P.) Ltd. N.V. VASUDEVAN, VICE PRESIDENT AND CHANDRA POOJARI, ACCOUNTANT MEMBER ITA NO. 2510/BANG/2017 & IT(TP)A NO. 133/BANG/2018 [ASSESSMENT YEAR 2009-2010] APRIL 27, 2020 Muzaffar Hussain for the… Read More »
No reassessment if disclosure made even if some sales transactions are in Violation of Section 80IB : HC HIGH COURT OF BOMBAY Anand Developers v. Assistant Commissioner of Income-tax, Circle 2(1), Panaji M.S. SONAK AND NUTAN D. SARDESSAI, JJ. WRIT PETITION NO. 17 OF 2020 FEBRUARY 18, 2020 Shivan Desai, Adv. for the Petitioner. Ms. Susan Linhares, Standing Counsel for… Read More »