Category Archives: Income Tax

60% Depreciation allowed on Set Top Boxes : ITAT

By | May 17, 2020

60% Depreciation allowed on Set Top Boxes : ITAT we have no hesitation to hold that the transaction in the present case is that of a loan/Finance. After going through the various terms of the deed, we find that the only role of the lessor in the present arrangement is to finance the transaction of… Read More »

Amount collected for Building Development Fund from students is capital receipt , not taxable : ITAT

By | May 17, 2020

Amount collected for Building Development Fund from students is capital receipt,not taxable : ITAT sample copies of the receipts issued from which it was evident that the contributions to ‘Development Fund’ were not collected on monthly basis along with tuition fees for the month but the students paid contributions to Development Fund at their own… Read More »

Interest Exp disallowed if Sales to sister concern and amount not realized : HC

By | May 17, 2020

Interest Exp disallowed if Sales to sister concern and amount not realized : HC However, in the instant case, the Assessing Authority, by an order dated 31-3-2000 has held that the assessee mainly supplies its finished products to its sister concern namely M/s. Canara Wood and Plywood Pvt. Ltd. Mangalore, which is engaged in the… Read More »

No Dis allowance u/s 40(a) of Surcharge on sales tax and turnover tax as it is not a ‘fee or charge’ : HC

By | May 17, 2020

No Dis allowance u/s 40(a) of Surcharge on sales tax and turnover tax as it is not a ‘fee or charge’ : HC HIGH COURT OF KERALA Kerala State Beverages (Manufacturing and Marketing) Corporation Ltd. v. Assistant Commissioner of Income Tax C. K. ABDUL REHIM AND T.V. ANILKUMAR, JJ. IT APPEAL NOS. 135, 146 & 313 OF… Read More »

SLP dismissed due to Low Tax Effect : SC

By | May 17, 2020

SLP dismissed due to Low Tax Effect : SC SUPREME COURT OF INDIA Principal Commissioner of Income-tax – 1 v. Amantha Healthcare Ltd. ROHINTON FALI NARIMAN AND S. RAVINDRA BHAT, JJ. SPECIAL LEAVE PETITION (CIVIL) DIARY NO. 37344/2019 NOVEMBER  22, 2019 Ms. Anita Sahni, Zoheb Hossain, Ms. Vishakha Advs. and Mrs. Anil Katiyar, AOR for the Petitioner. ORDER   1. Delay condoned. 2. The special… Read More »

Fresh Reassessment notice issued after removing technical defects is valid : HC

By | May 17, 2020

Fresh Reassessment notice issued after removing technical defects is valid : HC The respondents are not precluded from invoking section 148 of the Income-tax Act, 1961 for the 2nd time as the issue as to whether income had escaped assessment or not was decided by the Commissioner of Income-tax (Appeals) on merits. It was pointed… Read More »

No reassessment if amount assessed in Block assessment u/s 158BC and regular Assessment u/s 143 : HC

By | May 17, 2020

No reassessment if amount assessed in Block assessment u/s 158BC and regular Assessment u/s 143 : HC In the present case, the assessing officer in the course of regular assessment had in fact asked for information in relation to this very amount of Rs. 10.33 Crores. This information was duly furnished by the petitioners. Only… Read More »

2nd Tranch of Special economic package announced by FM

By | May 15, 2020

Ministry of Finance Finance Minister announces short term and long-term measures for supporting the poor, including migrants, farmers, tiny businesses and street vendors • Free food grains supply to Migrants for 2 months. • Technology system to be used enabling Migrants to access PDS(Ration) from any Fair Price Shops in India by March,2021-One Nation one… Read More »