"editor" Archive

SC on depreciation on leased immovable property in absence of registered deed

Mother Hospital Pvt. Ltd Vs CIT (Supreme Court of India)

It is only when the assessee holds a lease right or other right of occupancy and any capital expenditure is incurred by the assesee on the construction of any structure or doing of any work in or in relation to and by way of renovation or extension of or improvement to the building and the expenditure on construction is incurred by the as...

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Arbitral tribunal has no power to appoint Court Receiver, High Court

M/s. Shakti International Private Limited Vs M/s. Excel Metal Processors Private Limited (Bombay High Court)

The above Court Receivers Report dated 28th December, 2016 (Report) is filed by the Court Receiver, High Court, Bombay, seeking directions on Whether the Registry should accept the matters wherein the Arbitral Tribunal appoints the Court Receiver, High Court, Bombay, as a Receiver for execution of orders passed by it etc....

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Hike in Tuition Fee For Installing air conditioning system is illegal

ST Marks SR Sec Public School & ANR Vs Director of Education and ORS (Delhi High Court)

Director of Education has held that 15% additional increase in tuition fee for the session 2015-2016 by the Schools for air conditioning system is illegal and liable to be refunded / adjusted. ...

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Scholarship paid for pursuing studies abroad is Charitable Expense

Seth Anandram Jaipuria Edu. Society Cantonment Vs CIT (Allahabad High Court)

Payment of Scholarship by Charitable Trust for pursuing Engineering course from University of California, Los Angeles, USA in accordance with its objects is ‘Charitable Expenditure...

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Cost incurred in abandoned projects should be allowed : ITAT Mumbai

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

In CBDT circular no.16 of 6th October 2015, the Board has clearly stated that cost incurred in abandoned projects should be allowed as revenue expenditure under section 37 of the Act....

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Investment in unrecorded stock taxable as ‘Business Income’

Bajargan Traders C/o Kalani & Co. Vs The ACIT (ITAT Jaipur)

ITAT held that amount surrendered by way of investment in the unrecorded stock of rice has to be brought to tax under the head business income. It Further held that Only real income can be taxed, hypothetical income cannot be taxed nor income can be taxed in vacuum....

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Property holding period should be computed from Allotment Letter date

Anita. D. Kanjani Vs ACIT (ITAT Mumbai)

This appeal has been filed by the assessee against the order of the Commissioner of Income-tax (Appeals)-32 [hereinafter called CIT(A)]02-0-2015 passed against the assessment order of the AO u/s 143(3) dated 23-12-2013 for A.Y. 201-12 on the following grounds...

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Mere voluntary disclosure does not release assessee from penalty

Samson Maritime Ltd. Vs Commissioner of Income Tax (Bombay High Court)

Apex Court in MAK Data P. Ltd., v/s. Commissioner of Income Tax 358 ITR 593, that voluntary disclosure itself does not release the assessee from penal consequences. ...

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CBEC renamed as Central Board of Indirect Taxes & Customs (CBIC)

FM approves the re-organisation of the field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax (GST); CBEC is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval...

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Posted Under: Income Tax | ,

3 most important things to consider before buying your dream house

Buying a house is considered as one of the top priorities for any individual. At the same time, buying a house is the most time consuming and high energy demanding task of our lives....

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Posted Under: Income Tax |
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