Expense on improvement of leased building not allowable U/s. 37(1) but depreciation can be claimed on the same

MSA Motors Vs. Addl. CIT (ITAT Hyderabad)

Business of the assessee is carried on in the leased property and any expenditure is incurred on the construction of any structure by way of renovation, extension or improvement, then, section 32 will apply and accordingly, the assessee can claim depreciation on the value spent on such improvement or changes in the structure....

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TDS u/s 194C applies on Channel Carriage Fees, Up-Linking & Bandwidth Charges

Income Tax Officer Vs. Media Worldwide Pvt. Ltd. (ITAT Kolkata)

No technical services were involved in payment of carriage charges made by the assessee for broadcasting of the programmes produced by the assessee. The assessee produced various types of programmes/ serials and news and these were telecasted/ broadcasted through Multi System Operators. Payments in this regard were made as carriage charge...

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Section 54/ 54F: no requirement of investment in new residential house in India prior to 01/04/2015

Income Tax Officer Vs Mr. Nishant Lalit Jadhav (ITAT Mumbai)

Undoubtedly, prior to the amendment made by Finance (Nos.2) Act, 2014 w.e.f. 01/04/2015, the language of section 54 of the Act required the assessee to invest the capital gain in a residential property....

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Trust Corpus Fund cannot be taxed despite non registration u/s 12AA

Divine Educational Institute and Social Development Society Vs. ITO (ITAT Delhi)

Corpus fund which is meant for specific purpose to meet out capital expenditure could not be part of annual receipts of educational institution, even if no registration u/s 12AA have been granted....

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Section 50C applicable on sale value of depreciable asset

M/s. Abhideep Chemicals Vs PR CIT-14 (ITAT Mumbai)

Section 50C is a measure provided to bridge the gap as it was found that the assessee were not correctly declaring the full value of consideration or in other words resorting to the practice of under valuation. Further, the decision of Special Bench in the case of ITO vs. United Marines Academy (supra) has made it clear that section 50C w...

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Loan received out of Bogus Share Capital of lender- Unexplained Income?

Anil Chhaganlal Jain Vs ACIT-18(1) (ITAT Mumbai)

If appellant explained source of loans received by it and duly discharges the onus cast on him under section 68 of Income Tax Act 1961 than despite the fact that lender may have raised bogus share capital to advance funds to appellant does not mean that loan received by appellant can be treated as unexplained income under section 68 of I...

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Gift received from a HUF by a member of HUF is exempt from tax

DCIT Vs Ateev V. Gala (ITAT Mumbai)

Relative explained in Explanation to section 56(2)(vi) of the Act includes relatives and as the assessee received gift from his HUF, which is a group of relatives, the gift received by the assessee from the HUF should be interpreted to mean that the gift was received from the relatives therefore the same is not taxable under section 56(2)...

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Exemption to trust cannot be denied merely for charging fee for Training, Seminars etc

The Fertilizer Association Of India Vs Income Tax Officer (ITAT Delhi)

Mere charging of fee from members or non-members for rendering services like training, conducting seminars would not ipso facto lead to denial of exemption. The dominant object of the assessee remains charitable and the aforesaid activities are only incidental to the main activity of the assessee. Also, the activities of the assessee are ...

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Expenses Reimbursement on cost to cost basis cannot be included in Fee for Technical services

Gemological Institute Vs Dy. CIT 2(2)(1) (ITAT Mumbai)

Amount received by the assessee on account of reimbursement which has been received over and above the amount of FTS cannot be included and taxed as part of FTS....

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Interest on FDs for pre-operative period is taxable as Income from Other Sources

DRS Warehousing (South) Vs Income Tax Officer (ITAT Hyderabad)

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench, in the case of DRS Warehousing (South) Vs. ITO, held that the interest on FDs earned during the pre-operative period is taxable as ‘Income from Other Sources’ under the provisions of Income Tax Act. ...

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