ITAT Hyderabad

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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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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Interest on Fixed Deposits received by society from Bank is Taxable

The Gujarati Social Welfare Society Vs TITO (ITAT Hyderabad)

In assessee’s case, the bank is not even a member of the society. The nature of the transaction between the assessee and the bank would disqualify application of the principle of mutuality. Therefore, the transactions with the bank who is not even a member of the society cannot be considered as a transaction for which […]...

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Amount paid to village elders to help settle land disputes is allowable

Shri K.A Sai Prasad Vs Shri K.J. Rao, DR (ITAT Hyderabad)

It is not uncommon that village elders intervene and settle the land disputes to safeguard the law and order and protect the peaceful atmosphere of the village. ...

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Misappropriation of fund cannot be ground for cancellation of Trust registration

Vignana Jyothi Vs Director of Income Tax (ITAT Hyderabad)

The Hyderabad bench of Income Tax Appellate Tribunal (ITAT) held that Collection of donation by Educational Institution/ Society is not ‘Capitation Fee. ...

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ITAT on Commencement of Business of Metro Rail Project

M/s. Hyderabad Metro Rail Vs Dy. Commissioner of Income Tax (ITAT Hyderabad)

Assessee has taken all the necessary steps to facilitate the building of Metro Rail System. Since the assessee has taken steps in furtherance of its main objects, it cannot be stated that the assessee has not commenced its business....

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Deduction U/s. 80IA(4) eligible on lease rental income from open yard

The DCIT, Circle-1(2) Vs Belair Logistics Limited, (ITAT Hyderabad)

The assessee claimed deduction under section 80IA(4) on total income including the income received from lease rental on open yard. The A.O. observed that since open yard is not an infrastructure facility within the meaning of Section 80IA(4) of the Act, ...

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ITAT Special Bench on Section 206AA– dissenting view on tax rate

Nagarjuna Fertilizers and Chemicals Limited Vs ACIT (ITAT Hyderabad)

Recently ITAT-SB at Hyderabad in Nagarjuna’s case held that even if a non resident does not obtain a PAN, the tax deductor need not deduct TDS at higher rate of 20%....

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Transfer Pricing additions not eligible for Exemption U/s 10A

M/s. Wissen Infotech Private Limited Vs Dy. Commissioner of Income Tax (ITAT Hyderabad)

The learned Counsel for the assessee submitted that the assessee is a concern which is eligible for claiming exemption u/s 10A of the Act and therefore, all of its income is exempt from tax in India and hence there is no intention to shift its profit outside India and more so, when the tax rates in USA, where the AEs are located, is highe...

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Section 254(2) cannot be applied to seek review of ITAT order

Ganjikunta Kishore Babu (HUF) Vs ITO (ITAT Hyderabad)

By section 254(4) of the IT Act, an order which has been passed by the Tribunal reaches finality the moment the same is passed: it cannot be touched thereafter. By section 254(2) of the act, the Tribunal, however, has been authorized to rectify mistakes in its orders, which are apparent on the face of the records. ...

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