ITAT Judgments - Page 3

Interest Paid by Firm to partners cannot be disallowed U/s. 14A

M/s. Syntholab Chemicals & Research Vs ACIT (ITAT Mumbai)

In this case basic issue to be decided was about the interest payment made by the partnership firm to the partners in light of the provisions of section 14A read with rule 8D of the Rules....

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Assessee cannot be burdened with tax liability on mere assumption

Late Shri Shankarbhai Udhavdas Jetwani Vs ITO Ward-5(4) (ITAT Ahmedabad)

When the assessee has been alleging that he was only extending facility to his client for delivery of lignite and coal, he has not acted as an agent between client and truck owners. Therefore, in our opinion, merely on assumption basis, the assessee should not be burdened with tax liability....

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No deduction U/s. 80P to Co-Operative Societies on Interest from FDRs with Banks

Shree Modhpatni Co-op Credit Society Ltd. Vs. DCIT (ITAT Ahemdabad)

Interest earned from investments made in any bank, not being a co-operative society, is not deductible under section 80P(2)(d) of the Act...

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LTC to Public Bank Employees for Travelling Abroad is subject to TDS

Syndicate.Bank Vs The Assistant. Commissioner of Income-tax (ITAT Bangalore)

Provisions of section 10(5) of were introduced in order to motivate the employees and also to encourage tourism in India and, therefore, the reimbursement of LTC/LFC was exempted, but, there was no intention of the Legislature to allow the employees to travel abroad under the garb of benefit of LTC available by virtue of s.10(5) […...

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Section 14A also applies to investment with dividend income held as stock in trade

M/s. Kalyani Barter Vs I .T.O. (ITAT Kolkata)

Assessing Officer to compute the disallowance as per Rule 8D by taking into consideration only those shares, which have yielded dividend income in the year under consideration. ...

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Section 54EC deduction for investment after 6 months from transfer but within 6 month from receipt of Sale Consideration

Mr. Lemes E. D’ Souza, ALK Bricks Factory Company, Vs ITO (ITAT Mumbai)

The division bench of the Mumbai Income Tax Appellate Tribunal (ITAT), in Lemes E. D’ Souza v. ITO, held that benefit of Investing in NHAI/ REC Bonds under section 54EC of the Income Tax cannot be denied to the assessee merely for the reason that the investment was made beyond 6 months from the date of transfer....

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In absence of trust deed CIT cannot consider Trust Registration Application

Shri Swaminarayan Mandir Vs Director of Income-tax (Exemption) (ITAT Ahemdabad)

In the present case, the assessee was not having any trust deed. So it is quite difficult for the ld. Commissioner to arrive at a firm conclusion about the objects of the trust. In case the trust deed is being written after application for grant of registration, then that deed can never be seen through by the ld. Commissioner for satisfyi...

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Bogus Purchases: GP estimate should be fair, honest and rational

M/s Ratnagiri Stainless Pvt. Ltd. Vs Income Tax Of f icer 5(3) (1) , (ITAT Mumbai)

GP ratio needs to be estimated which definitely involved some estimation/guess work but the said estimation/guess work should be fair, honest and rational keeping in view factual matrix of the case and cannot be arbitrarily applied at the discretion of authorities. ...

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Income tax withheld abroad in respect of which no foreign tax credit is admissible, cannot be allowed U/s. 37(1)

Dy. Commissioner of Income Tax Vs Elite core Technologies Private Limited (ITAT Ahemdabad)

These cross appeals are directed against the order dated 29th December 2015 passed by the CIT(A) in the matter of assessment under section 143(3) of the Income Tax Act, 1961, for the assessment year 2012-13. Both of these appeals are being disposed of, as a matter of convenience, by this consolidated order....

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Salary to partners as per deed and Income Tax Act cannot be disallowed

DCIT Vs M/s. Eurotex Chemicals (ITAT Ahemdabad)

Salary to the partner is being regulated by the provisions of section 40(b) of the Income Tax Act. It is to be paid in accordance with the provision stipulated in the deed which should be in commensurate with the provisions of section 40(b) of the Income Tax Act. On such salary payment, provisions of section 40 A(2) cannot be invoked....

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