ITAT Judgments - Page 30

S. 80IB(10) Mere Common Commercial & Residential Layout?

M/s. D.S. Kulkarni Developers Ltd. Vs ACIT (ITAT Pune)

M/s. D.S. Kulkarni Developers Ltd. vs. ACIT (ITAT Pune)- Tribunal held that the building plans for the residential and amenities space were sanctioned independently and merely because a common lay out plan was passed by the authorities, does not disentitle the assessee to the claim of deduction under section 80IB (10)....

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Invocation of Section 263 on mere DCIT Suggestion invalid

Span Overseas Ltd Vs CIT (ITAT Pune)

For invoking revisionary powers the Commissioner of Income Tax has to exercise his own discretion and judgment. Here the Commissioner of Income Tax has invoked the provisions of section 263 at the mere suggestion of the Dy. Commissioner of Income Tax...

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Auditors’ Qualifications: Whether a death Knell for assessee?

M/s J&K Diary Producers, Processors and Marketing Co-operative Union Ltd. Vs ITO (ITAT Amritsar)

What is apparent is not always real. To reach out to the real story, one has to undertake the scavenging exercise. This daunting task undertaken by ITAT Amritsar in a recent case pronounced on 05-02-2016 to resolve the mayhem when survey documents along with auditors qualifications had apparently almost maimed the assessee....

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S. 68 No addition if parties have enough bank balance while giving loan

ITO Vs Rekha Bansal (ITAT Delhi)

ITAT Delhi held in the case ITO vs. Rekha Bansal that it is clear that the CIT (A) granted relief to the assessee on the basis of information received from the respective banks of the creditors u/s 133(6) wherein the CIT (A) found that the creditors had sufficient bank balance in their accounts before issuing cheques to the assessee. ...

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Interest subsidy for repayment of loan acquired for acquisition of capital assets, is capital receipts

DCIT Vs M/s J.K. Cement Ltd. (ITAT Lucknow)

ITAT Lucknow held in the case DCIT vs. M/s J.K. Cement Ltd. that certain conditions are made in the subsidy scheme, which is required to be fulfilled by the corporate sector in order to avail the benefit of subsidy....

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Treatment of subsidy granted to set up a wind project

UniDeritend Limited Vs ACIT (ITAT Mumbai)

During the financial year 2001-02 the assessee had installed wind energy project at a cost of Rs.1189.87 lakhs. The assessee accordingly applied for the said capital subsidy which was granted to the assessee during the relevant financial year 2007-08 at Rs.20 lakhs....

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Subsidy to set up new unit/expand existing unit is capital receipts

M/s. Shivalik Prints Limited Vs ACIT (ITAT Delhi)

ITAT Delhi held in the case of M/s. Shivalik Prints Limited vs. ACIT that in the judgment of CIT vs. Ponni Sugars and Chemicals Ltd. 306 ITR 392 (SC), the Hon’ble Supreme court have held that the character of the receipt of a subsidy in the hands of the assessee under a scheme has to be determined with respect to the purpose for which t...

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Sec 10A – Deduction allowed to new unit being independent unit, physical demarcation with old unit not relevant

DCIT Vs M/s E-Soft Technologies Ltd. (ITAT Lucknow)

ITAT Lucknow held in the case of DCIT vs. M/s E-Soft Technologies Ltd. that as per the CBDT Circular No. 01 of 2013 and as per the Tribunal decision of the Pune Bench in the case of ACIT Vs Symantec Software India P. Ltd in ITA No. 787/PN/09, dated 30th November 2011...

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Amount not assessable as Assessee’s income where direct payment made to parties for surrender of tenancy rights

ITO Vs Smt. Elsa Silva (ITAT Mumbai)

ITAT Mumbai held in the case ITO vs. Smt. Elsa Silva that as per the agreement , ‘Athithi Builders’ has acquired the development rights of the said property after paying separately and directly by cheque Rs.2.73 crores to the assessee, Rs.1.23 Crores to Shri D.P.Koli and Rs.0.50 crores to Shri Alex Silva....

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S. 80IC: Despite substantial expansion there cannot be two initial A.Y.

Sh. Sumit Kumar Vs ITO (ITAT Chandigarh)

The initial assessment year has been defined and the expression or' has been used in respect of new units by stating commences operation' or complete substantial expansion'. Here the expression or' is to be read as a mutually exclusive expression which refers to a particular situation by excluding the other situation....

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