ITAT Judgments - Page 30

Compensation for Loss of opportunity to do business is a capital receipt

Aerens Developers and Engineers Ltd. vs. ACIT (ITAT Delhi)

ITAT held that compensation received for loss of business activity is a capital receipt as it is injury to the profit making apparatus and not the loss of profits. Therefore, in the present case , non-supply of land by supplier which was to be used by the consortium was injury to profit making apparatus and hence capital receipt. ...

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Contribution by CA firm towards ICAI building is allowable expenditure

B.K. Khare & Co. v. ACIT (ITAT Mumbai)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Brief– By donating the amount, the firm had been able to attract good Articled Clerks and other professional persons who are the backbone of any professional practice. Thus there was a good professional reason for the firm to [&hel...

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S. 254 Rectification application liable to be set aside if case relied not brought to bench’s attention during hearing

M/s Triad Resorts & Hotels P.Ltd. and Others (ITAT Bangalore)

ITAT held that application under the provisions of sec.254(2) seeking rectification of order passed by tribunal is maintainable only in cases where it was established that specific attention of the bench was drawn to a particular decision and the decision was specifically relied upon but not considered by the Tribunal....

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Interest not allowable for investment without commercial exigencies

ITO Vs. M/S. Empire Developers (ITAT Mumbai)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II The facts, in brief, are that the ld. Assessing Officer disallowed interest payment of Rs.3,61,356/- being capital introduced in M/s King Empire Developers (AOP), on the plea that the interest bearing funds were diverted, without chargin...

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Renovation in the nature of Permanent structure not eligible for 100% depreciation

M/s. Ripe Component Technologies Pvt. Ltd. Vs. ACIT (ITAT Delhi)

ITAT Delhi held that the renovation made by the assessee company is in the nature of permanent structure by way of Brick Wall partitions, panelling of Aluminium , Flooring etc. which cannot be covered under current repairs as provided in s. 30 of IT Act, 1961. ...

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Retrospective amendment in expl. 5A to Sec 271(1)(c) not applicable if original return filed before Finance Act comes into force

Nukala Ramakrishna, Eluru Vs DCIT (ITAT Visakhapatnam)

Amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable to assessee’s case because both original return and the revised return u/s 153A of the Act have been filed before the amended provisions were brought into the statute (which rece...

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Client Creation Cost- Is it intangible asset entitled to depreciation @ 25%?

SWAWS Credit Corporation (P) Ltd., Hyderabad vs. DCIT (ITAT Hyderabad)

Client acquisition cost paid by the appellant was towards acquiring an intangible asset and therefore eligible for depreciation under section 32(1)(ii) of the Act @ 25%....

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Sum received for restraining use of ceased Trademark is non taxable capital receipt

Orient Blackswan Private Limited, Hyderabad vs. ACIT (ITAT Hyderabad)

Assessee inter alia contended that the consideration was received as per the settlement agreement and vetted by Tomlin order of the Court of U.K. in consideration of restraining the assessee from the use of the name ‘Longman’ and as such, it is a capital receipt not liable to tax at all....

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Addition for mere appearing of TDS credit in form 26AS not justified

P.K. Rajasekar vs. ITO (ITAT Chennai)

AO is also equally responsible to find out whether the credit entry found on 01.07.2010 is genuine or not. The AO cannot take advantage of the ignorance or handicap of the assessee and say that there was undisclosed receipt by the assessee....

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S. 14A cannot be invoked if no regular activity in respect of Investment

M/s Power Grid Corporation of India Ltd. Vs DCIT (ITAT Delhi)

ITAT Held that Section 14A of Income Tax Act,1961 cannot be invoked, where no regular activities were undertaken by the Assessee in respect of the investments to earn exempt income and no change in the investments during the year?...

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