Judiciary

Loss on Foreign Cars Sale used in Business is ‘Business Loss

K. D. Madan Vs ITO (Madras High Court)

Loss suffered by the assessee on the sale of foreign is quantified at a figure of Rs. 51,6,108/-. The only question that remains is to determine the nature of loss. In view of the categoric finding of the Commissioner of Income Tax (Appeals) that has attained finality, to the effect that the foreign cars were utilised in the business of t...

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Interest cannot be disallowed without proving utilisation for non-business purposes

DCIT Vs Sardar Baldeo Singh Bhatia (ITAT Raipur)

In our considered view, without proving the nexus between the borrowed funds and its utilisation for non-business purposes, no dis allowance of interest expenditure can be made....

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TDS not payable for mere mismatch in data due to Technical Flaws

DCIT Vs Bhilai Steel Plant (ITAT Raipur)

Appellant has been held liable as assessee in default merely due to technical flaws. Demand has been raised merely due to fault of system and in view of the CBDT's Instruction No.5/2013 dated 08.07.2013, the demand cannot be sustained. ...

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Tax liability under Expenditure Tax on raising of a composite bill upon conclusion of hotel stay

Commissioner of Income Tax Vs Adyar Gate Hotel Ltd. (Madras High Court)

High Court held that under Expenditure Tax Act 1987 chargeable expenditure would be incurred only upon raising of a composite bill upon conclusion of hotel stay and not earlier....

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Penalty notice without proper application of mind is invalid

Siddhi Home Makers Vs ITO (ITAT Mumbai)

Where Assessing Officer issued two notices for imposition of penalty namely, one u/s 274 r.w.s. 271(1)(c) and second u/s 274 r.w.s 271AAA in cases where search u/s 132 of the Act has been initiated, then such notices issued by AO are untenable in law....

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Truck terminus cannot be treated as building for providing resting /toilet facility

Guwahati Metropolitan Development Authority Vs Commissioner of Income Tax (Gauhati High Court)

Gotanagar Truck Terminus is a plant and not building, for the purpose of claiming depreciation under Section 32 read with Section 43 of the IT Act. Consequently the assessee is held entitled to depreciation at the rate of 25% as prescribed for plant and not at 10%, as applicable for building....

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Defect in notice u/s 274 do not vitiates penalty proceedings; Addition for Bogus purchases U/s. 69C?

Earth moving Equipment Service Corporation Vs Deputy Commissioner Of Income Tax (ITAT Mumbai)

Mere defect in the notice u/s 274 do not vitiates the penalty proceedings and no prejudice was caused to the assessee by non- marking of appropriate clause. Addition for Bogus purchases cannot be made under Section 69C as 'unexplained expenditure' if purchase are duly disclosed and payments are made through banking channels. The fact t...

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Sarkar 3: Bombay HC Directs RGV to Give Scriptwriter Credit for Story

Nilesh Girkar Vs Ram Gopal Varma & Ors (Bombay High Court)

Ram Gopal Varma will ensure that in film Sarkar 3 releasing on Friday, 12th May 2017 credit is given to Mr Nilesh Girkar in exactly the following manner: Based on a story written by Nilesh Girkar...

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Interest on Loans taken for Setting up Industry / Unit is allowable

Commissioner of Income Tax Vs Shri. Rama Multi Tech Ltd. (Supreme Court of India)

ITATwas justified in allowing the expenditure of Rs. 3,37,84,348/- towards the interest paid on the loans taken and expenditure on other items connected connected herewith for establishment of the unit, while affirming the order of the Commissioner of Income Tax (Appeals)....

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Appeal against composite order appeal can be filed even if tax effect is less than limit in any of years

Principal Commissioner of Income Tax Vs Devendranath G. Chaturvedi (Gujarat High Court)

However, there is an explanation to the aforesaid and in case of a composite order of any High Court or any Appellate Authority, which involves more than one assessment year and common issues in more than one assessment year, Appeal shall be filed in respect of all such assessment years even if the tax effect is less than the prescribed m...

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