Judiciary

S. 80IB deduction conditions to be fulfilled in all years of deduction claim

CIT Vs M/s Micro Instruments Company (Punjab & Haryana High Court)

Deduction U/s. 80IB is allowable over a period of 6 years which follows that conditions for claiming deduction must remain fulfilled in all years for which deduction being claimed...

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SC judgment on Annual Value of let out portion of palace of Ex-Ruler

Maharao Bhim Singh of Kota Vs Commissioner of Income-tax (supreme Court of India)

IT: Where Ruler continues to occupy palace, whether by actually utilizing it or by keeping it vacant, it shall be, for purpose of section 10(19A), deemed to be in his occupation, and he will also be entitled to exemption under section 10(19A) in respect of annual value of Part of palace, possession of which he has parted with in favour of...

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Stay on Special Audit Implies Stay of Assessment Proceedings : SC

VLS Finance Ltd. & anr. Vs Commissioner of Income Tax & Anr. Civil (Supreme Court of India)

Section 158BC(c): Where any search has been conducted under section 132 or books of account, other documents or assets are requisitioned under section 132A, in the case of any person...

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Contribution by CA firm towards ICAI building is allowable expenditure

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

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 contribute to the building fund of the Branch of the ICAI. The said payment satisfies the commercial [&helli...

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S. 55(2): SC on Relevance of value declared in wealth-tax return & comparable sales

Ashok Prapann Sharma vs. CIT (Supreme Court)

A declaration in the return filed by Assessee under Wealth Tax Act would certainly be a relevant fact for determination of cost of acquisition which under Section 55(2) of Act to be determined by a determination of fair market value. ...

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Expense on maintaining brand & /or corporate image is revenue expense

CIT v. Asian Paints (India) Ltd. (Bombay High Court)

If the expenditure consists of merely facilitating the assessee to carry on business more profitably leaving the fixed capital untouched, it would be on revenue account. ...

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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)

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 charging any interest, out of own funds. On appeal, before the Ld. Commissioner of Income Tax (Appeal) granted...

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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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Section 54F exemption not allowed for unutilised amount not deposited in specified bank account

Humayun Suleman Merchant Vs CCIT (Bombay High Court)

The Honble Bombay HC in the above stated case held that when the wordings of law are quite clear then law should be applied in its letter and no space could be made for logical or beneficial or constructive interpretation....

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