Judiciary

No disallowance for interest paid to NBFC without TDS deduction, considered by NBFC in their Income

Shri Azmath Ulla Vs ACIT (ITAT Bangalore)

Having held that the second proviso to section 40(a)(ia) shall have retrospective effect the question arises that if the recipients of interest in question have already considered the same for computing their income offered to tax then the dis allowance u/s. 40(a)(ia) is not attracted....

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No Sec. 14A disallowance for shares held as stock in trade

D.C.I.T. Vs M/s. Kredent Brokerage Services (ITAT Kolkata)

Calcutta High Court in the case of CIT Vs GKK Capital Markets (P)Ltd 392 ITR 196 (Calcutta) has taken a view that the shares held as stock in trade and the expenses in relation to shares so held cannot be disallowed u/s 14A of the Act. In view of the aforesaid decision and the decision of the ITAT in assessee’s own case, we are of the v...

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No penalty for delay in audit report submission due to late appointment of Auditor by Registrar of Societies

The A.P. Dairy Development Vs Dy. Commissioner of Income (ITAI Hyderabad)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Brief facts of the case are that the assessee filed the return of income on the basis of the provisional accounts audited by a Chartered Accountant but did not file the audited accounts. The AO, therefore, issued a […]...

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Credit Society eligible for Sec. 80P deduction on Interest on idle fund

Primary Agriculture Credit Co-opeative Society Ltd Vs CIT (Appeals), (ITAT Bangalore)

When the amount which was deposited in the bank was not an amount due to members and it was not the liability of the society to the members then the interest earned from the deposits in the bank was held to be eligible for deduction under Section 80P (1) as well as 80P(2)(a)(i) of the Act....

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Notice U/s. 148 given for service to Post Authorities on Last Day-Valid?

Abab Offshore Ltd. Vs DCIT (Madras High Court)

When postal authorities collected notice from revenue on 31-3-2015 (last date of expiry of six years from end of relevant assessment year) as per arrangement between revenue and postal department, though such notice was served to assessee later, such notice under section 148 of Income Tax Act, 1961 was not barred by limitation....

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Remission under Deferral Sales Tax Scheme is Capital Receipt & not taxable

DCIT Vs ThyssenKrupp Electrical Steel India Pvt. Ltd. (ITAT Pune)

This amount represents difference between the amount payable as shown in the books of account under the sales tax deferral scheme of Government of Maharashtra, availed by the company and that paid under the Pre- payment scheme on the basis of Net Present value of the amount due, as pe...

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WEF 15-12-2016 High court lost jurisdiction to hear Company Law petitions

Prasanta Kumar Mitra & Ors. Vs India Steam Laundry P. Ltd. & Ors. (Calcutta High Court)

Matter related to transitional provisions under section 68 of the Companies (Amendment) Act, 1988, which bestowed jurisdiction to hear the case only on High Court, however, as in the case in point, the issue was transferred to NCLT under the 2013 Act, the NCLT would have jurisdiction, even though the amended section 68 had not been actual...

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Section 54 exemption cant be denied for delayed cheque deposit by builder

ITO (IT) 3(3)(1) Vs Akansha Ranju Pilani (ITAT Mumbai)

In a significant ruling, the Mumbai bench of the Income Tax Appellate Tribunal recently held that if a cheque is encashed by the builder after the deadline for filing income-tax return, it will not debar the taxpayer from claiming I-T exemption under section 54 of the Income Tax Act, which is available on reinvestment of long term capital...

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Duly executed Transaction in shares cannot be treated as Bogus

Asst. CIT Vs. Bhavik Bharatbhai Padia (ITAT Ahemdabad)

When the shares were found to be credited and debited in the DEMAT account and sale of shares were found to be genuine, then what is the basis to contend that purchases of the said shares were not made by the appellant. ...

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HC allows payment by Dharma Productions to SRK owned Company

CIT Vs M/s. Dharma Productions Pvt.Ltd. (Bombay High Court)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II It was observed that the assessee company is owned by Mr. Karan Johar and RCEPL is owned by Mr.Shahrukh Khan. Both are known personalities of Indian film industry. The authorities have not disputed the fact of providing services [&hellip...

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