Judiciary

For S.47(v), share capital of the subsidiary need not be “held” in the name of the holding company

The Commissioner of Income Tax Vs M/s.Papilion Investments Pvt. Ltd (Bombay High Court)

S. 47 (v) provides that a transfer of a capital asset by a subsidiary company to its holding company shall not be regarded as a “transfer” if the whole of the share capital of the subsidiary company is held by the holding company. The assessee transferred shares to its subsidiary and claimed exemption from capital gains u/s 47 (v). Th...

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Depreciation on goodwill is allowable under the Income Tax Act, 1961

Kotak Forex Brokerage Ltd. Vs ACIT (ITAT Mumbai 'F' Bench)

Section 32 of the Income Tax Act allows depreciation on both tangible and intangible assets and clause [ii] thereof enumerates the intangible assets on which depreciation is allowable. The assets which are included in the definition of `intangible assets' given in clause [ii] are know-how, patents, copy rights, trademarks, licenses, franc...

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Section 145A have disabled the assessee from frequently changing the method of valuation of the stocks

Ananta Raj Proteins Ltd. Vs DCIT (ITAT Delhi 'A' Bench)

13. It may be mentioned that provisions of section 145A were inserted by the Finance Act No. 2, 1998 w.e.f. 1-4-1999. It may be mentioned that prior to assessment year 1998-99 the entire provisions relating to method of accounting were contained in sec. 145 only. As per that sec. The income under the head 'profits and gains of business' o...

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Treatment of profit on sale of shares when Assessee hold shares for more than 12 months

ITO Vs Rohit Anand (ITAT Delhi 'B' Bench)

Apart from said business, the assessee invested in shares and treats shares as investment in his books of account. This itself manifests the intention of the assessee as to whether he proposed into dealing in shares or earn dividend and profit out of such investment. The Assessing Officer was guided more because of the total amount involv...

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Taxability as perquisite of Transport facility provided to an employee from his residence to office and vice- versa

WNS Global services Pvt. Ltd. Vs ITO (ITAT Mumbai 'G' Bench)

Section 10 provides for the incomes which do not form part of total income, and cl.[i] of sub-sec.[14] of sec. 10 provides that any such special allowance or benefit, not being in the nature of a perquisite within the meaning of clause [2] of sec. 17, specifically granted to meet expenses wholly, necessarily and exclusively incurred in th...

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For proving a gift to be genuine Assessee need to prove existence of natural love and affection

DCIT Vs Alok Gautam (ITAT Lucknow 'A' Bench)

he letter-cum-certific ate issued by the donors were undated, letter given by Shri Habib-ur Rehman was signed by his wife, the details about the bank account were either not filled in the letters sent by the donors or the numbers of bank account given were incorrect, signatures of Smt Badrun-nisan Hanfi as given on the letter and -as sign...

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Allowability of deduction u/s 33AC to the Assessee using ships/barges owned by the third party

DCIT Vs Orion Agencies Ltd. (ITAT Mumbai 'C' Bench)

The ownership issue was discussed in the assessment order and in his opinion the deduction u/s 33AC is allowed keeping the intention of generating the internal resources to augment their fleet and the contents of Circular of the Board dated 13-2-1990 is the basis for the same. On the contrary, the impugned order does not refer to this is...

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Delhi High Court decision regarding applicability of service tax on rent

Home Solution Retail India Ltd Vs UOI & ORS (Delhi High Court)

The Delhi High Court held that the renting of immovable property is not a service, and accordingly, the levy of service tax on the activity of renting is “ultra vires.” The decision may have significant accounting implications on the entities. The judgment delivered by the Division Bench of the Delhi High Court...

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Asset declarations by Supreme Court judges is within purview of RTI

CPIO, Supreme Court Vs. Subash Chandra (Delhi High Court)

Upholding the Central Information Commission (CIC) order that office of the Chief Justice of India (CJI) is well within the ambit of the Right to Information (RTI) Act, the Delhi High Court Wednesday ruled that judges should declare their assets. In a historical judgement, Justice S. Ravindra Bhat said judges are accountable but they are ...

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In order to have a charity, you must have a source of income

ICAI Accounting Research Foundation Vs. DGIT (Exemption) [Delhi High Court]

ICAI won the Income Tax Exemption Case in the High Court - Scope of the term "Charitable Purpose" defined by the High Court - In order to have a charity, you must have a source of income - Section 10(23C)(iv) September 2, 2009. Director General of Income Tax (Exemption) has denied the exemption to Institute of Chartered Accountants of Ind...

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