"16 August 2009" Archive

If the expenses are of revenue nature, then the same are to be allowed and section 35D will not be applicable

ACIT Vs Khoday India Ltd (ITAT Bangalore)

4.1 The Assessing Officer from the details filed noticed that the assessee has claimed a sum of Rs.3,24,91,003/- as deferred revenue expenditure. The assessee vide letter dated 15th December, 2005 submitted that a new call center was in the process of being completed, but was not completed during the year....

Read More

Unsigned return is a defective return but this defect can be cured

Prime Securities Ltd. Vs Varinder Mehta, ACIT (Inv.) [Bombay High Court]

In our opinion, once Section 140 of the Act mandates that the return has to be signed in the case of a company by the Managing Director and where Managing Director is not available by any Director thereof, it is not possible to hold that the signing of the return by the Company Secretary is merely an irregularity. When the law provides fo...

Read More

Interest earned on bank deposits received from clients is business income

ACIT Vs Bilawala & Co. (ITAT Mumbai)

In this case it is not disputed that the assessee is a firm of Solicitors & Advocates. It would be necessary to first examine as to whether The Bombay High Court (Original Side Rules are applicable in the case of the solicitors and then to consider the obligations of the Solicitor firm under the said Rules, if found applicable. For this p...

Read More

Deduction to be allowed under any other provision of Chapter VI-A with the heading ‘C’ is to be reduced by amount of deduction allowed u/s. 80-IB/80-IA

ACIT Vs Hindustan Mint & Agro Products Pvt. Ltd (ITAT Delhi)

1. This Special Bench was constituted on the recommendation of the regular Bench which was hearing above appeals. The controversy relates to the computation of deduction u/s 80HHC to an assessee (industrial undertaking) after it has been allowed deduction u/s 80-IB of the Income Tax Act. In other words, the effect of provision of Secti...

Read More

Sale of agricultural land does not attract capital gains tax

Ramjibhai P. Chaudhry Vs. Deputy Commissioner Of Income Tax (ITAT Ahmedabad)

It was contended by the assessee that their agricultural land is situated in the rural area outside the municipal limit and hence does not fall within the ambit of provisions of s. 2(14) of the Act and not liable to tax in the assessee's hand. But the AO has not accepted the contention of the assessee and treated the sale consideration of...

Read More

Retirement savings will become taxable on withdrawal in new direct tax code

The Direct Tax Code is a bit of a mixed bag for individuals, particularly the salaried class. Prima facie, the tax liability will reduce significantly as the draft code proposes to tax incomes up to Rs 10 lakh at 10%, that between Rs 10 lakh and Rs 25 lakh at 20% and sum in excess […]...

Read More
Posted Under: Income Tax |

I-T department carried out search at Bombay Rayon & related parties

Mumbai: Officials from the income-tax (I-T ) department on Wednesday and Thursday carried out searches at various offices of Bombay Rayon Fashion, a textile company promoted by Janardhan Agarwal. The company is into garments , textile and retail....

Read More
Posted Under: Income Tax |

Two Mumbai policemen and a retired income tax official arrested when attempted to cheat a jeweller

Two Mumbai policemen and a retired income tax official, who attempted to extort money from a jeweller at Navsari near Surat in Gujarat, were caught in the act by residents on Thursday . The three were handed over to the Navsari police, who arrested them for forgery , cheating and extortion....

Read More
Posted Under: Income Tax |

Search Posts by Date

July 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031