"03 July 2011" Archive

Assessee entitled to deduction u/s 10A on conversion of existing DTA unit into STP unit

E2 Solutions India Pvt. Ltd. Vs ITO (ITAT Bangalore)

E2 Solutions India Pvt. Ltd., Vs ITO- Learned CIT(A) has passed a very detailed order in the assessment year 2002-03 and rightly came to the conclusion that the assessee is entitled to exemption u/s 10A of the IT Act. From the assessment order, we find that according to the AO, it is not a new undertaking for the purpose of exemption u/s...

Read More

Exemption u/s. 54F & purchase of share of husband in plot

Sita Jain & Ors. Vs. ACIT & Anr. (ITAT Delhi)

Sita Jain & Ors. v. ACIT & Anr. (ITAT Delhi) - We have duly considered the rival contention and gone through the record carefully. The Hon’ble Punjab & Haryana High Court in the subsequent decision has upheld grant of exemption u/s 54B in a case where land was purchased in the joint name. The ITAT had discussed this issue in the case of...

Read More

Payment for use of disk space is not royalty

Atos Origin IT Services Singapore Pte Ltd. Vs. Asst. Director of Income Tax (ITAT Mumbai)

Atos Origin IT Services Singapore Pte Ltd. Vs. Asstt. Director of Income tax (ITAT Mumbai)- Assessee who was tax resident of Singapore had entered into a hubbing agreement for providing data processing support to Standard Chartered Bank (SCB) a non resident company engaged in the business of banking in India. Assessee receive amount from ...

Read More

If defects in Form 15H are curable then AO to provide opportunity to the Assessee before making any disallowance for non deduction of TDS

Industrial Thermoplastics Vs ITO (ITAT Mumbai)

Industrial Thermoplastics Vs ITO (ITAT Mumbai) - Whether the disallowance is warranted u/s 40(a)(ia) for non-deduction of tax on interest payment by the assessee to a concern covered u/s 40A(2) though the assessee has explained that there is no taxable income of the corporation and the defects in Form 15H are curable and cannot be consid...

Read More

Whether in the case of Government securities, interest accrues on day to day basis or only on the coupon dates?

Indusind Bank Ltd Vs ACIT (ITAT Mumbai)

Indusind Bank Ltd Vs ACIT (ITAT Mumbai) - Whether interest on government securities will become taxable on the date of coupon date as the assessee receives the right of the interest in the said securities only on the said date and it does not become due on day to day basis. - Assessee's appeal partly allowed....

Read More

Pre-operative expenses and registration fee paid to SEBI are allowable as intangible asset and assessee can claim depreciation on the same

Hsbc Asset Management (India) Private Limited Vs DDIT (ITAT Mumbai)

HSBC Asset Management (India) Private Limited Vs DDIT (ITAT Mumbai)- Pre-operative expenses and registration fee paid to SEBI are allowable as intangible asset and assessee can claim depreciation on the same and AO cannot question the allowability if same was allowed in the earlier AY....

Read More

Whether when the title of the assessee on the impugned land is not clear, income arising from transfer of such land is to be treated as capital gain or income from other sources?

Bachhraj Factories Pvt Ltd Vs ITO (ITAT Mumbai)

Bachhraj Factories Pvt Ltd Vs ITO (ITAT Mumbai)- in regard to 14 bighas, the assessee was found to be a trespasser. The law does not recognize the rights of a trespasser. Ordinarily, it is said that the possession is the nine point of ownership. The possessor has got right over the property and his right cannot be challenged by any one ...

Read More

For making additions, FIR is contemporaneous evidence and the contents of the same cannot be ignored in the light of self-serving documents

DCIT Vs Mr Sanjeev R Kanwar (ITAT Mumbai)

DCIT Vs Mr Sanjeev R Kanwar (ITAT Mumbai) - For making additions, FIR is contemporaneous evidence and the contents of the same cannot be ignored in the light of self-serving documents. Human conduct and human probabilities are to be given weightage over the self generated evidences. ...

Read More

Where no proof of gifts received on surrender of tenancy rights penalty imposable u/s. 271(1)(c)

Harish P. Mashruwala Vs. Asst. CIT (ITAT Mumbai)

Harish P. Mashruwala v. Asst. CIT (ITAT Mumbai)- In this case, tax sought to be evaded is very clear as the tax rate applicable is 30% whereas the assessee has paid 20%. The tax sought to be evaded was because of the lower rate of tax paid and not because of any addition to the income and, therefore, provisions of Explanation 1 are not ...

Read More

Top Law Colleges in India – Can the legal profession in India embrace all this young talent?

Though I had to face inevitable struggles in legal profession even after having the required qualities to succeed in profession, I always feel that the legal profession is one of the noble professions which can contribute alot to the society apart from the personal development of that particular professional. When it comes to law, I alway...

Read More
Posted Under: Income Tax |

Search Posts by Date

August 2021
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031