"26 December 2015" Archive

Disallowance u/s 14A, suo moto or otherwise, not sustainable if interest free funds exceeds tax free investments

UTI Bank Ltd. Vs ACIT (ITAT Ahmedabad)

ITAT Ahmedabad held In the case of UTI Bank Ltd. vs. ACIT that we find that the assessee’s interest free deposits exceed its tax free investment in current year as well as in succeeding assessment year 2003-04. The tribunal and hon’ble jurisdictional high court deleted an identical section 14A disallowance based on the very presumptio...

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Disallowance cannot be made of expenditure not claimed as deduction in profit & loss account

Sunaina Tower Pvt. Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held In the case of Sunaina Tower Pvt. Ltd. vs. ACIT that the material issue is that the said expenditure was never claimed as business expenditure, the occasion to make a disallowance of the same does not arise....

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CIT (A) cannot initiate & levy penalty u/s 271(1) (c) by penalty order under his adjudication

Shri Ajit Ramchandra Jadhav Vs ACIT (ITAT Pune)

ITAT Pune held In the case of Shri Ajit Ramchandra Jadhav. vs. ACIT that the order initiating the penalty proceedings has to be a different order and has to be passed by the person, who has made the addition / assessment in the hands of the assessee....

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Plausible view by AO being not an erroneous view, revision u/s 263 not sustainable

M/s Vidyasagar Enterprises LLP Vs Principal CIT (ITAT Mumbai)

ITAT Mumbai held In the case of M/s Vidyasagar Enterprises LLP vs. Principal CIT that AO accepted the loss sustained by the assessee in this project to be allowed to be set off against other income of the assessee after application of mind and considering relevant material on record which was one ...

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Supply of shrink-wrap software is transfer of right to use copyright and covered in royalty liable to TDS u/s 195

M/s Tejas Networks Ltd. Vs DDIT (ITAT Bangalore)

ITAT Bangalore held In the case of M/s Tejas Networks Ltd. vs. DDIT that the right that is transferred in the present case is the transfer of copyright including the right to make copy of software for internal business...

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Mere Lien over payment due to pending dispute does not result in cessation of trading liability u/s 41(1)

The ITO Vs Shri Radhey Shyam Agarwal (ITAT Jaipur)

The ITO Vs Shri Radhey Shyam Agarwal (ITAT Jaipur) Once, there is an impending dispute between assessee and M/s. Laxmi Carpet Enterprises then it cannot be assumed that liability for payment has ceased...

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Interest Income is capital receipt only if it is inextricably linked with project

ACIT Vs Z Square Shopping Mall Private Limited (ITAT Lucknow)

In the Case of ACIT VI, Kanpur vs. Z Square Shopping Mall Private Limited, ITAT held that the interest earned on FDR, Gains from investment of Mutual Fund is not inextricably linked or connected with the construction activities...

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How deductor can Submit Self-Declaration for Lower Deposit of TDS

Centralized Processing Cell (TDS) has started sending notices to those deductors who have  paid 40 to 60% lesser TDS during the period from April 1 to October 15, 2015 as compared to the corresponding period in Financial Year 2014-15. If as a deductor you have reasonable causes for less Deduction and less Payment of tax […]...

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Posted Under: Income Tax | ,

ICAI Election 2015- List of Elected Candidate of WIRC Regional and Central Council

ICAI Election 2015- List of Elected Candidate of WIRC Regional and Central Council THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ELECTION TO THE TWENTY THIRD CENTRAL COUNCIL- WESTERN INDIA REGIONAL CONSTITUENCY Position NAME OF CANDIDATE AND SERIAL NO. 1 22. Zaware Shiwaji Bhikaji 2 21. Vikamsey Nilesh Shivji 3 8. Hegde Nandkishore 4 19...

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Posted Under: Income Tax |

Accounting Standards: A Rhythm

AS 1 discloses Accounting Policies, 2 is for Valuation of Inventories. Cash Flow is there in AS 3, AS 4 Post BS date, contingencies & events, the way one can treat....

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Posted Under: Income Tax |

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December 2020