We are of the view that donation given by assessee trust to a university approved under section 10(23C)(vi) is for charitable purpose subject to verification of the basic information which were not available on record, as per Ld. DR, such as:(i) Property from which the rental income of the trust has derived, that is rental agreement and assessee`s Trust entitlement to receive rental income.
Exporters advised to file Table 6A and GSTR 3B for processing of IGST Refund and for Refund of the unutilized Input Tax Credit; Errors by exporters while filing their returns are the sole reason for delay in grant of refunds or rejection thereof; The Government of India has taken various measures to alleviate difficulty and is fully committed to provide Speedy disbursal of Refunds due to exporters.
Hemant Kumar Pradhan Vs ITO (ITAT Cuttack) Original assessment u/s.143(3) of the Act was made by the AO by rejecting the books of accounts of the assessee and estimating the income of the assessee at 8% of the gross contract receipt of Rs. 49,10,212/-. It is trite law that once the books of accounts of […]
ACIT Vs. Divi’s Laboratories Ltd. (ITAT Hyderabad) This appeal is filed by the Revenue against the order of CIT(A) – 5, Hyderabad dated 30/01/2016 relates to the AY 2012-13 wherein the revenue has raised the following grounds of appeal: “1. The ld. CIT(A) erred in holding that the surcharge and education cess is to be […]
Recently I have come across lot of queries regarding GST from some Common people and professionals from other fields whom I met recently. I have also answered them to some extent to what I really known about the particular concept.
The Income Tax Appellate Tribunal (ITAT) Hyderabad on Wednesday ordered that the allowances received by a Member of Legislative Assembly is to be exempted from Income Tax.
As no activity was undertaken by the assessee which could be said to be business activity, no deduction was allowable under section 36(1)(iii). Thus, AO was justified in disallowing the interest paid on borrowed capital to assessee.
Gaurav Seksaria Vs. ITO (ITAT Kolkata) Reimbursement of expense incurred during foreign visit to Director by Company is not taxable as Perquisite It is not in dispute that the assessee employee had not claimed any expenditure as deduction which were incurred by him through credit card during his foreign travel. He incurred expenses through credit […]
Contention of the assessee that the non-compete fee is the business expenditure of the assessee has been upheld. The assessee has always contended that it is its business expenditure and therefore, it was required to deduct the tax at source u/s 194J of the Act. For failure to deduct the tax inspite of being liable to do so, the penalty u/s 271 C is clearly leviable.
Since the assessee has not shown any profit nor paid any remuneration to any of the members, the provisions of section 40(ba) will not be attracted.
