"02 March 2018" Archive

Wife liable to reply Notice issued U/s. 133(6) to deceased Husband

Mrs. S. Savithri Vs. The Income Tax Officer (Karnataka High Court)

Mrs. S. Savithri Vs. ITO (Karnataka High Court) The Noticee even if deceased, the Legal Representatives or the persons who inherit the estate of the deceased persons will have to comply with the said Notice for furnishing the requisite information. The very purpose of the provisions of Section 133 (6) of the Act is to […]...

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Unrecognized courses comes within the meaning of education for exemption U/s. 11

ITO(E) Vs. M/s Young Women’s Christian Association of Delhi (ITAT Delhi)

ITO (E) Vs. M/s Young Women’s Christian Association of Delhi (ITAT Delhi) Unrecognized courses are also comes within the meaning of education or in other words, it can be said that the charitable purposes includes relief to the poor, education (yoga), medical relief, preservation of environment and preservation of monuments or placed or...

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MS Office software License Purchase Expense is Revenue Expense

M/s ILink Multi tech Solutions Pvt. Ltd. Vs. DCIT (ITAT Chennai)

It is not in dispute that the assessee purchased MS Office software and used the same in its business. By purchasing MS Office software, the assessee has not become owner of the software. The ownership of MS Office software remained with Microsoft company. ...

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Compensation for resigning is eligible for tax benefit U/s. 10(10B) as Retrenchment Compensation

Vishnu Mohan T Nair Vs. Income Tax Officer (ITAT Ahmedabad)

Right now we are dealing with an employee who is giving up his source of livelihood under the threat of dislocation, and the hyper technical interpretations based on technicalities about the wordings in the settlement deed, signed by him under these compelling circumstances, is being taken as the understanding about assessee’ s actual c...

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Penalty cannot be imposed for Mere ALP computation method change by TPO

M/s Halcrow Consulting India Pvt. Ltd. Vs. DCIT (ITAT Delhi)

It is seen that the grounds on which the ALP determined by the assessee has been rejected are reasonably debatable. The assessee had obtained a transfer pricing study from an outside expert and the objectivity of the same was not called into question....

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TDS U/s. 194C not applicable on hiring charges paid to transporter or truck owners in absence of any written or oral contract

Chandrakant Thackar Vs. Asst. CIT (ITAT Cuttack)

When hiring of trucks and payment thereof was not in consequence upon any written or oral agreement, the natural outcome is that the provisions of section 194C, as has been held in the decisions referred to herein before, were also not applicable to the assessee’s case ...

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Smallness of amount of additions vis-a-vis returned loss is a bonafide explanation

Balaji Motion Pictures Ltd. Vs. DCIT (ITAT Mumbai)

Balaji Motion Pictures Ltd. Vs. DCIT (ITAT Mumbai) The assessee has given an explanation that keeping in view smallness of the amount being addition of Rs. 2,16,441/- and also keeping in view that the assessee had claimed a loss of more than of Rs. 9 crores in the return of income filed with the Revenue […]...

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Section 292BB not applicable on failure to issue notice U/s. 143(2)

Alok Mittal Vs. Dy. CIT (ITAT Kolkata)

Where notice was not issued by assessing officer under section 143(2) before passing order under section 143(3) read with section 147, assessment made by him was bad in law. Provisions of section 292BB are not applicable where there is failure to issue notice under section 143(2)....

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Section 80IB(11A): Initial assessment year for an undertaking means year in which it begins its business

Anand Food And Dairy Products Vs. ITO (Gujarat High Court)

An undertaking like the assessee, which derives profits from the business of processing, preservation and packaging of fruits or vegetables would be entitled to deduction under section 80IB(11A) of the Act from the initial assessment year, viz. the assessment year relevant to the previous year in which it begins such business....

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GDP growth for 2017-18 revised upwards to 6.6 percent

Finance Ministry: Robust growth in manufacturing and significant acceleration in construction mark a turnaround in the country’s economic growth momentum; Heralding an improvement in the investment climate, real gross fixed capital formation is estimated to grow at a robust 7.6 percent for 2017-18, accelerating from 6.9 percent in Q2 20...

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Posted Under: Income Tax |