"02 September 2018" Archive

Exemption cannot be denied merely because Assessee has not claimed the same

Manohar Reddy Basani Vs Income Tax Officer (ITAT Hyderabad)

Manohar Reddy Basani Vs ITO (ITAT Hyderabad) Assessing Officer having concluded that the assessee having neither disclosed the capital gains in the return of income nor claimed any deduction u/s 54F of the Act, the assessee is not entitled to get any deduction u/s 54F, in the same way he should not have added the […]...

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Exemption U/s. 11 not available if Trust Gifts its property to Unregistered Trust

DDIT Vs M/s. Paramasiva Naidu Muthuvel Raj Education Trust (ITAT Chennai) (ITAT Chennai)

DDIT Vs M/s. Paramasiva Naidu Muthuvel Raj Education Trust (ITAT Chennai) It is also an undisputed fact that during relevant assessment year, the land had been made available to M/s. PMR Bangaru Subbammal Educational Trust, which is a Trust that does not have registration u/s.12AA of the Act. It is also an undisputed fact that […]...

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Remuneration to Chairman of Govt Company is Business Expense

DCIT Vs Garhwal Mandal Vikas Nigam Ltd. (ITAT Delhi)

DCIT  Vs Garhwal Mandal Vikas Nigam Ltd. (ITAT Delhi) It was observed that as per the Memorandum of Association/Article of Association the Chairman is appointed by the governor of Uttarakhand for such period and upon such terms and on such remuneration, if any, by way of salary or honorarium as the governor may think fit. […]...

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Section 138 Attracted Even If Cheque Issued For Sale Consideration Not Disclosed in Sale Deed

Bhawish Chand Sharma Vs Bawa Singh (Delhi High Court)

Bhawish Chand Sharma Vs Bawa Singh (Delhi High Court) The mutual agreement between the parties to disclose only a part of the consideration under the sale deed may attract other consequences for the parties. However, that by itself does not render the underlying transaction unlawful. Pertinently, it is not claimed that at the relevant tim...

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Non-Competent Fee paid is Intangible Asset- Depreciation allowable

The Deputy Commissioner of Income Tax Vs M/s. Sapa Extrusion India Pvt. Ltd. (ITAT Bangalore)

ITAT held that non-compete fee paid is an intangible asset acquired by the assessee on which depreciation has to be allowed u/s. 32(1)(ii) of the act....

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Section 14A will not apply if no exempt income is received or receivable

Deputy Commissioner of Income-tax Vs M/s. Ambuthirtha Power P. Ltd. (ITAT Bangalore)

DCIT Vs M/s. Ambuthirtha Power P. Ltd. (ITAT Bangalore) The issue in Maxopp Investment Ltd’s. case (supra) was whether the expenditure (including interest on borrowed funds) in respect of investment in shares of operating companies for acquiring and retaining a controlling interest therein was disallowable under Section 14A of the A...

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Additional Director of Directorate of Revenue Intelligence not entitled to invoke Section 124 of Customs Act, 1962

Navneet Kumar Vs.Union of India & Ors. (Calcutta High Court)

Navneet Kumar Vs.Union of India & Ors. (Calcutta High Court) Additional Director General of the Directorate of Revenue Intelligence has no jurisdiction to invoke the provisions of Section 124 of the Customs Act, 1962. A notice to show cause can be issued under Section 124 of the Act of 1962 by the persons named in […]...

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Apportionment of expense on R&D and ESOP having no nexus with products manufactured in exempted units not justified

Dr. Reddy’s Laboratories Limited Vs DCIT (ITAT Hyderabad)

Dr. Reddy’s Laboratories Limited Vs DCIT (ITAT Hyderabad) The case of the assessee, all through, was that R & D expenditure was incurred by the assessee in a separate unit known as ‘IPDO’, which is meant for carrying on R & D. It is also not in dispute that formulations / products arising out of […]...

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GST Registration – A GIST of All Relevant Provisions

Goods and Service Tax (GST) in simple terms can be said to be an indirect tax, levied in India, on the supply of goods or services or both. Goods and Service Tax has been made applicable in India from 1st July, 2017 and the same has replaced various cascading taxes levied by the Central and State Government in India....

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Posted Under: Income Tax | ,

Estimates of Gross Domestic Product for First quarter of 2018-19

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the estimates of Gross Domestic Product (GDP) for the first quarter (April-June) Q1, of 2018-19, both at constant (2011-12) and current prices, along with the corresponding quarterly estimates of expenditure components of the GDP....

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Posted Under: Income Tax |