"October, 2018" Archive - Page 8

S. 54 Cost of land cannot be segregated in computation of cost of new asset

C. Aryama Sundaram Vs CIT (Madras High Court)

C. Aryama Sundaram Vs CIT (Madras High Court) What has to be adjusted and/or set off against the capital gain is, the cost of the residential house that is purchased or constructed. Section 54(1) of the said Act is specific and clear.It is the cost of the new residential house and not just the cost […]...

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Computation of Turnover in case of business of accommodation entries and applicability of Tax Audit

Shri Mukesh Choksi Vs The ACIT (ITAT Mumbai)

Shri Mukesh Choksi Vs ACIT (ITAT Mumbai) It was submitted that the case of the assessee was akin to the share brokers and therefore only the commission should be considered as receipts of the assessee and not the purchase/ sale value of shares. In our view the claim had been rightly rejected by the CIT(A). […]...

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No service tax on activities undertaken in the capacity of a real estate developer

Prestige Estates Projects Pvt Ltd Vs Commissioner Of Central Tax (CESTAT Bangalore)

Prestige Estates Projects Pvt Ltd Vs Commissioner Of Central Tax (CESTAT Bangalore) It is seen that the amounts received by the appellants in respect of 3 activities undertaken by them i.e. ‘assignment transfer income’, assessment and bifurcation fees, ‘Khata transfer fees’ and ‘forfeiture’ amounts find their origin in the agr...

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No Penalty U/s. 271AAA on Income surrendered during Assessment

DCIT Vs Star Wire Ind. Ltd. (ITAT Delhi)

DCIT Vs Star Wire Ind. Ltd. (ITAT Delhi) It is pertinent to note that the Assessing Officer himself has recorded the statement of Shri Mohinder Kumar Gupta in the assessment order, wherein the Director of the Company has elaborated the transaction which was also confirmed by Mr. Kailash Chandra Agarwal. The assessee Company through its [&...

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Inclusion of Notional interest on interest-free security deposit in computation of annual value u/s 23(1)(b)

DCIT Vs Moni Kumar Subba (ITAT Delhi)

DCIT Vs Moni Kumar Subba (ITAT Delhi) In the present case, the AO added notional interest on the interest free security for arriving at annual letting value. Since that was not permissible, the effect would be that such assessment was rightly set aside by the CIT (A) and the Tribunal. Therefore, the orders would not […]...

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GST: Classification of automotive chains used in petrol & diesel engines

In re Borgwarner Morse Systems India Private Limited. (GST AAR Tamil Nadu)

In re Borgwarner Morse Systems India Private Limited. (GST AAR Tamil Nadu) Whether automotive chains (i.e., silent chains used in petrol engines and roller chains used in diesel engines) manufactured by the applicant are classifiable under HSN 8409 or 7315? “Roller chains” supplied by the applicant are classifiable under CTH 7...

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TDS certificates U/s. Section 197 r.w. Rule 28AA can be issued only by concerned official

TLG India Private Limited Vs JCIT (Bombay High Court)

TLG India Private Limited Vs JCIT (Bombay High Court) It is stated that the impugned communications / certificates, copies of which are annexed to the Writ Petition as Annexures-T and U are withdrawn. The concerned official will now issue fresh certificates in accordance with law. While we allow withdrawal of these certificates and impugn...

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Posted Under: Income Tax |

Urban Improvement Trust is not a local authority & not eligible for exemption U/s. 10(20): SC

ITO Vs Urban Improvement Trust (Supreme Court of India)

ITO Vs Urban Improvement Trust (Supreme Court of India) “The High Court based its decision on the fact that functions carried out by the assessee are statutory functions and it is carrying on the functions for the benefit of the State Government for urban development. The said reasoning cannot lead to the conclusion that it is [&hellip...

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Treatment of interest income for deduction u/s 10B of Income Tax Act, 1961

Universal Precision Screws Vs JCIT (ITAT Delhi)

Assessee is entitled to deduction u/s 10B of the Act in respect of the interest income earned on FDRs made for the purposes of keeping margin money or for availing any other credit facility from banks....

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2 Years time limit u/s. 153B applies only to original order and to orders passed after remand

Surendra Kumar Jain Vs Principal CIT (Delhi High Court)

Surendra Kumar Jain Vs PCIT (Delhi High Court) The general provision of two years, in the opinion of the Court, has been provided with one important objective i.e. to cater to a specific situation where upon search and seizure operation, if new material is found, already completed assessments are revisited. Had Parliament not prescribed ...

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