"17 March 2019" Archive

Expenditure on removal of encumbrance includible in cost of new house property

ACIT Vs Himanshu Jayanti Lal Kamdar (ITAT Ahmedabad)

While computing exemption under section 54F, expenditure incurred towards vacating the new house property from tenants were includible as part of its cost, because existence of encumbrance was specified in the purchase agreement and original cost of acquisition was much lower than fair market value of the house property due to such attach...

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Interest earned on deposit of surplus funds – Business Income?

Hindustan Unilever Ltd. Vs A CIT (ITAT Mumbai)

 Interest earned on deposit of surplus funds could not be taxed as business income in view of the fact assessee was not in the business of money-lending....

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Additions u/s 68 merely for not producing directors of investment companies is not sustainable

Income Tax Officer Vs BSNI Commercial Pvt. Limited (ITAT Kolkata)

Whether Additions u/s 68 merely on the ground that the assessee could not produce the directors of the share subscribing companies is sustainable....

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Appeal (High Court)–statute confers a limited right of appeal only in a case which involves substantial question of law

Janardhanam Balaji Vs The Additional Commissioner of Income Tax (Madras High Court)

Janardhanam Balaji Vs ACIT (Madras High Court) Right of appeal is not automatic. When statute confers a limited right of appeal only in a case which involves substantial question of law, it is not open to sit in appeal over factual findings arrived at by AO, CIT(A) and Appellate Tribunal. Hence, appeal was not entertained. […]...

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Situs of owner of intangible asset, would be closest approximation of situs of intangible asset

M/s. Lal Products Vs Intelligence Officer (Kerala High Court)

M/s. Lal Products Vs Intelligence Officer (Kerala High Court) Hon’ble Kerala High Court had an occasion to determine the situs of sale of incorporeal goods namely, patents and trademarks when the contract of sale was executed by the Appellant in the state of Gujarat where they had one operating manufacturing plant while the HO of [&hell...

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HC on issue of prosecution notice despite admission of Appeal by HC

M. Suresh Company Pvt Ltd Vs Pr. CIT (Bombay High Court)

M. Suresh Company Pvt Ltd Vs Pr. CIT (Bombay High Court) 1. This Motion is taken by the appellant assessee in Income Tax Appeal No. 738 of 2016. The appeal arises out of a judgment of the Income Tax Appellate Tribunal confirming penalty against the assessee under Section 271(1)(c) of the Income Tax Act, 1961. […]...

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Date of allotment is date on which purchaser can be stated to have acquired the property

Vembu Vaidyanathan Vs Pr. CIT (Bombay High Court)

Vembu Vaidyanathan Vs Pr. CIT (Bombay High Court) During the course of assessment the Assessing Officer examined this claim and came to the conclusion that the gain arising out of sale of capital asset was a short term capital gain. The controversy between the assessee and the revenue revolves around the question as to when […]...

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What is Cess and Surcharge

What are Cess and Surcharge? While calculating income tax, you have to calculate Cess and Surcharge also. Especially for those who are going to file income tax for the first time, the term Cess and Surcharge is a bit of a brainwave. In this article, we will understand the meaning of Cess and Surcharge. It […]...

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Posted Under: Income Tax |

Situations where tax is payable even if Income is less than Rs. 5 lakhs

Situations where person has to pay tax even if Income is less than Rs. 5 lakhs In Budget 2019 our finance minister has announced that no tax will be paid on Income up to Rs. 5 lakhs. Many of us misunderstood that the income tax slabs have been increased, whereas the finance minister has mentioned […]...

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GSTR 3B Payment and Offset liability, Old Rule or New Rule?

Now as per CGST Amendment act 2018 Prescribed the New rule for Utilization of ITC as Given in Sec 49A 49A. Notwithstanding anything contained in section 49, the input tax credit on account of central tax, State tax or Union territory tax shall be utilised towards payment of integrated tax, central tax, State tax or […]...

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Posted Under: Income Tax |

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