"17 July 2019" Archive

Depreciation on Office Premises assessed as House Property Income?

Shri Prashant Jayantilal Patel Vs DCIT (ITAT Mumbai)

Shri Prashant Jayantilal Patel Vs DCIT (ITAT Mumbai) The sole subject matter of present appeal is to adjudicate whether the assessee would be eligible to claim depreciation on certain premises, which although forms part of block of assets,has been let out during the impugned AY & earned certain rental income which has been assessed as...

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SEBI changes format of quarterly compliance report on corporate governance

Pursuant to Regulation 27(2) of SEBI Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), listed entities were required to submit a quarterly compliance report on corporate governance to the Stock Exchange....

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Posted Under: Income Tax |

Income Tax Refund cannot be withheld for error in Computer System

M/s. Vodafone Idea Limited Vs DCIT (TDS) & Ors. (Bombay High Court)

High Court held that Income Tax Refund cannot be withheld by Income Tax Department for error in Computer System. It held that the computer system cannot override the factual aspects and if Income Tax refund is payable than whether the computer systems accepts or not, is of no consequence....

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Non-compete rights are Intangible asset eligible for depreciation: HC

Pr. CIT Vs Piramal Glass Limited (Bombay High Court)

Section 32(1)(ii) Rights acquired by the assessee under the said agreement not only give enduring benefit, protected the assessee's business against competence, that too from a person who had closely worked with the assessee in the same business. The expression 'or any other business or commercial rights of similar nature' used in Explana...

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National Pension Scheme (NPS) – FAQs

Q. 1 When can a subscriber withdraw from National Pension Scheme (NPS)? Is it possible to exit from NPS before attaining the age of 60 or superannuation? Ans. Withdrawal from NPS can be: 1. On attaining the age of 60 or superannuation; 2. Before attaining the age of superannuation or 60 (Pre-mature exit), provided the subscriber [&hellip...

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Posted Under: Income Tax |

Concept of E-Way Bill

In this article we are going to discuss What is E-Way Bill, When it is required to be issued, Who can issue it, and when it is not required to be issued. What is E-Way Bill? E-Way bill refers to the Electronic way Bill. It is a document required to be carried by the transporters […]...

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Posted Under: Income Tax |

Non-charging of interest on loan to director – Perquisite?

DCIT Vs Shri Shekhar G. Patel (ITAT Ahmedabad)

Non-charging of interest on the loan amount given by lending company to its director could not be a perquisite as no remuneration or salary in the capacity of the director had been drawn from the lending company nor any interest expenditure was shown in its profit and loss account....

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Registration u/s 12AA cannot be denied for non-application of income for charitable purposes

Rajiv Gandhi Proudyogiki Vishwavidyalaya Vs CIT (Exemption) (ITAT Indore)

Since objects of assessee were duly charitable in nature and there was no dispute as to genuineness of its activities, therefore,  no registration could be denied under section 12AA merely on the basis that assessee was not carrying out activities for charitable purposes....

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No addition u/s 68 of short-term capital loss merely on Investigation Wing report

Nicholson Vanijya (P) Ltd. Vs ITO (ITAT Kolkata)

Addition under section 68 of short term capital loss on sale of shares alleged as bogus on the basis of investigation wing report was not justified as the transaction of purchase and sale of shares were supported and evidenced by Bills, Contract Notes, Demat statements and bank statements, ledger accounts of brokers and payment of STT, et...

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No Capital Gain Tax on Sale of accrued FSI/TDR rights to developers

ITO Vs Mr. Deepak Talakshi Shah (ITAT Mumbai)

ITO Vs Mr. Deepak Talakshi Shah (ITAT Mumbai) Hon’ble Bombay High Court in the case of CIT vs. Sambhaji Nagar Co-op. Hsg. Society Ltd.  has held that in case of sale of FSI/TDR rights by the assessee to the developers which have accrued in favour of the assessee following promulgation of Development Control Rules for […]...

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July 2021