"01 March 2020" Archive

Employees contribution to EPF & ESIC allowable if paid within relevant due date

PCIT Vs Orchid Pharma Ltd. (Madras High Court)

PCIT Vs Orchid Pharma Ltd. (Madras High Court) Employee’s contribution should be paid within the due date as provided in the related statutes to be allowed as deduction under Section 36(1)(va) of the Act.  A Division Bench of the Kerala High Court in the case of CIT Vs. M/s.Merchem Ltd. [reported in (2015) 378 ITR […]...

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Last Opportunity to file Income Tax Return | Section 139(4) | Belated Return | FAQ’s

Dear readers, March the Closing Month for F.Y. 2019-20, which is very Important for Assessee from Income Tax Point of view. Income Tax Payer has to take many steps to save taxes like Investments under Section 80C/ Section 80D/ Section 80G, deposition of HRA and Investment documents with their employer so that minimum TDS is […]...

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Posted Under: Income Tax |

No Service Tax Disallowance if same not forms part of Turnover- Section 43B

SDCE Projects (P) Ltd. Vs DCIT (ITAT Ahmedabad)

 Assessee not having routed service tax amount through profit and loss account, there was no question of making disallowance under section 43B on account of delayed payment of service-tax....

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No Provision in IBC mandating that Resolution Plan Should Match Liquidation Value

Maharasthra Seamless Limited Vs Padmanabhan Venkatesh & Ors. (Supreme Court)

Maharasthra Seamless Limited Vs Padmanabhan Venkatesh & Ors. (Supreme Court) No Provision in IBC, 2016 which mandated that That Resolution Plan Should Match Liquidation Value No provision in Insolvency and Bankruptcy Code, 2016 or Regulations has been brought to our notice under which the bid of any Resolution Applicant has to match l...

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Excess stock already accounted by Assessee before search cannot be taxed as undisclosed Income

ACIT Vs New Horizons Limited (Kolkata High Court)

ACIT Vs New Horizons Limited (Kolkata High Court) It is observed that physical verification of stock was carried out by the assessee-company in the month of January and February, 2015 as a matter of internal control and surplus stock of Rs.4,70,54,450/- found on such physical verification was duly incorporated by the assessee-company in i...

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Amendment to partnership deed not registered with Registrar are not legally enforceable

GRK Agencies Vs ITO (ITAT Amritsar)

 There was no merit in the argument that while a partnership deed is to be registered, amendment thereto is not.  Amended salary clause being neither stamped nor registered, it was not admissible in evidence in a court of law, i.e., as a legally enforceable contract. Therefore, AO could not be faulted with for not giving cognizance to s...

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Receipts from leasing of cinema hall with furniture & fixtures, plant & machineries and other amenities, was “business income”

Deep Muliplex P.Ltd. Vs DCIT (ITAT Ahmedabad)

The question before us is, whether the receipts derived from leasing out of the cinema hall, along with furniture & fixtures, plant & machineries and other amenities, was 'business income'  as contended by the assessee or 'income from other sources' as treated by the Department....

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Financial Creditors under IBC

Under Insolvency and Bankruptcy Code in respect of insolvency of Corporate Persons, the proceedings can be initiated by Financial Creditor, Operational Creditor or the Corporate Debtor himself.  The method of initiating the proceedings and processes to be followed are different for each category of Creditor.  In respect of Financial Cre...

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Posted Under: Income Tax |

Suo motu contempt proceeding against CIT / PCIT refund ‘Army Officer’ not granted within 30 days: HC

Col. Retd. Madan Gopal Singh Nagi Vs CIT (Madhya Pradesh High Court)

Respondent CIT/PCIT directed to refund the entire amount of income tax they have recovered, which was an exempted amount and which the petitioner Army Officer has paid in respect of his disability pension....

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Land within 1 Km from local limits of municipality having population of more than 25,000 is Capital Asset

Gurudwara Sahib Patti Dhaliwal Vs CCIT (Delhi High Court)

In view of the foregoing, the documentary material shown to us by the Respondent leads to the conclusion that the land in question would be categorized as a capital asset. Therefore, the assessee cannot claim the benefit of exemption to agricultural land and hence, the compensation received by the assessee in pursuance of land acquisition...

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