"10 August 2020" Archive

Addition for Jewellery Purchased in cash cannot be made ignoring Cash inflow statement submitted by assessee

Pipush kumar O Desai Vs CIT (Gujarat High Court)

Pipush kumar O Desai Vs CIT (Gujarat High Court) Upon perusal of the relevant record, copies of which have been annexed to the paper book supplied to this court, it is very clear that the assessee had given sufficient details with regard to the sources from which he had purchased the jewellery in question. Upon […]...

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ITAT deletes Addition for wrong entry of cash deposit in bank

ACIT Vs. Dr. Radhey Shyam Garg (ITAT Jaipur)

ACIT Vs Dr. Radhey Shyam Garg (ITAT Jaipur) During the course of assessment proceedings, the AO noted that the assessee has deposited cash of Rs. 2,90,000/- in the Central Bank of India whereas on the said date i.e. 16.11.2015 there was a negative cash balance in the cash book of Rs. 1,01,773.84. The AO accordingly […]...

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Service Tax will not form part of aggregate amount for section 44BB

BAKR Hughes Singapore PTE Vs Addl. Director of Income Tax International Taxation (Uttarakhand High Court)

The issue under consideration is whether amount of service tax being statutory levy, received by assessee from its customers was to be included in calculating the aggregate amount referred to in sub-section (2) of Section 44BB of the Act?...

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Procedure For E-Hearing of Appeals by CESTAT

Public Notice No. 2 of 2020 10/08/2020

Representations have been received from the Bar Associations at Mumbai, Bangalore, Ahmedabad, Chandigarh and Hyderabad Benches of the Tribunal for extending the facility of e-hearing to appeals also on a request made by the counsel....

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SC dismisses plea challenging exclusion of CM Relief Fund from CSR

Mahua Moitra Vs Union of India (Supreme Court of India)

The Supreme Court dismissed the petition filed by the assessee challenging decision of Central Government to excluding Chief Minister’s Relief Fund from the purview of Corporate Social Responsibility (CSR)....

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60% depreciation eligible on UPS as Part of Computer & Peripherals

Religare Securities Ltd. Vs DCIT (ITAT Delhi)

The issue under consideration is whether the UPS is considered as essentially part of computer system and depreciation at rate of 60% charged on it?...

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Unabsorbed depreciation can be Carried Forward even if ITR Not filed within Due date

Addl. CIT Vs Nortel Networks India Pvt. Ltd (ITAT Delhi)

Addl. CIT Vs Nortel Networks India Pvt. Ltd (ITAT Delhi) The issue under consideration is whether the Unabsorbed depreciation can be carried forward even if Income Tax Return has not been filed within period of Due date? ITAT states that, the assessee filed return beyond the due date prescribed u/s 139(1) of the Act. In […]...

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Receipt on Surrender of Tenancy/Sub-tenancy Rights Not Taxable as Capital Gains

Yogini Mohit Sahita Vs ITO (ITAT Mumbai)

Yogini Mohit Sahita Vs ITO (ITAT Mumbai) The issue under consideration is whether amount received on surrender of such tenancy/sub-tenancy rights would be taxable as capital gains? In the instant case, Smt. Saraswati Vithaldas Sahita occupied the said flat at 2nd floor of the building known as Gangasagar on license basis. This is crystal ...

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Assessment reopening based on Wrong Appreciation of Facts is unsustainable

RMP Holding (P) Ltd. Vs ITO (ITAT Delhi)

The issue under consideration is whether the re-opening of assessment u/s 147 on the basis of wrong appreciation of facts can be sustained in law?...

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Amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 as per notification – 17th July, 2020

Amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 as per notification – 17th July, 2020 SEBI has issued a notification dated 17th July, 2020 on Amendment to SEBI (Prohibition of Insider Trading) Regulations, 2015 effective from aforesaid date. We give below a summary of the major amendments, for your information: ...

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