"01 December 2020" Archive - Page 4

Deduction u/s 54F cannot be denied if a person holding one more residential property in joint name

Shree Anil Dev Vs DCIT (ITAT Bangalore)

Disallowance of assessee's claim for deduction under section 54F on the ground of assessee holding one more residential property in joint name along with his wife, could not be sustained as although in purchase deed, name of assessee was also there along with name of wife and purchase consideration of second residential property was paid ...

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TDS not applicable on reimbursement of actual CAB expenses

Sri Balaji Prasanna Travels Vs ACIT (ITAT Bangalore)

Balaji Prasanna Travels Vs ACIT (ITAT Bangalore) It is observed that as agreed by and between the assessee and the cab owners, a vehicle was to be provided by the assessee to the parties and thus, the assessee was to bear the vehicle expenses actually incurred by the said cab owners and which will be […]...

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Employees are hoping for ‘Work from Home’ tax relief. Will the FM grant?

Having recently completed a short survey for personal study on #WFH trend, it was almost impulsive that I swiped the article to scan for details. It was about how, in a major policy change for IT, ITeS and BPO/ KPO industries, the Department of Telecom has significantly eased guidelines known as Other Service Provider (OSP) Guidelines....

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Posted Under: Income Tax |

Vivad Se Vishwas Scheme 2020- Detailed Analysis

BACKGROUND Direct Tax Vlvad se Vishwas Act, 2020 offers a win-win dispute resolution package that benefits the taxpayers as well as the Government. Taxpayers All also be better-off due to savings on account of time and resources, certainty with respect to their tax liability and immunity from penalty and prosecution. Government will benef...

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Posted Under: Income Tax |

ITAT Allows Depreciation on Capitalised Jamnagar Loni Pipeline & Gandhar Plant Cost to GAIL

Gail (India) Ltd. Vs ACIT (ITAT Delhi)

Gail (India) Ltd. Vs Addl. CIT (ITAT Delhi) The rebuttal of the assessee have been considered thoroughly with the relevant documentary evidences referred therein and placed in the paper book. Considering the facts in totality, we are of the considered view that assessee has successfully commissioned the Jamnagar Loni Pipeline and the LPG ...

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No Service Tax on Remuneration to Director in employment of the company

Bengal Beverages Pvt. Ltd. Vs CGST & Excise, Howrah (CESTAT Kolkata)

Bengal Beverages Pvt. Ltd. Vs CGST & Excise, Howrah (CESTAT Kolkata) In the instant case, the only dispute herein is for payment of remuneration in the nature and form of commission based on percentage of profit to whole time directors, which is a fact on record. Section 2(94) of Companies Act, 2013, duly defines ‘whole-time [&helli...

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To claim Bad Debts written off assessee has to fulfill requirement of section 36(2)

M/s. SAP India Pvt. Ltd. Vs DCIT (ITAT Bangalore)

SAP India Pvt. Ltd. Vs DCIT (ITAT Bangalore) We find that apart from writing off of bad debts in the books of accounts, the assessee has to fulfill this requirement of section 36(2) of the IT Act also that the amount in question has been considered as income in the relevant year or in an […]...

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Quashing of Complaint Should Rather be Exception & A Rarity than an Ordinary Rule: SC

Skoda Auto Volkswagen India Private Limited Vs State of Uttar Pradesh & Ors. (Supreme Court of India)

Skoda Auto Volkswagen India Private Limited Vs State of Uttar Pradesh & Ors. (Supreme Court of India) We are unable to agree with the contention of the learned Senior Counsel for the petitioner that the substratum of the police complaint is something that is already the subject matter of adjudication before this Court in the […...

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Credit cannot be denied on services used for providing warranty services

Power Build Pvt Ltd Vs C.C.E. & S.T. (CESTAT Ahmedabad)

Power Build Pvt Ltd Vs C.C.E. & S.T. (CESTAT Ahmedabad) Warranty Service which implies that the value is already included in the sale price of the goods. Moreover, there is no requirement in the definition of Input Service that the value is to be included in the assessable value for the purpose of Central Excise […]...

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RP cannot wear hat of `Former RP’ & pursue an avoidance application: HC

Venus Recruiters Private Limited Vs Union of India (Delhi High Court)

Venus Recruiters Private Limited Vs Union of India (Delhi High Court) Whether an application for avoidance of a Preferential Transaction, though filed prior to the Resolution Plan being approved, can be heard & adjudicated by the NCLT, at the instance of the RP, after the approval of the Resolution Plan? The jurisdiction of the NCLT [...

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