"27 January 2021" Archive

ITAT Lucknow deletes addition for alleged Bogus Capital Gains from Penny Stocks

Achal Gupta Vs ITO (ITAT Lucknow)01/01/1970

Achal Gupta Vs ITO (ITAT Lucknow) Documents clearly demonstrates that assessee had purchased shares through Brokers for which the payment was made through banking channels. The assessee had sold shares through authorized stock broker and payment was received through baking channels after deduction of STT. On Page 16 which is a copy of Ban...

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Recent Service Tax Show Cause Notices – Validity Thereof


The Service tax authorities have recently issued a spate of SCNs for the FY 2015-16 to June 2017. Most of these notices are worded same and seems to be a template issued by someone from the ministry. The said SCN are purportedly issued under section 73(1) of the Finance Act 1994 alleging “wilful attempt to […]...

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Posted Under: Income Tax | ,

ITAT allows section 54 deduction on multiple flats in same premises

Maurice Patrick De Rebello Vs ITO (ITAT Bangalore)01/01/1970

Maurice Patrick De Rebello Vs ITO (ITAT Bangalore) The facts of the assessee’s case are similar to the case of Smt.K.G.Rukminiamma reported in 331 ITR 221 (Kar.) In the case of K.G.Rukminiamma (supra) the assessee on a site measuring 30′ x 110′ had a residential premises. Under a joint development agreement the assessee gave...

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Salary refunded to comply with legal requirements of law cannot be taxed

DCIT Vs Shri Rajamannar Thennati (ITAT Ahmedabad)01/01/1970

DCIT Vs Shri Rajamannar Thennati (ITAT Ahmedabad) The assessee was employed with Sun Pharma Advance Research Co. Ltd. as whole time director of the company with maximum salary of Rs. 3.5 crores as per the resolution passed in the annual general meeting of the company dated 31st July, 2012. Since there was limit for payment […]...

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Turnover in respect of speculative transactions & section 271B Penalty

Santosh Kumar Vs ITO (ITAT Jaipur)01/01/1970

Santosh Kumar Vs ITO (ITAT Jaipur) Tribunal has considered the guidance note of ICAI in respect of the tax audit U/s 44AB of the Act wherein the turnover or gross receipt in respect of speculative transactions has been considered as some total of positive and negative outcome of the speculative transactions. This Tribunal in a […]...

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Educational Material on Ind AS 23, Borrowing Costs


Ind AS 23 prescribes the accounting treatment for recognising the borrowing costs incurred by entities. It sets out the criteria for capitalising the borrowing costs or for charging the borrowing costs as expense to the statement of profit and loss....

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Posted Under: Income Tax |

Banks may use ratings of ‘CRISIL’ for risk weighting their claims for capital adequacy purposes

DOR. No. CRE.BC.33/21.06.007/2020-21 27/01/2021

Banks may therefore, use the ratings of the CRISIL Ratings Limited for the purpose of risk weighting their claims for capital adequacy purposes. The rating-risk weight mapping for the long term and short-term ratings assigned by CRISIL Ratings Limited will be the same as was in the case of CRISIL Limited and there is no change in the rati...

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Lease income from agricultural land not used for agriculture is not agricultural income

K. Vinuthna Reddy Vs ITO (ITAT Hyderabad)01/01/1970

K. Vinuthna Reddy Vs ITO (ITAT Hyderabad) From the facts of the case it is apparent that both the assessees has proximity with the company to whom they have leased the land. Further, the apprehension of the Ld. AO appears to be quite reasonable because both the assessee has received the lease rent for the […]...

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Section 271AAB penalty notice defective if it not specify the default

Rashmi Jalan Vs ACIT (ITAT Kolkata)01/01/1970

Rashmi Jalan Vs ACIT (ITAT Kolkata) Penalty notice issued under section 274 read with section 271AAB  is bad in law as the showcause notice issued by the Assessing Officer does not specify the charge/s against the assessee for levy of penalty, as required by law. Thus, on this ground, the penalty is quashed. Even otherwise, […]...

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No applicability of proviso to section 2(15) if earning of surplus with no profit motive

DCIT Exemption Vs Ernet India (ITAT Delhi)01/01/1970

Merely earning surplus by assessee did not result into the conclusion, that assessee was carrying on its activities, which could be termed as business, trade, or commerce, charging a nominal fee to use coding system and to avail of advantages and benefits therein was neither reflective of business aptitude nor indicative of profit-oriente...

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April 2021