"02 October 2021" Archive

I-T Dept searches Ahmedabad based real estate developer group

The Income Tax Department carried out search & seizure operations on 28.09.2021 on a real estate developer group and the brokers connected with this group. Total of 22 residential and business premises were covered in the operation....

Read More
Posted Under: Income Tax |

No section 40(a)(ia) disallowance for professional charges not claimed in profit and loss account

ACIT Vs Conwood Medipharma Pvt. Ltd. (ITAT Delhi)

ACIT Vs Conwood Medipharma Pvt. Ltd. (ITAT Delhi) CIT(A) noted that the assessee had not claimed the said professional expenses in its profit & loss account and had capitalized the same under work in progress i.e. ‘Building under Construction’ in fixed assets schedule. The CIT(A) thus deleted the addition. We find merit in...

Read More

No Service Tax on NSE/BSE Transaction Charges & SEBI Turnover Fees

Monarch Research & Brokerage P Ltd Vs C.S.T.-Service Tax – Ahmedabad (CESTAT Ahmedabad)

Monarch Research & Brokerage P Ltd Vs C.S.T.-Service Tax – Ahmedabad (CESTAT Ahmedabad) The issue involved in this case is whether NSE/BSE transaction charges and SEBI turnover fees paid by the stock brokers to the concerned agencies and recovered from their client is liable to service tax under the category of stock broker service....

Read More

Addition based on 3rd party statement/evidence cannot withstand if proper opportunity of cross examination not provided to assessee

Smt. Manorama Singhal Vs ITO (ITAT Indore)

Smt. Manorama Singhal Vs ITO (ITAT Indore) The Income Tax Appellate Tribunal (ITAT), Indore bench has held that the denial of opportunity to the assessee to conduct cross-examination of the parties who have stated to have received ‘on money from the sale of land would amount to a violation of natural justice principles. The Tribunal [&h...

Read More

SVLDRS benefit cannot be availed if Excise Duty amount is neither quantified nor communicated

No. 1 World Wide Express Pvt Ltd. Vs Union of India (Delhi High Court)

No. 1 World Wide Express Pvt Ltd. Vs Union of India (Delhi High Court) In the present case there was a reference to a unilateral declaration of liability by the petitioner and not a quantification of demand by the Revenue in the letter/notice dated 20.11.2018 and therefore, the same does not make the petitioner eligible […]...

Read More

Cessation’ of liability cannot be claimed by AO if proceedings for recovery pending against Assessee

DCIT Vs Surbhit Impex Pvt. Ltd (ITAT Mumbai)

DCIT Vs Surbhit Impex Pvt. Ltd (ITAT Mumbai) It is undisputed position that as on the relevant point of time, the proceedings against the assessee for recovery of these amounts were pending before the Hon’ble judicial forums. It was only on 29.01.2018, i.e., which much after the end of the relevant previous year, that Their […]...

Read More

Compensation paid to tenant for vacation of land allowable as deduction from Capital Gains

Trimm Exports Private Limited Vs DCIT (Karnataka High Court)

Trimm Exports Private Limited Vs DCIT (Karnataka High Court) The issue which arises for consideration in this appeal is whether an amount of Rs.1 Crore paid as compensation by the appellant to the lessee can be claimed as expenses incurred in connection with transfer of the capital asset. The assessee was the owner of land […]...

Read More

Long Term loss on shares allowed to be set off against LTCG on Sale of Property

Michael E Desa Vs ITO (ITAT Mumbai)

Michael E Desa Vs ITO (ITAT Mumbai) Undoubtedly, when the object of a contract is illegality or something which would frustrate the law, such a contract will be void, but then minimisation of tax liability, as long as it is through legitimate tax planning and without using colourable devices, is not at all illegal; it […]...

Read More

Assets on which depreciation been claimed will continue form part of Block of Assets

Sakthi Metal Depot Vs CIT (Supreme Court of India)

Sakthi Metal Depot Vs CIT (Supreme Court of India) the building which was acquired by the assessee in 1974 and in respect of which depreciation was allowed to it as a business asset for 21 years, that is upto the assessment year 1995-96, still continued to be part of the business asset and depreciable asset, […]...

Read More

IBC 2016 have overriding effect over Income Tax Act, 1961

Moserbaer India Ltd. Vs DCIT (ITAT Delhi)

Moserbaer India Ltd. Vs DCIT (ITAT Delhi) Section 238 of IBC 2016 will have overriding effect over all other Central and State statutes including the Income-tax Act and all the claims including claim of the Income-tax Department under the Income-tax Act, 1961 shall be entertained by the Official Liquidator u/s 53 (1) of the Code. [&hellip...

Read More

Search Posts by Date

October 2021
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031