Selvaraj Shanthamani Vs ITO (ITAT Chennai) Assessee is aggrieved by confirmation of certain additions of Rs.13.51 Lacs which represent deemed letting value of four properties owned by the assessee. Village Administrative Officer has certified that these properties are vacant sites. The said certificates were furnished by the assessee during e-proceedings also. The assessee, vide submissions […]
ITO Vs Pioneer Khadan Product Pvt. Ltd (ITAT Kolkata) On perusal of the Circular No. 17/2019 dated 08.08.2019 and the materials available on record, it reveals that this circular makes it very clear that the revised monetary limits shall apply retrospectively to pending appeals as well. Hon’ble apex court in Commissioner of Customs vs. Indian […]
NCLT held that all past liabilities arising out of any levies/tax dues to any government authorities, etc. which are not part of Resolution Plan and pertaining to Corporate Insolvency Process period shall stand extinguished from the date of approval of Resolution Plan.
It is time that Government seriously considers protecting its legitimate interests by ensuring some mechanism to ensure that tax liability on capital gains is duly recovered from borrower whose property is sold, and when it is not possible to do so on account of borrower’s genuine financial difficulties, from person who receives proceeds of sale of such assets.
ACIT Vs ORG Informatics Limited (ITAT Ahmedabad) Assessee stated that the issue of FCCB is a Foreign Currency Bond issue and it is basically a debt instrument in the nature of loan and all issue expenses related to that are allowable as revenue expenses. This issue is not a public issue but is made to […]
Since additions have been deleted, the very foundation to visit assessee with penalty does not survive. Hence, no penalty is imposable upon assessee
In absence of details regarding rental receipt from property, explanation of assessee is that cash deposits into bank account is out of rental income, cannot be accepted
Foreign Tax Credit – ITAT held that Rules cannot override the Act and therefore the filing of Form. No 67 is not mandatory but it is directory.
Retention of revenues by assessee society as grant in aid by Government of Punjab and assessee society thus continue to remain wholly funded by Government & assessee is thus held eligible for exemption under section 10(23C) (iiiab).
Seeking of comments / feedback on the XBRL being introduced for submission of Announcements pertaining to: One time settlement (OTS)/Inter-Creditors Agreement, Agreements which are binding and not in normal course of business, revision(s) or amendment(s) and termination(s) thereof, Fraud / Defaults by promoter or key managerial personnel or by the listed entity or arrest of key managerial personnel or promoter
