"23 December 2022" Archive - Page 2

Deduction u/s 54B ineligible if land not used for agricultural purpose

Tushar Jagmohan Kamthe Vs ITO (ITAT Pune)

ITAT Pune held that deduction under section 54B of the Income Tax Act is available only if the land was used for agricultural purpose in the immediate two preceding years. in absence of the same, deduction u/s 54B ineligible....

Addition u/s 68 merely based on presumption/ suspicion is unsustainable

Prashant Pratap Ahir Vs ACIT (ITAT Pune)

ITAT Pune held that addition u/s 68 of the Income Tax Act merely on the basis of presumption or suspicion without any corroborated evidence is unsustainable....

Incorporation of Subsidiary of Foreign Company in India & Practical Steps of Part A & B Spice

Indian Companies Act, 2013 (Act) allows the incorporation of Subsidiary Company of Foreign Company in India. The Subsidiary Company of Foreign Company means either controls the composition of the Board of directors or exercises or controls more than half of the total share capital....

Posted Under: Income Tax |

Disallowance of loss on share unsustainable as evidences duly submitted

Genuine Finance Pvt. Ltd. Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that disallowance of loss on share on mere conjecture and surmises is unsustainable as assessee duly submitted all the evidences....

All About External commercial borrowing

External Commercial Borrowing (ECB) refers to the borrowing of funds by Indian companies from foreign sources in the form of loans, bonds, or other financial instruments. ECB can be used to finance a variety of purposes, including the expansion of business, the acquisition of assets, and the repayment of existing debt. ECB can be obtained...

Posted Under: Income Tax |

Interest income to co-operative society from investment with co-operative bank is eligible for deduction u/s 80P(2)(d)

ITO Vs Mittal Court Premises Co. Op. Society Ltd (ITAT Mumbai)

ITAT Mumbai held that the interest income earned by a cooperative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Income Tax Act....

Higher depreciation @60% allowable to UPS and printers

Eversendai Construction Pvt. Ltd Vs DCIT (ITAT Chennai)

ITAT Chennai held that UPS and Printers being part of a computer systems and hence eligible for higher depreciation at the rate 60%...

Analysis of Maharashtra AAAR ruling with Regards to Composite Supply In GST

Analysis of Legal View Given By Maharashtra Appellate Authority For Advance Ruling For Goods And Services Tax With Regards to Composite Supply In GST Ruling : M/s.Kasturba Health Society, Sevagram Road, Sevagram, Vardha- 442102  (5th December 2022) Facts of the case : M/s. Kasturba Health Society, Sevagram Road, Sevagram. Vardha- 442102 ...

Posted Under: Income Tax |

Narcotic Drugs and Psychotropic Substances (Seizure, Storage, Sampling and Disposal) Rules, 2022

G. S. R. 899(E) 23/12/2022

The narcotic drugs, psychotropic substances and controlled substances seized under the Act shall be classified based on physical properties and results of the drug detection kit, if any, and shall be weighed separately....

Cess/Surcharge is not allowed as business expenditure u/s 37 of the IT Act, 1961

Joint Commissioner of Income Tax Vs  M/s. Chambal Fertilizers & Chemicals Limited (Supreme Court of India)

Supreme Court in JCIT v. M/s. Chambal Fertilizers & Chemicals Limited held that the term tax under Section 40(a)(ii) of the Income Tax Act, 1961 should also include cess....

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December 2023