ITAT, Ahmedabad in Joshi Technologies International Inc. v. ADIT held that oil wells are plant and machinery, and accordingly, higher depreciation would be allowed
In today’s era, we all must have heard the term ‘Section 8 Companies’ which are a categorized as Non-Profit Organizations (NPOs) or Non-Governmental Organizations (NGOs).
The introduction of Section 245 of the 2013 Companies Act, which grants shareholders and security holders the ability to bring class action lawsuits, is examined in this essay. The idea of class action lawsuits in its current form was also influenced by analogous provisions in these countries
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ITAT Hyderabad held that as addition was not made voluntary but was made only after the search and incriminating evidences found during the search, accordingly, penalty u/s 271(1)(c) of the Income Tax Act towards such addition is sustainable.
ITAT Bangalore held that assessee, being a employees housing co-operative society, is eligible for deduction u/s 80P(2)(d) in respect of interest earned from co-operative banks.
ITAT Ahmedabad held that interest paid on money borrowed for the purpose of business is allowable as business expenditure.
ITAT Jaipur reinforces section 54F’s applicability, highlighting the distinction between actual sale consideration and stamp duty value for capital gains exemption, affirming the principle of real consideration over deemed value for investment in new assets.
ITAT Jodhpur upholds CIT(A)’s decision, negating the AO’s addition of Rs. 1.62 crore under Section 69C for Shri Prahalad Rai Rathi. The judgment clarifies all transactions were through banking, dismissing the alleged unexplained expenditure and unsecured loans as baseless.
Precondition of applicability of S. 14Ahas not been fulfilled in the present case in as much the law never contemplates to apply S. 14A in relation to a taxable income as in the present case
