Kerala High Court held that additional machines employed for carrying out the freeze-drying process entitled to enhanced depreciation at 20% under section 32(1)(iia) of the Income Tax Act. Appeal allowed, accordingly.
Gujarat High Court held that reopening of assessment under section 148 of the Income Tax Act in absence of any tangible material to arrive at primafacie reason to believe that income has escaped assessment is unsustainable in law and hence liable to be quashed.
ITAT Agra held that merely uploading of the communication in the Income Tax department e-portal is not sufficient mode of communication in view provisions of Section 282 of the 1961 Act and Rule 127 of the Income Tax Rules.
The issue involved in the present appeal relates to deduction of TDS in case of payment of External Development Charges [EDC]. Notably, TDS was not deducted by the assessee.
ITAT Delhi held that advertisement and distribution revenue earned by Discovery Asia Inc. is taxable as per Mutual Agreement Resolution (MAP) as decided by competent authority of India & USA. Accordingly, appeal allowed partially.
ITAT Delhi remanded the issue back to file of AO to re-compute disallowance under rule 8D(2)(ii) of the Income Tax Act by taking those investment which give rise to exempt income @1% of average value of investment.
ITAT Mumbai held that disallowance under rule 8D(2)(ii) r.w.s. 14A of the Income Tax Rules should be made on average value of investment yielding exempt income and not on the basis of quantum of investment based on market value.
Supreme Court held that illegal termination of employment constitutes a civil dispute rather than criminal intimidation. Accordingly, appeal allowed and chargesheet against the appellants are quashed.
Gujarat High Court held that rejection of rebate claim under rule 5 of the Export Rules for want of documents not justified since and department cannot deny rebate claim which was legally entitled to petitioner.
In case of shares issued under amalgamation, there are no two parties to a transfer of a property. There are tripartite arrangements between amalgamated company, amalgamating company and shareholder of the amalgamating company.
