In the case of ACIT Vs. M/s. Maharashtra State Electricity Distribution Co. Ltd. ITAT adjudicated two appeals against the order of CIT (A) who allowed the appeal of assessee in part. Both revenue as well as assessee filed appeal against the order of CIT (A).
In the case of M/s Tamil Nadu Cricket Association Vs. DDIT (Ex.) Madras Bench of ITAT have observed the activities carried out by assessee in nature of charitable or business. After detailed examination it was held that assessee did not engaged in any business or commercial activity and hence liable for the exemption u/s 11.
In the case of ACIT Vs. Shivaansh Advertising & Publications Pvt. Ltd. Delhi Bench of ITAT observed the requirements of section 153C provides for taking recourse to assessment in respect of any other person and held the conditions precedent are
In the case of Shri Vishal Dipak Shah Vs. Addl. CIT Mumbai Bench of ITAT held that Principle of Res judicata does not apply to the income-tax proceedings as each assessment year is a separate and self-contained assessment year. Therefore, the plea of the appellant that he should be allowed a relief on the same lines as he was allowed in the AY 2005-06 does not hold good. On the merits ITAT held that shares held by the assessee in the investment portfolio cannot be treated as stock-in-trade and consequently the transactions are in the nature of investment and not trading.
Applications are invited from advocates of substantial standing and repute and with good academic credentials for the empanelment of Addl. Public Prosecutor and Assistant Public Prosecutor for representing prosecution cases of the Income Tax Department in the Sessions Court and Addl. Chief Metropolitan Magistrate Courts or the appropriate court of Mumbai.
1) Deduction allowable from Income for payment of Life Insurance Premium (Sec. 80C). (a) Life Insurance premia paid in order to effect or to keep in force an insurance on the life of the assessee or on the life of the spouse or any child of assesse
Introduction As we know the Finance Act 2012 has extended the scope of Transfer Pricing provisions to ‘Specified Domestic Transactions’ (SDT) between related parties w.e.f. AY 2013-14 by inserting section 92BA. Since its introduction there was ambiguity on its applicability to cooperative societies. There was no doubt of its applicability to cooperative societies claiming profit […]
In the case of M/s NYK Line (India) Ltd Vs. Addl. CIT Mumbai Bench of ITAT have held that payment made to professional firm for conducting a Feasibility Study Report for establishing a BPO business for assessee’s own function
ITAT Chandigarh held in Lakshmi Energy & Foods Products Ltd Vs The ACIT that if the assessee was following mercantile method of accounting and it had booked loss in the assessment year in which the same had been determined then the same should be allowed because the assessee
Share warrants are a common source of funding used by companies, both public and private. As is clear from the nomenclature, warrants are issued with an option to convert into shares of the company. Having said so, share warrants are not similar to CCDs or ESOPs as has been explained further in this write-up. In […]
