M/s Janani Infrastructure Pvt. Ltd. Vs ACIT (ITAT Banglore) We have held that the sole basis of reopening of the assessment is the information received from the CBI. It is an undisputed fact that AO did not supply those materials to the assessee and also did not confront them with the assessee. Hence, we are […]
Murtuza Shabbir Jamnagarwala Vs ITO (ITAT Pune) Conclusion: Assessee was entited for exemption u/s. 54B as the land transferred by assessee was “Jirayat” type of agricultural land and the same was cultivated land as “Jowar crop” was grown on the same in last four years in line. Held: Assessee, along with other two co-owners, entered […]
In Circular No.1/2019 dated 1st January, 2019 on the above-mentioned subject, the provisions of section 8OTTB were inadvertently not correctly explained in para 5.5.12 of the circular. The correct position of the admissibility of deduction under section 8OTTB is provided as under:-
Ms Karnataka Power Transmission Corporation Ltd. Vs ITO (OSD) (TDS) (ITAT Bangalore) FACTS – Karnataka Power Transmission Corporation Ltd. paid cash equivalent of unutilized leave at the time of retirement of their employees, however, they didn’t deducted TDS on the same. As per section 10(10AA), in case of payment towards unutilized leave period, entire payment […]
Adlabs Entertainment Limited Vs Union of India & Ors. (Bombay High Court) Facts : The Assessee-company, set up a theme park and a water park. As part of State Govt policy, it was offered incentives such as waiver of entertainment tax, since the Assessee was heavily investing capital. Moreover, such waiver gave an advantage to […]
Dalia Investment Pvt. Ltd. Vs DCIT & Anr. (ITAT Kolkata) Citation: Dalia Investment Pvt. Ltd. Vs DCIT &Anr. (ITAT Kolkata); ITA No.2818/Kol/2013 & ITA No.04/Kol/2014; 27/04/2018; 2006-07 Conclusion: Disallowance of miscellaneous expenditure was without application of mind by AO as disallowances of expenses cannot exceed the amount of actual expenses claimed by assessee. Held: In […]
Kalyan Constructions Vs ITO (ITAT Hyderabad) Where assessee had not claimed cash payment of Rs. 1.50 crores for purchase of land as business expenditure or treated as stock or capitalized the same in order to claim depreciation in the future, disallowance under section 40A(3) could not be made. FULL TEXT OF THE ITAT JUDGMENT This […]
Consulting Engineering Services India Pvt. Ltd. Vs ACIT (ITAT Delhi) It is true that noticed dated 21.11.2011 was for both the A.Ys i.e. 2008-09 and 2009-10. However, each A.Y is considered to be a separate unit and, therefore, for each A.Y, the Assessing Officer must bring out his case. A perusal of the said notice, […]
Optival Health Solutions Pvt Ltd Vs UOI (Calcutta High Court) Petitioners have sought a direction upon the respondents to allow them to revise/rectify their Form GST TRAN-2 electronically or manually – Petitioners contend that the present scheme of things does not allow rectification or revision of the TRAN-2 form and such a lacuna violates Article […]
Every investor wishes to have investments which offer high returns and also manage liquidity and risk. A Non Convertible Debenture (NCD) is one such investment. It delivers higher returns as compared to fixed deposits after liquidity. Traditional investment options such as Fixed Deposits or PPF can offer steady income but the returns may turn out […]
