The issue under consideration is whether A.O. is correct in disallowing claim of stamp duty and registration charges by considering it as capital expenditure?
Once R&D facility has been recognized by competent authority, then deductions provided u/s 35(2AB) cannot be denied, merely for the reason that approval of expenditure for impugned year in prescribed form has not been received from competent authority.
The assessee company was in the business of Sale and Service of CCTV cameras and other security equipment’s. Total receipts for the year under consideration was Rs. 3,54,30,497/- and still they have not filed return under income tax.
In the given case, the Karta of the HUF, Mr. BM Sarin is more than 70 years old and has closed his business. The notices were sent through emails but the assessee being a senior citizen could not look into those emails.
ITAT Delhi ruling on cash deposit issue. Assessing Section 69A addition to the assessee’s income. Understanding the ITAT judgment and its impact.
ITAT states that the assessee has disclosed the sale of shares in its books of account. Once the sale is declared as income by the assessee, the question of treating the same amount as a cash credit u/s 68 of the Act results in double addition. Thus, the addition is also bad on merits. Hence, the appeal of the assessee is allowed.
The issue under consideration is whether Fair Market Value of property determined without giving access to the DVO’s report to Assessee and without considering the Assessee’s objections is justified in law?
CESTAT are of the clear view that merely based on DGOV circular also, value cannot be enhanced which is without authority of law. It is clearly held that DGOV circular cannot override the provisions of Valuation Rules.
The issue under consideration is whether AO in invoking section 56(2)(viib) of the Act and taxing the share premium under the said provisions?
The issue under consideration is regarding classification of services, whether electricity bill paid on behalf of client can be classified as ‘Business Auxiliary Service’?
