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Section 50C not applies if Market Value of Property reduced due to Defect in Property Title

July 23, 2020 5733 Views 0 comment Print

The issue under consideration is whether the provisions of section 50C of the Act can be applied in cases where the market value of the property is reduced due to the defect in the title of the property?

No Service Tax on Commission or Agency Fee remitted to entities for handling Vessels outside India

July 23, 2020 1284 Views 0 comment Print

The issue under consideration is whether the commission or agency fee remitted to entities for handling vessels outside India are exempt from service tax as per Section 78 of Finance Act, 1994?

No Section 271C Penalty is absence of contumacious conduct by assessee

July 21, 2020 3333 Views 0 comment Print

The issue under consideration is whether the Ao is correct in levying penalty u/s 271C for failure to deduct tax at source u/s 194C on payment of external development work charges (EDC)?

Section 36(1) override Section 145A- Interest allowable when Asset put to use

July 21, 2020 1788 Views 0 comment Print

The issue under consideration is whether the Tribunal was right in law in holding that the interest expenditure is Capital in nature

Alleged Betrayal by Counsel – ITAT grants Fresh Opportunity

July 21, 2020 702 Views 0 comment Print

the assessee requested an opportunity to explain the case and to submit all the necessary information & documents to the Assessing Officer since his counsel did not attended the decided hearings to solve the case.

No Service Tax on advanced fire-fighting training & elementary first aid course

July 21, 2020 1275 Views 0 comment Print

The issue under consideration is whether service tax is applicable on the fee income earned from the students under the category of “Commercial Training or Coaching Services”?

Disallowance for Depreciation on Brand License Fees is unjustified

July 17, 2020 1398 Views 0 comment Print

The issue under consideration is whether the disallowance made on account of depreciation on payment of brand license fees is justified in law?

Addition for bogus purchases Limited to difference between Gross & Normal profit

July 17, 2020 1359 Views 0 comment Print

The issue under consideration is whether CIT(A) is correct in enhancing the disallowance on account of bogus purchases to 100% as against 12.5% disallowance done by AO?

Expenses cannot be excluded from Export Turnover u/s 10AA merely because it is in Foreign Currency

July 17, 2020 3171 Views 0 comment Print

The issue under consideration is whether the foreign currency expenditure need to be excluded from the ‘export turnover’ of the assessee for the purpose of computing deduction under Section 10AA of the Act?

Section 11 Exemption cannot be Denied Merely because Income is Exempt from Principles of Mutuality

July 17, 2020 1461 Views 0 comment Print

The issue under consideration is whether the exemption u/s 11 will be allowed against the interest income, exchange gain, and miscellaneous income to the Confederation of Indian Textile Industry?

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