Pr. CIT Vs Makemy Trip India Pvt. Ltd. (Delhi High Court) The Court is of the opinion that no substantial question of law arises. The difference of opinion between the CIT(A) and the TPO, as to the appropriateness of one or the other methods, cannot per se be a ground for interference; the appropriateness of […]
Challenging the orders dated 14/03/2014 and 14/07/2014 of the CIT(A)-14, Mumbai the assessee has filed the present appeals for the above mentioned Assessment Years(AY.s). Assessee is a foreign bank and is providing banking services.
What has to be seen is the substance of the transaction. Considering the fact that the assessee had suffered loss while carrying out normal business activity i.e. selling its assets. Therefore,we hold that there was no justification for disallowing the loss suffered in the transaction.
Depreciation @ 100% on’ hoardings treated as temporary structures as against the treatment given by the AO as plant and machinery allowing depreciation @ 15%.
Where the CIT(A) was already ceased of the matter wherein the matter has been contested before him by the AO, the ld. Pr. CIT does not have the jurisdiction to exercise his powers u/s 263 of the Act on the same matter as per the explicit provisions contained in clause (c) to explanation 1 to section 263 of the Act.
Court would like to observe that CAs ought to maintain the highest level of ethics and integrity, not only in the interest of their clients but also to ensure that probity and sanctity are not compromised in any manner as CAs are not merely professionals engaged by their clients, but are protectors and guardians of financial markets on which a nation depends.
Tata Industries Ltd. Vs. ACIT (ITAT Mumbai) -Expenditure in raising loans or issuing debentures would be revenue in nature, irrespective of whether the borrowal is a long term or short term one.
ITO Vs. Sudhir Satnaniwala (ITAT Kolkata) It is observed that the deduction claimed by the assessee on payment of municipal tax arrears was disallowed by the A.O. on the ground that the said expenditure pertained to the earlier years and the assessee was not liable to pay the same. Since the corresponding rental income received […]
Mrs. Ramesh K. Patel C/o. Vs ITO (ITAT Ahmedabad) It is come on record that the assessee has not filed even a single satisfactory documentary or oral evidence or confirmation to the satisfaction of the lower authorities so as to prove genuineness of the above two cash deposits. We therefore quoting Hon’ble Apex Court’s judgment […]
AO relied on copies of certain bank statement not bearing any signature of bank official–Authenticity of documents in question Where AO relying on certain loose papers, which were the copies of the bank statement not bearing any signature of the bank official, or the name of the bank or the place or the country where the branch was situated, made addition under section 68 as undisclosed income of assessee in Swiss bank, AO was not justified since the information was not obtained from Swiss bank and documents relied on were not authentic.
