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The ITAT directed the ld. AO directed to consider only those investments which had actually yielded exempt income during the year while working out the disallowance under third limb of Rule 8D(2) of the Rules.
Additional depreciation on purchase of raw material and making packing material was manufacture as the final product was a commercially, physically and chemically different and a very important factor that the assessee had been consistently regarded as manufacture by various Government Department and Agencies.
ITAT Kolkata held that as per board’s instruction CBDT circular 1/2011 dated 31.01.2011, in the case of non-corporate assessee in non-metro cities, the ITR filed upto Rs. 15 lacs has to be assessed by ITO and therefore in the instant case the assessment is framed by the Assistant Commissioner of Income Tax in is void, ultra vires and nullity in the eyes of law.
ITAT Kolkata held that income from sale transaction of impugned land property by applying provisions of section 45(2) of the Income Tax Act should be done after obtaining the pending valuation report from DVO to arrive at fair market value as on the date of conversion.
Understanding the Liberalised Remittance Scheme and TCS: Updated Regulations for 2022. Learn about the rules and limits for remitting funds outside India.
SC held that the provisions of section 43B would not apply to the provisions of section 36(1)(va) of the Act in respect of employees contribution.
In this article I want to introduce tax planning hints for taxpayers having housing loans and what are additional benefits available to taxpayers for claiming interest on housing loan under section 80EE and 80EEA
ITAT Mumbai held that assessee duly furnished details like PAN, sub-contract amount and details of TDS justifying payment to sub-contractors. Merely disallowing 10% of sub-contract expense without verifying the veracity of assessee’s claim based on the evidences produced is unsustainable in law.
Delhi High Court held that as the exercise of jurisdiction of Delhi High Court in case where the jurisdictional assessing officer is located outside NCT of Delhi in earlier judicial ruling is doubted. The matter is referred to larger bench of Delhi High Court.
SC held that in case of transfer of Assessing Officer, the new AO can only continue proceeding from the stage at which earlier AO had left.
