The division bench of the Delhi High Court confirmed the Income Tax exemption granted to the Viswa Hindu Parishad (VHP) for the period in which they were banned by the government under UAP Act.
In CIT Vs. Hero Motor corp Ltd, the Delhi High Court held that the payment of export commission made by the Hero Motors to Honda Motor Co. Ltd (HMCL) was not in the nature of payment of royalty or fee for technical services attracting dis allowance under Section 40 (a) (i) of the Income Tax Act.
These appeals are filed challenging the orders passed by the Income Tax Appellate Tribunal, Cochin Bench, in ITA Nos. 120/08 and 119/08 pertaining to the assessment years 2002- 03 and 2001- 02. For the assessment years in question, the assessee had made deduction of payments said to have been made to doctors towards MRI Commission, CT Scan and USG Commission, Pathology Collection Commission and CT Commission National Hospital.
Assessee education-trust could claim depreciation on assets acquired for purpose of carrying out charitable activities and could also carry forward deficit of earlier years and set it off against income of current year.
Talaq by a Muslim husband to his wife cannot be made in a manner which may infringe her fundamental rights guaranteed under Article 14 and 21 of part III of the Constitution.
Loss suffered by the assessee on the sale of foreign is quantified at a figure of Rs. 51,6,108/-. The only question that remains is to determine the nature of loss. In view of the categoric finding of the Commissioner of Income Tax (Appeals) that has attained finality, to the effect that the foreign cars were utilised in the business of the assessee, the loss arising out of their sale would be liable to be categorised as a business loss.
High Court held that under Expenditure Tax Act 1987 chargeable expenditure would be incurred only upon raising of a composite bill upon conclusion of hotel stay and not earlier.
Gotanagar Truck Terminus is a plant and not building, for the purpose of claiming depreciation under Section 32 read with Section 43 of the IT Act. Consequently the assessee is held entitled to depreciation at the rate of 25% as prescribed for plant and not at 10%, as applicable for building.
Ram Gopal Varma will ensure that in film Sarkar 3 releasing on Friday, 12th May 2017 credit is given to Mr Nilesh Girkar in exactly the following manner: Based on a story written by Nilesh Girkar
Considering the law declared by the Supreme Court in the case of Vijay Proteins Ltd. Vs. Commissioner of Income Tax, Special Leave to Appeal (C) No.8956/2015 decided on 06.04.2015 whereby the Supreme Court has dismissed the SLP and confirmed the order dated 09.12.2014 passed by the Gujarat High Court and other decisions of the High Court of Gujarat in the case of Sanjay Oilcake Industries Vs. Commissioner of Income Tax (2009) 316 ITR 274 (Guj) and N.K. Industries Ltd. Vs. Dy. C.I.T., Tax Appeal No.240/2003 decided on 20.06.2016, the parties are bound by the principle of law pronounced in the aforesaid three judgments.
