Sub-section(4) of section 80P will not apply to an assessee which is not a co-operative bank. In the case clarified by CBDT, Delhi Coop Urban Thrift & Credit Society Ltd. was under consideration. Circular clarified that the said entity not being a co-operative bank
This proviso makes it very clear that any profit or loss on account of jobbing will not be in the nature of speculation profit or speculation loss. Thus, even if it is accepted that the loss suffered by the appellant was on account of self-trading in view of proviso (c) to section 43(5) such loss cannot be treated as speculation loss.
It is not in dispute that the original authority passed the assessment order on 30.12.2013, as against which, further appeal lies to the Income Tax Appellate Tribunal under Section 253 of the Act and the time for moving the Tribunal is 60 days from the date of receipt of a copy of the order.
The Commissioner of Income Tax (Appeals) so also the learned Tribunal upon perusal of the agreement in question found that the possession as contemplated in Section 53A of the Transfer of Property Act was in fact not handed over by the assessee to the developer.
A careful analysis of Guidance Note on Revision of the Audit Report issued by the Council of the Institute of Chartered Accountants of India would reveal that it is permissible for the respondent to rectify and revise the audit report even after it is submitted.
Expenditure incurred on soda ash project interest expenses and lab project interest was allowable and it was not pre-operative expenditure of interest by way of revenue expenditure as it was for an expansion of the existing business.
Deletion of addition under section 68 for unexplained credits without examining creditworthiness of the persons or genuineness of the transactions for the mere fact that credit were made through Banking channels not justified.
In this matter, the Hon ’ble Gujarat High Court has held that prima facie it is of the view that penalty u/s 45 (3A) of the Gujarat Sales Tax Act, 1969 is not mandatory. However, in the opinion of the court, the question as to whether once the authority decides to impose penalty
In this matter, the Hon ’ble Gujarat High Court has remanded the issue of not allowing input tax credit on purchases affected through retail invoices to Tribunal for fresh adjudication. For penalty imposed u/s 34 (12) of The GVAT Act, 2003
What is important is whether the interest earned on the Central Government grant is to be treated as the income earned or not, and not what the assessee claimed. As stated hereinabove, in the letter of the Central Government releasing the grant, which provides a condition that the interest earned
