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Online Database access fee is Business Income, not Royalty or FTS

Elsevier Information Systems GmbH Vs Dy. Commissioner of Income Tax (ITAT Mumbai)

Elsevier Information Systems GmbH Vs DCIT (ITAT Mumbai) Whether the subscription fee can be treated as fees for technical services. As discussed earlier, it is evident that the assessee has collated data from various journals and articles and put them in a structured manner in the database to make it more user friendly and beneficial [&he...

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Disallowance of Interest -Alleged conversion of shares held as opening stock to investments 

M/s MKJ Developers Ltd Vs ACIT (ITAT Kolkata)

Where AO had made addition of proportionate interest paid on borrowed funds on the allegation that assessee dealing in share-trading had converted its opening stock of shares to investments, the matter was remanded back to AO to determine the actual date of conversion of shares before computing any disallowance....

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Section 80G approval cannot be rejected on the ground that society is not engaged in charitable activities

Shiv Raj Sharma Shiksha Samiti Bilaspur Vs CIT (ITAT Lucknow)

Shiv Raj Sharma Shiksha Samiti Bilaspur Vs CIT (ITAT Lucknow) It is well settled position of law that at the time of granting approval under Section 80G of the Act, what is to be examined is the object of the trust and so far as the aspect of income is concerned, the same can be […]...

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Depreciation on non ­compete fee payment treating it as an intangible asset

DCIT vs. Compass Group (India) Support Services P. Ltd.(ITAT Chennai)

Recently in the DCIT vs. Compass Group (India) Support Services P. Ltd.  ITAT Chennai decided on 12.06.2019, one of the ground taken by Revenue in the appeal was that the Learned CIT(A) has erred in providing relief to the assessee by holding that the appellant was entitled to depreciation on non ­compete fee as an intangible asset unde...

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AO cannot doubt share premium if he accepts receipt of share capital as genuine

ITO Vs Savera Towers (P) Ltd. (ITAT Kolkata)

Once receipt of share capital had been accepted as genuine within the ken of section 68 there was no reason for AO to doubt share premium component received from the very same shareholders as bogus in view of the fact that assessee had duly discharged burden cast on it to prove genuineness of transaction and identity and creditworthiness ...

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Penalty cannot be imposed on disallowance of creditors for want of address verification

Kishor A. Sewani Vs ITO (ITAT Ahmedabad)

Where sundry creditors arising out of the purchases debited in the profit and loss account as revenue expenses, were added to income of assessee for want of the addresses of said creditors, that did not mean assessee had concealed the particulars of income or furnished inaccurate particulars of income, so as to impose penalty under sectio...

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AO cannot reconsider Grounds of Addition negated by Appellate Forums

Shri Ashok Kumar Chauhan Vs ITO (ITAT Delhi)

Shri Ashok Kumar Chauhan Vs ITO (ITAT Delhi) We find that first of all, the Assessing Officer in the impugned assessment order has simply made the addition on the ground that assessee during the course of survey has offered sum of Rs.20 lacs towards investment in furnishing and in equipments in showroom over and above the […]...

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No penalty on cash loan from Parents and Brother for buying House for Family

Sonia Malik Vs JCIT (ITAT Delhi)

In the instant case, has received cash loan from her parents and brother to meet the stamp duty cost for purchase of a house property for her own living, therefore, I am of the considered opinion that it is not a fit case for levy of penalty u/s 271D of the Act and the provisions of section 273B will come to the rescue of the assessee as ...

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Reassessment without notice u/s 143(2) was bad in law & cannot be revised u/s 263

M/s. Supersonic Technologies Pvt. Ltd. Vs PCIT (ITAT Delhi)

Since no notice under section 143(2) had been issued for completion of the re-assessment proceedings, therefore, the re-assessment order itself was bad in law and the same could not be revised under section 263. ...

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No addition for unabated assessment unless incriminating materials unearthed during search

Rashmi Metaliks Ltd. Vs DCIT (ITAT Kolkata)

No addition could  be made under section 153A for an unabated assessment unless incriminating materials unearthed during search qua the assessment year under consideration. ...

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