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No section 14A Disallowance if There is No Exempt Income

Tata Sky Limited Vs. ACIT (ITAT Mumbai)

Tata Sky Limited Vs. CIT (ITAT Mumbai) The issue under consideration is whether the disallowance of expenditure under section 14A is justified if there is no exempt income? In the instant case, the assessee has invested in various investments which, yield exempt income. Further, the assessee has not made suo moto disallowance of expenditu...

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Keyman Insurance Policy Maturity Value Taxable as Income From Other Sources

Ravjibhai L. Kakadia Vs. ACIT (ITAT Mumbai)

Ravjibhai L. Kakadia  Vs. ACIT (ITAT Mumbai) The issue under consideration is whether the maturity value of the Keyman Insurance Policy is taxable under Income Tax Act and under which Head?...

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Purchase credited in books cannot be added under section 68

Sanjay Sharma Vs. ACIT (ITAT Delhi)

Sanjay Sharma Vs. ACIT (ITAT Delhi) Assessing Officer has accepted not only he sales figures but has also accepted that total purchases. Under accounting principles, a liability can only be brought into account by a credit entry in the books of account in favour of the person to whom the money is payable’ Thus, there […]...

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No penalty on additional income admitted though there was no evidence

ACIT Vs Deccan Jewellers Pvt. Ltd. (ITAT Visakhapatnam)

ACIT Vs Deccan Jewellers Pvt. Ltd. (ITAT Visakhapatnam) We find from the orders of the lower authorities that the basis for additional income was only estimation but not supported by any evidence. Even the department failed to substantiate the industry average of purification loss with authenticated documentary evidences. The assessee sub...

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ITAT allows section 80-IB deduction on Pro-rata basis

Vishal Constructions Vs. ITO (ITAT Pune)

Vishal Constructions Vs. ITO (ITAT Pune) We note that in the present appeal the assessee claimed deduction Rs.18,80,000/- u/s. 80IB(10) of the Act. The AO held that the assessee has violated the provisions of section 80IB(10) of the Act as built up area of shops and commercial establishments exceeded 5000 sq. ft. For such violation [&hell...

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Deduction of cess allowable as same is not covered under section 40(a)(ii)

Midland Credit Management India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi)

Midland Credit Management India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) Assessee by way of additional ground has claimed deduction of cess on the ground that the same is not covered under section 40(a)(ii) of the Act. The Hon’ble High Court of Bombay at Panaji bench in the case of Sesa Goa 423 ITR 426 […]...

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Interest on Borrowing invested in Shares of Subsidiary Companies in same line of business allowable

ACB [India] Power Ltd Vs DCIT (ITAT Delhi)

ACB [India] Power Ltd. Vs DCIT (ITAT Delhi) Assessing Officer observed that the borrowings of the assessee also has been invested in share capital of subsidiary companies and even the funds raised during the year under consideration have been invested in subsidiary shares of group companies and also repaying the loans. The Assessing Offic...

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Conversion from Limited to Complete Scrutiny Not Allowed Prior to Receipt of Approval from PCIT

Manju Kaushik Vs DCIT (ITAT Jaipur)

The issue under consideration is whether the conversion of case from limited scrutiny to complete scrutiny prior to receipt of approval from Pr. CIT is justified in law?...

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Remuneration to Partners as Representative of HUF Allowed u/s 40(b)

Shreeji Corporation Vs JCIT (ITAT Ahmedabad)

The issue under consideration is whether remuneration paid to a partner acting in a representative capacity as karta of HUF is allowed u/s 40(b)?...

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Amount received through Will of God Mother Eligible for Exemption u/s 56(2)(vii)

Cynthia Ramona Chellappa Vs. ITO (ITAT Chennai)

Cynthia Ramona Chellappa Vs. ITO (ITAT Chennai) The issue under consideration is whether the amount received through the Will of God-Mother is eligible for exemption u/s 56(2)(vii)? ITAT states that a perusal of the provisions of Section 56(2)(vii) shows that any amount received by an individual without consideration and the aggregate val...

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