ITO Vs Adhikar (ITAT Cuttack) In the instant case, it is not in dispute that the assessee is engaged in the activity of Micro Finance. The Assessing Officer considered the same as non-charitable activity within the meaning of section 2(15) of the Act on the ground that the activities were carried out on commercial lines. […]
Krishna N Bhojwani, Vs. ACIT (ITAT Mumbai) While calculating annual value of the let out property, maintenance charges paid to the society by the assessee is admissible deduction from the annual let out value under section 23(1)(b). Hence, disallowance made by AO was not justified. FULL TEXT OF ITAT ORDER IS AS FOLLOWS: The captioned […]
Wind World India Infrastructure (P) Ltd. Vs. Pr. CIT (ITAT Mumbai) Assessee contended that wind turbine generators were used for generation of electricity, which is akin to manufacturing of an article or thing as the electricity is intangible and its effect can be seen and felt, transferred, delivered, stored, processed, etc. It was, thus submitted […]
This appeal by the Revenue is against the order of the Commissioner of Income-tax (Appeals) dated 03-09-2011 passed against the assessment order passed u/s 143(3) dated 21-12-2010 and is filed on the following grounds
ACIT v. Shrey Sharma Guleri (ITAT Mumbai) The argument of the learned D.R. is that the basement in the house cannot be termed as a residential house within the provisions of section 54 of the Act. On the other hand, the ld. counsel for the assessee defended the conclusion drawn in the impugned order. It was pleaded that basement is part and parcel of the residential unit, therefore, it cannot be termed as a separate unit.
In accordance with the view expressed by the third member, Hon’ble Vice-President, Hyderabad, the ground of appeal No.4 is partly allowed and the AO is directed to allow the deduction from the book profit of sum of Rs.22.89 crores while computing the taxable income u/s 115GB of the I.T. Act. The ground of appeal No.4 is therefore, treated as allowed.
As there was no incriminating material found during search, no addition could be made because on the date of search no regular assessment was pending.
Excess expenditure in earlier years can be adjusted against income of subsequent years and such adjustment would be application of income for subsequent years and therefore, AO was directed to allow the claim of assessee.
Section 13 comes into play at the time of granting exemption under section 11 and not at the time of granting registration under section 12AA, therefore, CIT was not justified in denying registration on the ground that assessee trust had not got its account audited and not filed its return of income for preceding years.
In this case Since the rice mill owned by the assessee was let out to another rice mill and the rental income was received without carrying on any business activity or rendering any services incidental to carrying on the rice mill, therefore, the AO rightly assessed the income under the head ‘Income from other sources’.
