Assessee filed return of income within extended due date with Form No. 67 & complies with requirement of Rule 128(9) and entitled to claim FTC
Isolux Corsan Power Concession India Pvt. Ltd. Vs ITO (ITAT Delhi) In this case AO has treated Interest income as Income from other sources as Business of Assessee was not set-up in the year under consideration and held as follows:- In the present case, the appellant has miserably failed to demonstrate that during the year […]
Assessing Officer cannot accept the income for tax purpose and refuse to allow credit of corresponding TDS. Both must go hand in hand.
ITAT Chandigarh held that the income so surrendered by way of account receivables cannot be brought to tax under the deeming provisions u/s 69 r/w section 115BBE of the Income Tax Act.
ITAT Pune held that payment made voluntarily by the employer out of appreciation for the employee falls outside the rigours of Section 17(3)(iii) of the Income Tax Act.
ITAT Ahmedabad held that proportionate disallowance u/s 35AD of the Income Tax Act is justifiable as only one godown is used for non-agricultural purposes, whereas, other four go-downs are used for agricultural purposes only.
Deepak Shriniwas Mantri Vs ITO (ITAT Pune) This appeal by the assessee arises out of the order dated 26-09-2022 passed by the CIT(A) in National Faceless Appeal Centre, Delhi in relation to the assessment year 2008-09. 2. I have heard both the sides and gone through the relevant material on record. It is seen that […]
Assessee society would be entitled for deduction u/s. 80P(2)(d) of the Act in respect of interest received from cooperative banks.
Shangri-La International Hotel Management Pte Vs ACIT (ITAT Delhi) The next common issue arising for consideration is taxability of reimbursement of expenses as FTS both under the provisions of the Act as well as India-Singapore DTAA. As could be seen from the draft assessment order, alleging that the assessee did not provide the break up […]
Once assessee is assessed as AOP and no section 11 exemption been allowed, entire receipts are to be assessed as business receipt and consequently, depreciation has to be allowed.
