alleged default towards non deduction of TDS from payments made to Guest faculties with reference to Section 194J of the Income Tax Act, 1961
it has been clearly brought out that this flat was never used for any business purposes of the assessee-company and whatever evidences have been produced in the form of leave and licence agreement, minutes of Board meeting, etc. fall in the category of self-serving documents.
ITAT Kolkata held that filing of Form 67 is directory in nature. Accordingly, benefit of relief of withholding tax credit in Tanzania against the tax liability arising in India allowed.
ITAT Delhi held that royalty payment and R&D cess on royalty is interlinked. As royalty payment is allowed as revenue expenditure, R&D cess is also allowable as revenue expenditure.
ITAT Jaipur held that capital gain on sale of land as covered under the provisions of section 50C of the Income Tax Act is to be assessed separately.
DCIT Vs Shri Krishna Kumar Verma (ITAT Indore) Sections 68,69,69A,69B,69C and 69D may be called as Section 68 & 69 Family. However, they differ in as far as Burden of Proof is concerned. In sec 68, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under […]
ITAT Delhi held that addition is made on the basis of documents found from the separate search at another person. Accordingly, assessment should have been done under section 153C of the Income Tax Act and not under section 153A of the Income Tax Act.
Shri Amar Singh Saharan Vs ITO (ITAT Jodhpur) Tribunal has adjudicated the appeal of the assessee on merits only and it was decided against the assessee. However, in Ground No. 2, the assessee has raised a legal ground. It is submitted that an identical legal ground raised by another assessee named Ashok Kumar Banthia vs. […]
ITAT Jaipur held that revenue has simply disallowed the expenditure in view of CBDT Circular no. 05/2012 dated 01.08.2012 without establishing the violation thereof. Accordingly, disallowance merely on presumption and assumption is unsustainable in law.
ITAT Kolkata held that addition towards share capital and share premium under section 68 of the Income Tax Act untenable as assessee discharged its onus to prove the identity and creditworthiness of the share subscribing companies and the genuineness of the transactions.
