ITAT Kolkata held that company incorporated on 07.11.2012 and valuation of share done on 16.11.2012, therefore share premium on issue of equity share capital and issue of preference share capital are hit by provisions of section 56(2)(viib) of the Income Tax Act and hence addition towards share premium sustained.
ITAT Bangalore held that rental income is inseparably connected with the business carried on by the assessee and emanate directly from the business of the undertaking. Accordingly, rental income derived by the assessee from Cargo Agents, Airlines, Banks etc., is derived from the cargo business and eligible for deduction u/s. 80IA. The addition is deleted.
ITAT held that invocation of provision of 263 to correct section under which penalty is leviable or not is beyond the power vested under section 263 of Income Tax Act,
Unitech Wireless (Tamilnadu) Private Limited Vs DCIT (ITAT Delhi) ITAT in assessee’s own case has considered identical issue and held that no TDS was to be deducted in case of roaming charges u/s 194J of the Act by holding as under:- “22. To conclude, The primary issue in the appeal was whether the roaming charges […]
ITAT find that if the expenses are proved to be un-genuine on verification, the AO ought to have disallowed the entire expenditure. Accepting 75% of expenditure as allowable and the remaining 25% disallowable on ad-hoc basis cannot be considered as a reasonably rational order.
Velankanni Constructions Vs ACIT (ITAT Chennai) The assessee being resident firm is stated to be engaged in civil construction. The assessee could not produce bills or voucher for blue metal jelly purchase, brick purchase and sand purchase. The reasons adduced were that the assessee undertook work at remote places and was dependent on local supplies. […]
It must be grasped that judiciary is respected not on account of its power to legalize injustice on technical grounds but because it is capable of removing injustice and is expected to do so.
ACIT (Intl. Taxn) Vs Allscripts (India) Pvt. Ltd. (ITAT Ahmedabad) It is pertinent to note that Section 201(3) specifies the time limit in respect of TDS for residents only. The CIT(A) observed that the order dated 25.03.2019 is beyond four years in light of Hon’ble Delhi High Court decision in case of NHK Japan Broadcasting […]
Definition the Profits derived from the operation of ships or aircraft in international traffic, in the India- Singapore DTAA is exhaustive enough not only to include the air passengers but also mail, livestock or There is nothing mentioned in the India-Singapore DTAA to make an inference that the profits from transport of air passengers should not be covered under Article 8 of the Indo-Bhutan DTAA.
ITAT Ahmedabad held that undisclosed income declared during the course of search is treated as gross income as genuineness of expenditure claimed against the same is not doubted by AO.
