Held that factors like high status, family tradition, deduction on account of purity and deduction towards Streedhan should be considered before making addition on account of unexplained investment. Accordingly, addition deleted.
Palla Simhachalam (HUF) Vs ACIT (ITAT Visakhapatnam) AO of the searched person and the other person is one and the same, then also AO is required to record the satisfaction, as held by the various In the instant case, no such material has been brought before us by the ld. DR. In view of the […]
ACIT Vs Genus Electrotech Limited (ITAT Delhi) Held that sales tax incentive subsidy and excise duty incentive are in the nature of capital receipts and thus not chargeable to tax as regular income as well as income u/s 115JB for computation of book profit. Facts- In the order u/s 154, AO noted that assessee had […]
Portfolio Management Services earning should be assessed as ‘Capital gains’ and not as ‘Profit and gains of business or profession’.
ITAT Held that if application is moved well in time for seeking completion certificate from the Municipal Corporation and delay in issuance of completion certificate is not attributable to the assessee. Then, date of application should be considered for claiming deduction u/s 80IB
Held that interest paid on convertible debentures are allowable as expenditure u/s. 36(1)(iii) of the Act. Such interest cannot be treated as interest on equity.
Held that assessee established identity of the creditors by bringing on record their PANs and complete addresses of the creditors. Hence addition u/s 68, without bringing out any adverse or cogent material to dispute the credit worthiness of the creditors and genuineness of the transactions, is unsustainable
Merely because a capital receipt is utilized for incurring revenue expenditure it will not change the nature of capital receipt into a revenue item.
Amount paid by the buyer to the tenant for the vacation of tenancy should not be taxed in the hands of the owner of the capital asset.
Once assets have been put to use, claim of depreciation allowance on said assets cannot be restricted. ITAT allows claim of depreciation in respect of closed units or non-functional undertakings
