Hon’ble Tribunal uphold the observations of Ld. CIT(A) wherein it was observed that in order to assess the asset/bank account held by a third party in the hands of the respondent assessee the department has to prove that the assessee has direct beneficial interest in the asset/bank account held by third party.
Parexel International Clinical Research Private Limited Vs DCIT (ITAT Bangalore) In this case, the assessee coordinated between the individual investigator and Paraxel International GmbH Germany. The contention of the assessee is that assessee has not undertaken any risk and all risk was taken over by Paraxel International GmbH Germany and relied on the Addendum dated […]
ITAT, Bengaluru Bench in the case of Smt. Nethravathi, Bengaluru vs ITO in ITA No.2630/Bang/2017 order dated 25.04.2018 wherein this Tribunal took the view that multiple flats obtained under JDA would be entitled to deduction under section 54F of the Act.
Sanjay Agrawal Vs DCIT (ITAT Raipur) – Rejection of books, arbitrary income estimation, and legal principles – AY 2012-13.
DCIT Vs K.S. Diesels Ltd. (ITAT Mumbai) we are of the considered view that as the assessee as per the terms and conditions of the OTS had during the year under consideration made a payment of interest of Rs.1,91,19,083/- to GIIC out of the interest of Rs.3,23,84,509/- (supra) that was disallowed u/s 43B in the […]
When the funds available to the assessee both interest free and interest bearing loans, there shall be a presumption that the investments made would be out of the interest free funds available with the assessee, provided the interest free funds were sufficient to meet the investments which means that when the interest free funds are available to the assessee which were sufficient to meet its investments should be presumed that investments were made out of such interest free funds.
ACIT Vs National Projects constructions Corporation Ltd (ITAT Delhi) Executed border outpost work for the Ministry of Home Affairs and has incurred the expenditure on land acquisition, compensation, service connection charges and miscellaneous expenditure are revenue in nature As per work order (MOU) the assessee was required to acquire the land for the project and […]
ACIT Vs Yashovardhan Tyagi (ITAT Delhi) Clause (v) of Explanation 2 to Section 9(1) consists of two different transactions, one inclusive another non-inclusive. The inclusive part consists of the transfer of all or any rights (including the granting of a licence) in respect of any copyright, literary, artistic or scientific work including films or video […]
Addition on account of deposits of employees’ contribution of ESI and PF prior to the filing of return of income u/s 139(1) could not be disallowed under section 43B read with section 36(1)(va) if the same was prior to the amendment made by the Finance Act, 2021 w.e.f. 1.4.2021 vide Explanation 5.
Where there was violation of the provision of section 13, the entire exemption under section 11 would not be denied instead expenditure which could not be treated as application of income and in violation under section 13, same should alone be disallowed.
