ITO Vs Suresh Babu Vasireddy (ITAT Hyderabad) The assessee is basically engaged in the business as a real estate agent in Hyderabad deriving commission income. The modus operandi of the business activity is that of identifying properties for sale in Hyderabad and simultaneously identify the interested buyers and sell the properties with a marginal profit. […]
Yagnesh Dayabhai Vyas Vs ITO (ITAT Ahmedabad) Ld. A.R. cited a judgment of ITAT Delhi Bench in the matter of Smt. Sudha Loyalka vs. ITO where A.O. made addition to assessee’s income under section 69C in respect of amount payable to creditors towards purchases, in view of fact that said purchases were duly recorded in […]
Jagdish Arora Vs ITO (ITAT Agra) Long Term Capital Gain on compulsory acquisition – Taxability Event – and applicability of RFCTLARR Act 2013 – Whether the compensation received on account of Compulsory Acquisition by Government is exempt under provision of Section 96 of RFCTLRR Act 2013 – if the land acquired prior to applicability of […]
A.T. Kearney Ltd. Vs ADIT (ITAT Delhi) The Income Tax Appellate Tribunal (herein after referred to as “ITAT”), Delhi Bench vide it’s Order dated 20.05.2021 have observed that the assessment completed under Section 144C(13)/143(3) of the Income Tax Act, 1961 (herein after referred to as “Act”) is barred by limitation as Section 144C of the […]
Yash Raj Films Pvt. Ltd. Vs ACIT (ITAT Mumbai) Since, ex-parte order has been passed by the learned CIT(A), this is a fit case for remanding the appeal before the learned CIT(A) to give more effective opportunity to the assessee and the assessee is also directed to cooperate with the expeditious disposal of the appeal […]
All the interest bearing funds had been utilized towards interest bearing advances and this was evident from the balance sheet whereby interest bearing loan was Rs. 3,03,50,275 against which, interest bearing advances were Rs. 3,41,00,000 i.e. more than the amount borrowed. No disallowance could be made under section 36(1)(iii) as the amount borrowed on interest had been used specifically and exclusively for advancing amounts of interest for the purposes of earning income.
Since AS-11 was mandatory and required to be followed in computing the income, therefore, assessee was entitled to claim depreciation on forex loss pertained to non-depreciable asset acquired in India as loss from income.
Biocon Ltd. Vs ITO (ITAT Bangalore) In the present facts of the case, the provision created at the end of the accounting year has not been credited to the relevant parties to whom the payments has to be made for the reason that it was unquantifiable. Further, assessee has suo moto disallowed the said sum […]
Autodesk Asia Pvt. Ltd. Vs ACIT (ITAT Bangalore) Given the definition of royalties contained in Article 12 of the DTAAs mentioned in paragraph 41 of this judgment, it is clear that there is no obligation on the persons mentioned in section 195 of the Income Tax Act to deduct tax at source, as the distribution […]
Mahadev Cold Storage Vs Jurisdictional Assessing Officer (ITAT Agra) No disallowance on late deposit of ESI and PF in section 143(1)(a) if deposited before due date of return u/s 139(1). Decision of Jurisdictional Honorable Allahabad High Court in the case of Sagun Foundry (P) Ltd. Vs CIT ( 97CCH 0160 and 145 DTR 0265) followed […]
