Doosan Power Systems India P.Ltd. Vs DCIT (ITAT Chennai) We find that issue of belated payment of employees contribution to PF & ESI is allowable expenditure u/s.43B of the Act or not is no longer res integra. The Hon’ble Supreme Court in the case of M/s.Vinay Cements Ltd. (supra) and also in the case of […]
Virender Kumar Vs ITO (ITAT Jaipur) It is noted that the assessee is in the diary business in the name and style of M/s Mohan Diary, Tijara and in pursuant to notice u/s 148, he has filed his return of income u/s 44AD declaring gross receipts from his diary business amounting to Rs 14,56,230/-. The […]
ACIT Vs Herbert Brown Pharmaceuticals & Research Laboratories (ITAT Mumbai) The learned Departmental Representative relied upon the order of the Assessing Officer and submitted that though the recipient of loan or advance by the company is not a shareholder but is a concern in which shareholders are having substantial interest. He submitted that the learned […]
Muneer Enterprises Vs ACIT (ITAT Bangalore) The Assessee is a partnership firm engaged in the business of extraction, processing and manufacturing of iron ore for sale. The assessee owns mining lease No. 2339/2151 measuring 36.42 ha classified under category B. It has been stated that the only issue that arises out of the impugned order […]
Prakash Babu Nakundhi Krishna Reddy Vs ACIT (ITAT Bangalore) It was pointed out by the learned counsel for the Assessee that there are withdrawals and deposits in the cash book and the source of deposits can be explained by the Assessee with supporting evidence. It was submitted that it is an accepted rule that a […]
Shilpa Medicare Ltd. Vs ACIT (ITAT Bangalore) Provisions of Sec. 35(2AB) of Income Tax Act, nowhere suggest simply that R& D facility is approved from particular date and in other words, it is no where suggested that date of approval only will be cut off date for eligibility. The court further held that once facility […]
DCIT Vs Hero Fin Corp Ltd. (ITAT Delhi) The assessee is earning lease rent from the lease charges of cars, plant & machinery given on hire to M/s Hero MotoCorp. The AO held that the income of the hire charges are to be chargeable under the head “income from other sources” but not under the […]
Amount of income which qualifies for deduction is the profits of the business of the undertaking and not any income earned by assessee de hors the business of the undertaking. If the relevant items of income are held to be falling under the head `Income from other sources’, the same will not qualify for deduction under sectio 10A, 10AA.
Where AO had estimated value of accommodation entries devoid of any documentary evidences or material, the same could not be sustained. Since in the case of the assessee the payment of Rs.6,43,406/- was considered as accommodation entries and it was noticed that assessee had not reconciled this payment with outstanding amount of Rs.7,91,406/- as per invoice raised for labour charges, therefore, the disallowance was restricted to the extent of Rs.6,43,406/-.
Dinesh Chandra Dutta Bhargava Vs DCIT (ITAT Agra) The only question to be adjudicated in the instant case is whether the assessee is entitled for deduction u/s. 54/54F of the Act in the attending circumstances of the case or not and whether the changed legal position of section 54, as noted by ld. CIT(A), is […]
