The clinching fact that emerges here is that assessee’s ‘hundi’ receipts in cash from donors are not revenue items but capital receipts only. The relevant provisions of the ‘Endowment Act’ duly makes it clear that they are corpus donations which nowhere go against the provisions of tax law.
Meja Urja Nigam Pvt. Ltd. Vs ITO (ITAT Allahabad) In this case, we have observed that there is a clear finding by ld. Assessing Officer/ld. CIT(A) that earnest money(EMD) given by contractors was forfeited by assessee on account of non completion of work and other miscellaneous recoveries were made from contractors. It is undisputed that […]
ADIT Vs Asia Today Limited (ITAT Mumbai) It has not been the case of the revenue authorities at any stage that the remuneration paid to the Indian agent is not an arm’s length remuneration for the services rendered by the agents concerned, yet a prayer is now made that the matter should be sent back […]
Cloud hosting services provided USA company to its Indian customers were not covered under the definition of ‘royalties’ as per India-US Tax Treaty as the agreement was to provide hosting services simpliciter and was not for the purpose of giving the underlying equipment on hire or lease and accordingly, it could not be said as royalty within the meaning of Explanation (2) to Section 9(1)(vi) as well as Article 12(3)(b) of the Indo-USA Data by AO and DRP.
Explore Anjli Foundations’ eligibility for 80IB(10) deduction as ITAT Chennai reviews the case. Legal analysis, key points, and ITAT judgment insights provided.
Babulal Vs ITO (ITAT Bangalore) In cases of purchase and sale of land as laid down by the Hon’ble Supreme Court in the case of Raja J.Rameshwar Rao (supra), a decision on which the learned DR placed reliance, the intention at the time of purchase will be a relevant factor. When a person acquires land […]
DCIT Vs Azalea Infrastructure Pvt. Ltd (ITAT Delhi) The facts clearly shows that on October 20, 2010, India Bulls Power Ltd pursuant to the provisions of Section 192A of the Companies Act, 1956 made a preferential allotment of 42 crore as fully convertible warrants to 4 different companies which are the entities promoted by the […]
ACIT Vs SV Global Mill Ltd. (ITAT Chennai) We find that the Tribunal in the context of Section 10(37) of IT Act, held that interest received for delayed payment of enhanced compensation in respect of acquisition of immovable property is in the nature of interest liable to be taxed u/s.56(2)(viii) r.w.s. 145A(b) of IT Act. […]
It was found that assessee confirmed loan transactions and confirmation was on record. Revenue nowhere considered said documents and rejected claim of assessee without any basis. Rejection of claim of assessee without any basis was not justified. Issue was restored back to AO to decide it afresh after giving an opportunity of being heard to assessee.
Shri. Suresh Sreeram Vs ITO (ITAT Bangalore) It is an undisputed fact that in AY 2016-17 the partnership firm incurred heavy losses from its business and was not in a position to pay any interest on capital for the investment. Due to the poor financial condition of the partnership firm, the partners of the firm […]
