The issue under consideration is whether the TDS u/s 194I is applicable on the rent if the accommodation services were taken on a casual basis?
The issue under consideration is whether the Payment towards placement services is covered under technical service and TDS u/s 195 is applicable on the same?
ITO Vs New Era Advisors P. Ltd. (ITAT Mumbai) Conclusion: Even if amount received in form of huge share premium was not utilized for the purpose of section 78(2) of the Companies Act, 1956, the same would not have any relevance for the purpose of Income Tax Act, 1961. Further, while the utilization of premium […]
Oriental Insurance Co. Ltd. Vs DCIT (ITAT Delhi) The Tribunal has interpreted Section 44 read with the first schedule and concluded that applicability of Section 14A is excluded in relation to computation of income of an insurance company. We have examined the relevant provisions. Section 44 begins with a non-obstante clause and overrides the other […]
Intercontinental Hotels Group (India) Pvt. Ltd. Vs DCIT (ITAT Delhi) Hon’ble High Court in Philip Morris had directed that M/s. Apitco Ltd. was not good comparable of concerns providing business support services, on the ground that in case of Government enterprises, profit motive is not relevant consideration and the Government company worked for public undertakings. […]
Hon’ble Supreme Court examined the omission on the part of the AO not providing opportunity to assessee to cross examine of two witnesses and held that it was a serious flaw and since the statements of those witnesses were made the basis of the impugned order this omission on the part of AO makes the order nullity inasmuch as it amounted to violation of Principles of natural justice.
A.P. Refinery Pvt. Ltd. Vs DCIT (ITAT Chandigarh) The issue before us relates to addition made to the income of the assessee on account of cash found short with the assessee. Cash short, at the most represents expenses / outgoings out of cash available with the assessee not accounted for in the books of the […]
It is open to the parties in Transfer Pricing cases to take a stand contrary to their TP study, if they contend that the stand taken in the TP study is contrary to facts or was erroneous. Such a claim cannot be disregarded only on the basis that it is contrary to Assessee’s own stand in the TP study.
The issue under consideration is whether the interest received by the assessee from the Cooperative Bank is eligible for deduction under section 80P(2)(d) of the Income Tax Act?
Intelligrape Software Pvt. Ltd. Vs ITO (ITAT Delhi) When the assessee Company had opted for valuation of unquoted equity shares in accordance with DCF method as prescribed under clause (b) of specific Rule 11UA(2) as applicable, the AO/CIT(A) had no power/authority to change such valuation methodology and adopt a different book value method as prescribed […]
