Vedanta Ltd. Vs ACIT (ITAT Delhi) At the very outside, the Tribunal in the case of National Small Industries Corporation Limited 175 ITD 601 has held that amendments made to section 37 of the Act vide Finance Act [No. 2] 2014 are prospective in nature and hence would not be applicable to the period prior […]
Demag Delaval Industries Turbomachinery Pvt. Ltd. Vs. ACIT (ITAT Mumbai) The assessee had made provision for warranty of Rs. 2,76,18,000/-which was claimed as expenditure. The same was denied by the Assessing Officer on the ground that it is an unascertained liability and a contingent liability. Learned CIT(A) in principal upheld the action of the Assessing […]
Nishit Fincap Pvt Ltd. Vs ITO (ITAT Delhi) Query No. 7 is in relation to share capital and share application money received. This means that specific query was raised in respect of share application money and vide reply dated 16.11.2009, the assessee furnished all details as required by the Assessing Officer. Pursuant to the reply […]
DCIT Vs. HDFC Sales Pvt. Ltd. (ITAT Mumbai) Before us the ld. DR for the revenue in his submissions vehemently submitted that the projected estimation of the provisions of expenses is projected purely on estimation and that there is mismatch of projected figures of expenses and the actual expenses incurred on various counts, which we […]
Dr. Devika Gunasheela Vs JCIT (ITAT Bangalore) The only basis on which the assessee was denied the benefit of deduction u/s 54F of the Act was that the assessee owned more than two residential houses, other than the new asset on the date of transfer of the original asset. From the order of assessment passed […]
Mitsui & Co. Ltd. Vs DDIT (International Taxation) (ITAT Delhi) Since the lower authorities following the orders of the preceding years have held that M/s. Mitsui & Co. Ltd. has been constituted as Dependent Agent PE of the assessee company in India, therefore, following the consistent decisions of the Tribunal in assessee’s own case in […]
Kingfisher Finvest India Ltd. Vs. DCIT (ITAT Bangalore) The issue under consideration is whether the disallowance made by AO u/s 14A of the Act is justified in law? ITAT states that if the interest free funds available with the assessee is more than the value of investments, then the presumption is that the assessee has […]
The issue under consideration is whether the disallowance u/s 14A is justified even if the bank had not incurred any expenditure for the purpose of earning the interest amount?
Jain Shwetamber Murtipujak Sukrat Fund Kaoda Committee Vs. CIT (ITAT Indore) On perusal of the record we find that the assessee trust was incorporated in the year 1945 and even in the Permanent Account Number (PAN) allotted by the Income Tax Department the date of incorporation of the trust is 16.4.1945. The assessee has claimed […]
DCIT Vs Manav Realty (ITAT Pune) It is evident from the reasons recorded by the AO that the initiation of reassessment proceedings was premised on the fact that the commencement took place at a date in variance with the one stated by the assessee in the original assessment proceedings. The ld. CIT(A) has aptly recorded […]
