The issue under consideration is whether surcharge and education cess should be levied only in the cases where the non-resident vendors are residents of countries with which the DTAA allows withholding rate of more than 11.33%?
Where the assessee objects to the adoption of stamp duty valuation as deemed sale consideration during the assessment proceedings, the Assessing Officer is duty bound to make a reference to the DVO.
DCIT Vs M/s. Info Edge India Ltd. (ITAT Delhi) From the order of ld. CIT(A), it is clear that the ld. CIT(A) has relied on various decisions and has per the decisions relied by the ld. CIT(A), the ESOP has been treated as Revenue expenditure. The Revenue did not bring any contrary decision against the […]
Smt. Yoga Sikka Vs ITO (ITAT Delhi) There is no dispute that the assessee has invested the full sale consideration received on the sale of jewellery in the purchase of the plot of land. It is also not in dispute that before the lower authorities the assessee could not adduce any evidence. The certificate from […]
Shri Om Prakash Patidar (HUF) Vs ITO (ITAT Indore) Admittedly the appellant has received the amount in question and the amount is duly deposited in the bank account of the appellant and the appellant has failed to satisfactorily explain the source of the said deposits in his bank account and hence the investment in the […]
There are two pre-conditions for charging the income as income from house property under section 22 of the Act. Firstly, the assessee must be the owner of the property. Also, the property must not be occupied by the assessee for the purposes of his business or In other words, the property should be a residential property.
Ralhan Construction Company Vs ACIT (ITAT Delhi) Regarding disallowance out of vehicle expenses of Rs.1,03,295/-, it is observed that the depreciation of Rs.49093/- is included in it. The depreciation is fixed expenditure in nature whether it is used exclusively for the business or partially for personal use. Thus, the element of some personal use has […]
Shri Sanmathi Ambanna Vs JCIT (ITAT Bangalore) In penalty proceedings, the assessee, inter alia, submitted that the transactions in question cannot be strictly construed as loan but rather are in the nature of gifts from his father-in-law Shri. G. P. Padmakumar because of the fact that the person giving the money and the person accepting […]
Citi Centre Premises Co-Op. Society Ltd. Vs ITO (ITAT Mumbai) The issue in dispute in that case as per the Para reproduced from the Tribunal’s order above is regarding rent received from Reliance Telecom and in that case also, the assessee claimed a deduction u/s. 24 (a) of Rs. 1.65 Lakhs being 30% of such […]
Shree Shiv Vankeshawar Educational & Social Welfare Trust Vs ACIT (ITAT Delhi) Admittedly the assessee has received a donation of INR 16265000/– from 1038 individuals and ld CIT (A) has noted that same is credited to the income and expenditure account of the assessee, However ld AO has noted that same is credited as Corpus […]
