DCIT Vs M/s. Ahmedabad Vadodara Express Way Co. Ltd. (ITAT Ahmedabad) It is seen that the assessees have given only permission to the collecting entities to collect the toll fees and maintain the toll plazas by employing a specified category of persons and supervise them and deposit the toll collection in the signatory account of […]
The limited point of dispute is the nature of immovable property which has been purchased by the assessee. The assessee’s contention is that which he has purchased are three plots of agricultural land and the same doesn’t fall in the definition of capital asset as per the provisions of Section 2(14) of the Act and provisions of section 56(2)(vii)(b) cannot be invoked.
DCIT Vs Maa Amba Towers Ltd. (ITAT Kolkata) Hon’ble Supreme Court in the case of Chennai Properties supra, we hold that the ld CITA had rightly directed the ld AO to treat the warehouse rentals as income from business and consequentially allow the expenditure claimed in the return as business expenditure. Accordingly, Ground raised by […]
ITO Vs Shri Ashwin M. Savani (ITAT Mumbai) Issue of gift of Indian Millennium Deposit certificate is not taxable in the hands of the assessee who received the same upon gift and also under the terms and conditions as stipulated in the Indian Millennium Deposit Certificate. It was provided that the said certificates can be […]
ITAT held that order of the ld CIT(A) is hereby affirmed where he has held the assessee bank to be assessee in default for short-deduction of TDS on LFC/LTC claim relating to foreign leg of the travel of its employees being not eligible for exemption under section 10(5) r/w Rule 2B.
When The Moneys Are Advanced As Measure Of Commercial Expediency Such Advances Are In The Nature Of Business Advances And The Write Off Of Such Advances By The Assessee Should Be Allowed As Deduction Under Section 37(1) Or Under Section 28 Of The Income Tax Act As Business Loss: Jackie Shroff Recent Case
K. Vijaya Lakshmi Vs ACIT (ITAT Hyderabad) The development agreement implied that assessee did permit the developer to enter into the premises and to do all the necessary things for construction of apartments. Some of the agreement holders also sold the flats in semi-finished condition or in fully developed condition, whereas few like assessee retained […]
No commission element was embedded in sale of prepaid SIM cards/ prepaid vouchers/ recharge coupons and, therefore, assessee was not liable to deduct tax under section 194H.
Cox & Kings Ltd. case: Where expenses incurred were for travel booking engine and SAP software which was only for the purpose of technology upgradation to the existing business of the assessee and not creating any new line of business or asset: Expenses held to be deductible under section 37(1)
Haware Engineers & Builders Private Ltd. Vs DCIT (ITAT Mumbai) If a immovable property in the shape of flats / shops is held as stock-in-trade, then it becomes part of trading operations for the assessee and as a natural corollary, any income derived there-from would be Business Income and not Income from House Property. FULL […]
