Dr. Muthian Sivathanu, Vs ACIT (ITAT Chennai) Conclusion: Gains arising from sale of the shares allotted in the ESOP (Employees Stock Option Plan) scheme when the assessee was non-resident, not to be assessed as perquisites instead of assessed as capital gain as the stock viz., the asset was already vested on the assessee during the […]
ACIT Vs Smt. Jayasree Sreedharan (ITAT Cochin) In the instant case, the entire procedure prescribed under the Land Acquisition Act was followed, the only price was fixed upon a negotiated settlement. Therefore, in view of the above judgment of the Hon’ble Apex Court (supra), we hold that the acquisition of the urban agricultural land was […]
DCIT Vs Ozoneland Agro (P) Ltd. (ITAT Mumbai) In this AO had ‘tampered’ with provisions of the Act. It was beyond jurisdiction of AO to insist upon a particular system, which especially allows assessee to choose one of the two methods. Until and unless legislature amends provision of the Act and prescribes only one method […]
Rahul Kheria Vs ITO (ITAT Kolkata) The commission claimed to have been paid to under section 133(6) to M/s Jessop and Co and we note that the said Jessop replied to the notice. The AO however doubted the reply by Jessop on the ground it was a reputed company so the logo in the letter-head […]
Assessee was only using services provided by Amazon and was not concerned with the rights in technology. The fees paid by assessee was for use of technology and cannot be said to be for use of royalty,
M/s Kribhco Shyam Fertilizers Ltd. Vs ITO (TDS) (ITAT Luknow) On general reading of provisions of section 197 of the Act, it authorizes the Assessing Officer to prescribe deduction of TDS at any lower rate provided the facts and circumstances justify such deduction. Clause (2) of section 197 of the Act further states that when […]
Where after setting off interest earned against the interest expenditure no further interest expense remains, then disallowance could not be made under section 14A.
Gautam Jhunjhunwala Vs ITO (ITAT Kolkata) In order to avail the benefit of sec. 54 of the Act, one must purchase a residential house/new asset within one year before or two years after the date on which transfer of the old residential house in respect of which the long term capital gain had arisen. In […]
P.H.I. Seeds (P.) Ltd. Vs DCIT (ITAT Delhi) The factual matrix of the present case reveals that the farmer had entered into lease agreement with the assessee company and the farmer is the lawful owner of the land. The said farmers had leased the farm land to the assessee company which has handed it back to […]
It was finally contended that the aforesaid compensation was determined and received on closure/ termination of its business activity resulting in to loss of source of income impairing its profit making structure or sterilization of profit making apparatus, therefore, the assessee company treated the same as Capital receipt not chargeable to tax and accordingly has shown the same under the head ‘Reserve and Surplus’.
