M/s. Savvis Communications Corporation Vs DCIT- International Taxation (ITAT Mumbai) Undoubtedly, when the assessee receives an income on account of allowing a customer to use a scientific equipment, it does become taxable for the reason of its being characterized as such, but the use of a scientific equipment by the assessee, in the course of […]
Vidyasagar M.P. Sah Vs DCIT (ITAT Mumbai) In this case Though activity of purchase and sale of shares was not the main occupation of assessee, however, high volume of trade in shares, and very short holding period showed that assessee was using his knowledge, skill and resources to deal in shares, and gains arising on […]
As assessment for impugned assessment year was not pending on the date of search, therefore, no addition could to be made in assessment framed under section 153A in the absence of any incriminating material found during search.
Northern India CA Federation Vs Central Board of Direct Taxes (Delhi High Court) Northern India CA Federation has filed a writ petition in Delhi High Court against non-extension of Tax Audit Report and the relevant Income Tax Return filing due date for Financial Year 2017-18 (i.e. A.Y. 2018-19). FULL TEXT OF THE HIGH COURT ORDER […]
Merely because the assessee had sold the shares at face value in a distressed situation it could not be presumed that the assessee had engineered the transaction to manage its tax liability. Therefore, AO was not justified in disallowing the claim of assessee for set off of long-term capital loss on sale of unquoted equity shares against long-term capital gain on the sale of property.
Where overseas HO was not liable to pay any tax on interest remitted by assessee, there was no obligation to deduct TDS under section 195(1) on such remittance because TDS provisions are attracted only when such remittance results in taxable income.
Priyatam Plaschem Pvt. Ltd Vs ITO (ITAT Delhi) In this case ITAT explains Law on whether share capital/ share premium received by a Company from investors can be assessed as ‘unexplained cash credit’ in the light of judgements of the Courts and Tribunal. In the case in hand Considering the facts of the case, in […]
Holding period should be computed from the date of issue of the allotment letter and not from the date of the conveyance deed (Rasiklal M. Parikh vs. ACIT 393 ITR 536 (Bom) distinguished)
Virvati Devi Vs CIT (ITAT Delhi) The Ld. CIT(A) correctly noted that possession of the property in question was not transferred at the time of Agreement to Sale. After the Agreement to Sale the SDM vide order dated 26.02.2009 changed the land use and declared the land as non- agricultural. The sale deed dated 24.03.2009 was […]
Loesche India Pvt. Ltd. Vs Add. CIT (ITAT Delhi) The record reveals that the assessee had paid the insurance premiums of the employees’ family members in terms of employment Rules framed by the assessee-company there for. Therefore, it can hardly be said that the impugned expenditure were not incurred wholly and exclusively for the purpose […]
