As far as the deduction u/s. 54F of the Act on the question whether if under a JDA multiple flats are given to the owner whether deduction u/s.54F of the Act can be given, the decision of the Hon’ble High Court of Karnataka and the other decision cited before us supports the plea of the […]
DCIT Vs Aurobindo Pharma Limited (ITAT Hyderabad) We have considered the rival contentions and perused the case law placed on record. In the decision of Concept Pharmaceuticals Ltd (supra) the Coordinate Bench did not allow the expenditure spent outside the R & D unit but the Bench has not considered the explanation introduced with reference to ‘Clinical Trials’. […]
M/s. Royal Challenger Sports Pvt. Ltd. Vs DCIT Assessee challenges the addition on account of contribution made to Cricket Academy of Rs.45 lakhs holding it to be capital expenditure. The assessee made a contribution of Rs.45 lakhs to Karnataka State Cricket Association (KSCA) for the purpose of creating a cricket academy. The assessee was also a Franchisee of BCCI-IPL, which […]
DCIT Vs M/s. Teleradiology Solutions P. Ltd. (ITAT Bangalore) The learned Counsel for the assessee has contended that it is a business arrangement between the assessee and the consultants/doctors. If the assessee does not pay the licence fee on behalf of the doctors, he has to compensate the doctors by making additional payment for the services. […]
The house which is not having any actual rental income but self occupied by assessee should be determined as per the municipal ratable value. Accordingly, the matter is restored to file of the Assessing Officer to find out the municipal ratable value of the house for computing income u/s 22 of the I.T. Act. We direct accordingly.
Addition under section 68 on account of share application money received from non-resident was not justified as money brought into India by non-residents for investment or other purposes was not liable to Indian Income Tax.
Recently in, Phillips India Ltd. vs. ACIT, ITAT Kolkata held that Deduction of lease rentals paid towards cars taken on finance lease allowed while computing income
As the sale of starter kits/sim cards is purely a purchase/sale transaction on principal-to-principal basis and there is no relationship of agency, hence no obligation was cast upon the assessee to have deducted tax at source under Sec. 194H in respect of the discounts given to the distributors on the sale of the same.
ITO (Exemptions) Vs M/s. Syndicate Rural Development Trust (ITAT Bangalore) Appellant is a trust registered under section 12AA and filed its return of income on 29.09.2014 declaring a Nil income. During the year, appellant received Rs.50.00 lakh from National Institute of Rural Development, Government of India, as a part of grant of Rs.100 lakh for […]
McDonald’s India case: Section 14A of the Income-tax Act, 1961 will not apply if no exempt income has been received or receivable during the previous year in question
