Rashtriya Chemicals & Fertilizers Limited Vs. CIT (ITAT Mumbai) Taxes borne by the assessee on non-monetary perquisites provided to employees forms part of Employee Benefit cost and akin to Fringe Benefit Tax since they are certainly not below the line items since the same are expressively disallowed u/s 40(a)(v) and the same do not constitute […]
Though manufacturers were obliged to manufacture products as per specifications and standards provided by the assessee however, contractual obligations were entered into on principal-to-principal basis and related agreements were purchase and sale contracts simpliciter, which did not require any deduction of tax under section 194C.
When motor vehicles are in the gross block of the company and used for business it cannot ipso facto lead to an inference that the depreciation has to be partly disallowed on the assumption that these are partly used for personal use: Claridges Hotels case.
Vidyadayani Shiksha Samiti Vs. CIT (Exemptions) (ITAT Delhi) Coming to the powers of the Commissioner as to whether while granting registration under section 12A he is required to examine the books of account etc. or he is only to satisfy himself regarding the objects of the trust and genuineness of the activities of the trust, […]
The grounds of appeal in ITA No. 1295/Mum/2012 for AY 2000-01 & ITA No. 1296/Mum/2012 for AY 2001-02 are common. In both these appeals the assessee has taken as many as eight grounds of appeal
If the assessee has subscribed to the preferential warrants as an investor, then the share application money assumes the character of capital expenditure and the loss incurred by the assessee on forfeiture of the initial payment already made by the assessee is capital in nature. But if the assessee is trading in shares and in the course of such business, if it has incurred loss, it would be revenue expenditure.
Regarding the allowability of deduction under clause (iii) of section 57, it has to be established by the assessee that expenditure has been exclusively laid out or expended wholly and exclusively for the purpose of making or earning such income taxable under the head ‘income from other sources
The jewellery found in possession of the Assessee and his family is within the normal limits of the jewellery which as per the Board’s Circular not to be seized during the search proceeding of the Income Tax Act. Moreover, in the case of Haroon Mohd. Unni Mumbai vs Department of Income Tax, the Assessing Officer conducting the search suo-moto allowed 250 gms. each to the married ladies of the family as their `Streedhan’.
Sanghi Industries Ltd. Vs ACIT (ITAT Hyderabad) Only if subsidy or other grant was given to offset the cost of an asset, such payment would be covered by Explanation 10 to section 143(1). In the instant case where subsidy was received as an incentive for setting up industries to generate employment, the mere fact that […]
On the facts and circumstances of the case & in law, the Ld. CIT(A) erred in deleting the addition of Rs.95,00,000/- made by the AO on account of unexplained cash credit from an entry operator completely ignoring the findings given by the Honble Delhi High Court in cases like CIT V. Nova Promoters 342 ITR 169, CIT v. NR Portfolio [2013] 29 com 291 (Delhi), CIT v. N Tarika Properties
