In the case of Reliance Communications Ltd, Mumbai bench of Income Tax Appellate Tribunal (ITAT) laid down certain guidelines for taxation of royalty payments to non-residents and held that payment for acquiring the copy of the software for the copyrighted article cannot be considered as royalty.
TDS provisions were applicable to interest payments made to NBFCs, however, if payees had shown interest income in their respective returns and paid income tax thereon, no disallowance could be made in view of second proviso to section 40(a)(ia).
Sonega Trades & Investments Private Limited Vs ITO (ITAT Mumbai); During assessment proceedings, it was noted that the assessee claimed deduction of Rs.3.72 Lacs as Municipal Taxes and other charges u/s 24 against rental income earned by the assessee. The said charges comprised-off of Rs.0.72 Lacs being monthly maintenance charges and Rs.3 Lacs being License […]
In Dheeraj Consultancy P. Ltd v. ACIT, the Mumbai ITAT held that the finance cost incurred on overdraft obtained from the bank which is advanced to sister concern for the non-business purpose is not business loss under the Income Tax Act.
In Mr. Ravi Shankar vs. The Assistant Commissioner of Income Tax, Mumbai bench of Income Tax Appellate Tribunal (ITAT) proclaimed in its recent order that pre- amended capital gain under section 54 of the Income Tax Act 1961 can be availed for two residential houses.
Goodwill is an intangible asset under section 32(1)(ii) covered within the expression ‘any other business or commercial rights of similar nature’ and, therefore, assessee was entitled to claim depreciation on such goodwill.
Where assessee had made investment in subsidiary companies not to earn tax free income but out of commercial expediency, no dis allowance under section 14A was called for.
Prabhjit Singh Sidhu Vs. Asst. DIT (International Taxation) (ITAT Chandigarh) The facts before us also demonstrate that the disclosure in the return of income filed under section 148 of the Act was voluntary and before detection of the same by the Revenue. The payment of taxes on the said income two months prior to issue […]
DCIT Vs Gyscoal Alloys Ltd. (ITAT Ahmedabad) Assessee had received share capital along with premium from its group concern and to prove the same, assessee had filed all the necessary details such as share applicants PAN card, audited accounts, income tax returns, confirmation, Demat statements, Inspectors inquiry report, copy of ledger account of investor entity […]
This is an application moved by the department for vacation of ad interim stay orders dated 15.2.2017 and 28.4.2017. It has been pleaded in the application that in this case the then concerned Assessing Officer had passed a very well-reasoned order while disallowing the claim of the assessee of exemption u/s 11 of the Income Tax Act.
