M/s. K.V. Joseph & Sons Engineering Contractors Vs ACIT (ITAT Cochin) In this case the assessee paid Rs. 200 lakhs as an advance payment to Mr. K.J. Paul to carry out sub contract work of road at Edapally, High Court. The plea of the assessee is that it was incurred for the purpose of business. […]
Smt. Anju Gaggar Vs. ACIT (ITAT Hyderabad) During the relevant financial year, there were repeated purchase of same scrip and sale thereof immediately, almost on daily basis to take advantage of the market fluctuations. Further that, records of the broker clearly revealed that she had no intention to make investments for long periods. Hence, income […]
Lease hold rights are not eligible for depreciation u/s.32(1)(ii) of the Act considering it as intangible asset and, hence, dismiss this ground of appeal of the assessee.
Mahanadi Coalfields Ltd. Vs. ACIT, (ITAT Cuttack) In the present case found that thee Assessing Officer has initiated reassessment proceedings on the same facts which were available before him at the time of making assessment u/s.143(3) of the Act and no new tangible material has come on the basis of which it could be said […]
Hll Biotech Ltd. Vs ITO (ITAT Cochin) Conclusion: Since assessee-company was still at the pre-commencement stage and during this phase, it had raised equity funds which was invested in fixed deposits of the Banks as well as the holding company and had earned interest on the same, the interest earned had to be taxed as […]
Cochin International Airport Ltd appeal: The Commissioner is empowered to initiate suo moto proceedings under section 263 where the AO takes a wrong decision
Vodafone Cellular recent appeal: No order under section 201(1) of the Act shall be passed after expiry of the limitation period treating assessee-in-default for non-deduction of tax at source
DCIT Vs. S.V.S Prop mart Pvt. Ltd. (ITAT Delhi) Assessing Officer has mentioned in the Assessment order about the submissions made by the assessee that the commission was not received by the assessee company on account of dispute with the said party. Since the commission income has not been settled and crystallized, the same has […]
It is not for the TPO to decide the best business strategy for the assessee. The Hon’ble High Court also held that This whimsical fixation by the TPO amounts to an arbitrary and unbridled exercise of power.
Mr. Tushar Kothari Vs. DCIT (ITAT Delhi) The intention behind enacting provisions of Section 2(22)(e) is that closely held companies (i.e. companies in which public are not substantially interested), which are controlled by a group of members, even though the company has accumulated profits would not distribute such profit as dividend because if so distributed […]
