Dharam Deep Public School Vs. Dy. CIT (ITAT Delhi) Section 200A of the Act deals with processing of statement of tax deducted at source, whereas, section 234E of the Act deals with fee for default in furnishing statements.Iit was held that ‘intimation raising demand prior to 01/06/2015, u/s 200A of the Act, levying fee u/s […]
Dy. CIT Vs Maan Aluminum Ltd. (ITAT Delhi) The undisputed fact is that the assessee had paid commission to two non-residents on export orders procured by them. It is also undisputed that the non resident agents did not have any permanent establishment or permanent place in India and the agents operated from outside India. It is […]
Monarch Commodities Pvt. Ltd. Vs. DCIT (ITAT Bangalore) Under section 57(iii) of the Act, only those expenditure are to be allowed which are related to earning of income from other sources. Since the expenditure claimed by the assessee was not incurred to earn income from other sources, the same cannot be allowed. FULL TEXT OF […]
Dy. CIT (LTU) Vs. Bosch Ltd. (ITAT Bangalore) Section 23 of MSMED Act has specifically provided that the interest paid to the Micro, Small & Medium Enterprises on account of delayed payment is not allowable as deduction from income. Section 23 of MSMED Act has specifically prohibited the assessee from claiming the deduction from the […]
M/s. Varsha Corporation Ltd. Vs. Dy. CIT (ITAT Mumbai) In the case under consideration, in the computation of income,the assessee had not claimed any exempt income. The expenditure claimed by it in the profit and loss account have not been shown to have been incurred for earning any exempt income during the year under consideration. […]
Shri Ramesh Salecha HUF Vs. ITO (ITAT Mumbai) Revenue could not produce before us any evidence to show that notice under sections 143(2) has been issued or served to the assessee the re-assessment made under sections 143(3) read with section 147 is void ab-initio in view of the above decisions of the Honorable Allahabad High Court in […]
Where assessee had not earned any tax-free income, then, corresponding expenditure also could not be worked out for dis allowance.
Process of generation of electricity is akin to manufacture or production of an article or ‘thing’, therefore, assessee was entitled to claim additional depreciation under section 32(1)(iia) on windmill even prior to amendment of section 32(1)(iia) by Finance Act, 2012 as said amendment is only clarificatory in nature.
Rajkot bench of Income Tax Appellate Tribunal (ITAT) recently held that the notebooks and diaries found from assessee’s wife cannot be treated as Books of Accounts for the purpose of making addition under the Income Tax Act, 1961.
M/s. Essel Pro pack Ltd. Vs. DCIT (ITAT Mumbai) Assesses has incurred expenses on behalf of certain foreign subsidiaries and Indian subsidiary and shown them under the head Advances Recoverable. The assessee has not made any non business advance to the these companies, but these amount represents various debits in the nature of sale of […]
