ACIT Vs. Claridges Hotels Pvt. Ltd. (ITAT Delhi) Company can claim Depreciation in respect of Equipment Installed at Residential Premises of its Managing Director, the same should be added as perquisite in the hands of the said Director but cannot be disallowed in the hands of the assessee company
In the given case, memebrs of JV decided to form a JV only to secure the orders and execution of the orders was to be done by one of the constituents of the JV. JV was formed for the benefit of the individual members and a business was carried on for the benefit of the businessman. There was no sub-contract relationship existed between JV partners. Accordingly, the work executed by the AMRCL was not in sub-contract. Ground raised by revenue was dismissed.
Hyderabad bench of Income Tax Appellate Tribunal recently held that interest income earned from deposits of share capital as fixed deposits in bank should be considered as capital receipt which is not taxable under the provisions of the Income Tax Act, 1961.
Jyothirmoy Yamsani Vs. DCIT (ITAT Hyderabad) In the instant case, the assessment order categorically indicates that penalty is leviable on both counts and even penalty order details the nature of default on the part of the assessee, followed by a specific conclusion that the assessee has concealed income and furnished inaccurate particulars of income. Under […]
ACIT Vs. M/s. Jeannie Jamshed Madan (ITAT Mumbai) The fact that the assessee is one of the beneficiaries in the Estate of late Shri M.S. Kotwal who is partner in the partnership firm of M/s. Mira Salt Works is not in dispute. The reason for bringing to tax the amount received by the assessee is, […]
Bhavani Gems Vs. ACIT (ITAT Mumbai) We have heard the rival contentions and perused relevant material on record including cited orders of Tribunal in assessee’s case for different years. Upon perusal of the same, we find strength in the argument of Ld. AR since the assessee’s claim for additional depreciation has been allowed in subsequent […]
ITAT Bengaluru held in the case of Nuance Transcription Services India (P.) Ltd. v Dy. CIT that Outstanding Receivables from AE is an international transaction as per Explanation to Section 92B inserted by the Finance Act 2012 and non-charging of interest for a period exceeding 6 months requires ALP adjustment.
The Income Tax Appellate Tribunal Bangalore bench while dismissing revenues appeal recently ruled that Credit co-operative society engaged in providing credit facilities, etc., to its members is eligible for deduction under Section 80P of the Income Tax Act, 1961.
M/s Sharmilee Furnishing P. Ltd Vs. I.T.O (ITAT Delhi) There is no dispute to the fact that the department conducted inquiry in the case of third party where the name of the assessee was also written to have received accommodation entry and accordingly, the AO reached to a conclusion while recording reasons that the income of the assessee has escaped assessment and it is a fit case for initiation of proceedings u/s 148 of the Act and the case was selected for scrutiny and assessment was made by making necessary additions.
Unless return of income already filed is disposed of, notice under section 148, cannot be issued, i.e., no reassessment proceedings can be initiated so long as assessment proceedings pending on the basis of the return already filed are not terminated.
