AO was not justified to make addition solely on the basis of the statement of Shri Hanuman Yadav when there was a registered sale deed and more particularly when the maker of statement has not challenged the sale deed before any court of law.
It is natural in Indian culture that if the members of the family are competent to work in the business of the family, naturally they will be required to pay the minimum / the same compensation/benefit/incentive as other employees are paid.
Where a residential house was transferred and four flats in a single residential complex were purchased by the assessee, it was held that all four residential flats constituted “a residential house” for the purpose of Section 54 and that the four residential flats cannot be construed as four residential houses for the purpose of Section 54.
These appeals raise an interesting issue with respect to interplay of Article 9 of India Netherlands Double Taxation Avoidance Agreement and TP adjustments under domestic TP law.
First requirement to claim of additional depreciation is that there should a new machinery or plant. A machinery is new till it is first put to use. Once it is used, it is no longer a new machinery. Admittedly, the machinery, on which additional depreciation has been claimed, was already used in various preceding previous […]
Shri Anil Agarwal Vs ACIT (ITAT Indore) It has been held that even when the Assessing Officer of the person searched and the other person is common, the Assessing Officer of the person searched has to necessarily form a satisfaction that the item referred to in section 153C belongs or belong to a person other […]
By adopting tax planning, long-term loss on sale of shares suffered by assessee on off-market sale transactions can legitimately be adjusted against long-term capital gains on sale of land.
Treatment as per Income Tax Act and Indian Accounting Standard in case of Slump sale / Sale of Division/ sale of undertaking between entities under common control for acquirer Common Control: Common control business combination means a business combination involving entities or businesses in which all the combining entities or businesses are ultimately controlled by […]
ITAT Held that Section 14A of Income Tax Act,1961 cannot be invoked, where no regular activities were undertaken by the Assessee in respect of the investments to earn exempt income and no change in the investments during the year?
Client acquisition cost paid by the appellant was towards acquiring an intangible asset and therefore eligible for depreciation under section 32(1)(ii) of the Act @ 25%.
