ITAT held that the interest paid on belated payments of service tax is allowable for deduction under Section 37(1) of the Income Tax Act, 1961
Jila ALP Sankhyak Bachat Sahakari Sakh Samiti Maryadit Vs DCIT (ITAT Raipur) Deductions otherwise disallowable under the Act but could not be disallowed in 143(1) – Eg 80P deduction AY 18-19 to AY 20-21 Assessee -Credit Co-operative Society, claiming deduction u/s.80P filed its ROI A.Y.2018-19 beyond the due date u/s 139(1). CPC in its Intimation […]
ITAT Mumbai held that payments under the BBCD arrangements were made with specific regulatory approval prescribed by the RBI hence that approval can also be viewed in support of the transaction price as an arm’s length price.
ITAT Ahmedabad held that mere modus of operandi cannot the basis of making the addition or treating the transaction carried out in any share/scrip as bogus until and unless it is supported by the material documents.
ITAT Kolkata held that interest subsidy received under the amended Rajasthan Investment Promotion Scheme, 2003 is capital receipt and hence the same is not chargeable to tax.
Utilisation of capital gains within time specified would entitle assessee to claim deduction under section 54, notwithstanding fact that new asset was registered beyond period specified under section 54, which according to assessee was beyond her control and was to be liberally construed.
ITAT Bangalore held that provisions of section 68 of the Income Tax Act are not applicable to the remittance made in India by non-resident.
ACIT Vs Bhagwati Coal Movers (P) Ltd. (ITAT Delhi) ITAT Delhi held that the ‘Security Premium Reserve’ cannot be regarded as part of accumulated profits under Section 2(22)(e) of the Income Tax Act. Facts- AO observed that the assessee has obtained loan amounting to Rs.5,52,50,000/- from M/s. Ajmala Stationery Ltd. A part of the loan […]
ITAT Chennai held that addition as unexplained investment for quantity of jewellery within the permissible limits as per CBDT instruction no. 1916 dated 11.05.1994 is unsustainable.
ITAT Mumbai held that income from shareholders account is to be taxed as a part of life insurance business as assessee is carrying on only life insurance business.
