In case, Assessing Officer finds that if property is accounted in books of firm M/s. S.P. Hospital as a commercial property and the property is used for the purpose of hospital, then the Assessing Officer is directed to allow deduction under section 54F of the Act.
Assessee was entitled to the benefit of indexation on the total cost of acquisition from the year of allotment of flat dehors the fact that assessee had paid installments over a period of time subsequent to the date of allotment.
Income from letting out of premises/developing space along with other facilities in an industrial park, SEZ is taxable under business income
ACIT Vs AVA landmark LLP (ITAT Delhi) The capital assets held by erstwhile company transferred to assessee as LLP were considered as transfer and the Assessing officer made addition of Rs.11,37,40,244/- to the return income on allegation of non-compliance of Section 47(xiiib) of the Act. However, the Ld. CIT(A) observed that there is no violation […]
Shri Abdul Hakeem Vs ITO (ITAT Delhi) ITAT notice that the assessee has filed the appeal belatedly where the number of days delayed has not been specified. The delay in our understanding is about 14 months 10 days. No explanation worth the name has been provided to justify the delay. It is trite that the […]
The tide up grants for a specific purpose would only mean that the assessee which was voluntarily organization, had agree to act as a trustee of a special fund granted by the donor with the result that it need not be pooled or integrated with the assessee is normal income or corpus.
ITAT Ahmedabad held that loans to staff members is not business expenses and therefore interest earned on such loans cannot be treated as business income.
ITAT Delhi held that amendment to section 36(1)(va) are effective from 1st April 2021 and hence disallowance of employees’ contribution to EPF and ESI paid before due date of filing return of income is unsustainable
ITAT Bangalore held that deletion of unexplained investment without verifying the reflection thereof in the books of accounts and also without verifying consolidated statement of accounts is untenable in law. Matter remanded to verify the books of accounts
Karb Associates Pvt. Ltd Vs DCIT (ITAT Kolkata) Even if, the assessee does not make prayer to the A.O for referring the valuation to the DVO while disputing the valuation of the property made by the Stamp Duty Authority, then A.O being a quasi-judicial authority was duty bound to act fairly and suo-moto refer the […]
