Nokia India Sales Pvt. Ltd Vs Addl. CIT (ITAT Delhi) Conclusion: In present facts of the case, the Hon’ble Tribunal held that creating a demand for non-deduction of tax while the recipient has paid taxes on the same amount would result in recovery of taxes on the same amount twice and on the issue of […]
Payment of royalty by assessee in lieu of granting license under the royalty and technical knowhow agreement was to be treated as revenue in nature as assessee was already engaged in the manufacturing of motorcycle and Scooter and payment of royalty expenses was not with respect to setting up of manufacturing facility.
Shanthilal Movji Bhai Thakker Vs ITO (ITAT Chennai) ITAT held that rental income from sub-lease shall be considered as business income as the assesee was engaged in business of real estate development and the property in question was sub-leased in furtherance of their business. Shri Shanthilal Movji Bhai Thakker (“the Appellant”) aggrieved by the order […]
The assessee has issued demand drafts to various persons and any unclaimed demand drafts is kept in stale draft account under the head ‘outstanding liabilities’. AO noticed that the amount of INR 18,42,40,053 was shown under the head ‘outstanding liabilities’. The opening balance of the said account was INR 13,97,32,235. Accordingly, differential amount of INR 44507818 is treated as income of the assessee.
Qualcomm India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) Facts- The assessee argued that education cess paid on Income Tax doesn’t come under the purview of the definition as it is levied on the amount of Income Tax but not on profits of business. Conclusion- Education Cess is not in the nature of capital expenditure, […]
It is settled position of law that disallowance cannot exceed the amount of dividend income earned during the relevant assessment year. Accordingly, the amount of disallowance u/s 14A of the IT Act needs to be restricted to the extent of exempted income earned during the relevant assessment year.
Shri Sanjay Agarwal Vs ITO (ITAT Jaipur) In this case, the AO has rejected the books of accounts and has estimated G.P. rate of 0.69% on declared turnover as against G.P rate of 0.38% declared by the assessee and made a trading addition of Rs. 49,56,217/- in the hands of the assessee. The AO has […]
Smt. Renukaben Umedsinh Parmar Vs ITO (ITAT Surat) The assessing officer made addition by taking his view that assessee is a Government Employee and was maintaining bank account and that a person who is maintaining bank account will not keep such huge cash in hand which is abnormal. The ld.CIT(A) concurred with the finding of […]
Held expenditure of reclamation and rehabilitation had to be allowed as a deduction under section 37(1) of the Act as expenditure incurred wholly and exclusively in connection with the business of the assessee.
Krishna Bhagya Jala Nigam Limited Vs ACIT (ITAT Bangalore) Guarantee commission not ‘Levy’ for the purposes of disallowance under Section 40(a)(iib) of the IT Act ITAT held that guarantee commission paid in consideration for the state government agreeing to suffer a detriment in the event of non-payment of the bonds on its maturity and is merely […]
