DCIT Vs K.S. Diesels Ltd. (ITAT Mumbai) we are of the considered view that as the assessee as per the terms and conditions of the OTS had during the year under consideration made a payment of interest of Rs.1,91,19,083/- to GIIC out of the interest of Rs.3,23,84,509/- (supra) that was disallowed u/s 43B in the […]
When the funds available to the assessee both interest free and interest bearing loans, there shall be a presumption that the investments made would be out of the interest free funds available with the assessee, provided the interest free funds were sufficient to meet the investments which means that when the interest free funds are available to the assessee which were sufficient to meet its investments should be presumed that investments were made out of such interest free funds.
ACIT Vs National Projects constructions Corporation Ltd (ITAT Delhi) Executed border outpost work for the Ministry of Home Affairs and has incurred the expenditure on land acquisition, compensation, service connection charges and miscellaneous expenditure are revenue in nature As per work order (MOU) the assessee was required to acquire the land for the project and […]
ACIT Vs Yashovardhan Tyagi (ITAT Delhi) Clause (v) of Explanation 2 to Section 9(1) consists of two different transactions, one inclusive another non-inclusive. The inclusive part consists of the transfer of all or any rights (including the granting of a licence) in respect of any copyright, literary, artistic or scientific work including films or video […]
Addition on account of deposits of employees’ contribution of ESI and PF prior to the filing of return of income u/s 139(1) could not be disallowed under section 43B read with section 36(1)(va) if the same was prior to the amendment made by the Finance Act, 2021 w.e.f. 1.4.2021 vide Explanation 5.
Where there was violation of the provision of section 13, the entire exemption under section 11 would not be denied instead expenditure which could not be treated as application of income and in violation under section 13, same should alone be disallowed.
In present facts of the case, the Hon’ble Tribunal held that reimbursements cannot be termed as Fees for Technical Services under section 9(1)(vii) of the Act and Article 12 (4) of India US DTAA.
Om Sweets Pvt. Ltd. Vs DCIT (ITAT Delhi) if the purpose of assessee’s participation in the chit is for the purpose of raising funds, and if the assessee utilized the said funds for the purpose of business, then the difference in the subscription paid by the assessee and the prize amount received shall be treated […]
In our considered view, for claiming deduction of interest under Sec. 24(b) of the Act there is neither any such precondition nor an eligibility criteria prescribed that the assessee should have taken possession of the property so purchased or acquired by him.
Mushtak Khan Vs ITO (ITAT Indore) We observe that the assessee is into this business as stamp vendor since last many years and Appeal is against disallowance of commission expenditure claimed by the assessee to have been paid to various customers/registry consultants purchasing the stamp papers. Now as far as the expenditure for commission of […]
