Sacmi Engineering India P. Ltd. Vs DCIT (ITAT Ahmedabad) main issue for our consideration is that whether the expenditure on conversion of debenture bond into equity share capital is revenue or capital expenditure. The claim of the assessee is that since capital base has been increased due to conversion of debenture for meeting working capital […]
Where AO made addition under section 68 in respect of a loan received by assessee, however, it was found that the said loan was not received during the assessment year under consideration; the addition made under section 68 on account of such loan was not called for during the said assessment year and hence, the said addition was liable to be deleted.
Increase in brand value due to use of foreign AEs brand name in Taxpayer’s products cannot be considered as provision of services, as per international transaction definition u/s 92B of the Income Tax Act, 1961.
HUF is owner of the said agricultural land though it is registered in the name of the Coparcener, as the HUF is enjoying all the fruits of the said agricultural land. Thus, the HUF is entitled to claim exemption/deduction under section 54B of the Act.
Infosys BPM Limited Vs JCIT (ITAT Bangalore) Order of assessment framed in the name of a non nonexistent entity after it ceased to be a subsisting entity, was ab-initio initio void and therefore, null in the eyes of law. On similar facts and circumstances of the case and law applicable, the ITAT, Bangalore bench in […]
Joseph Mudaliar Vs DCIT (ITAT Mumbai) Addition u/s 56(2)(vii)(b) on difference in value in respect of the subject properties where declared sale consideration shown by the assessee is lesser than the stamp duty value (market value) determined by the stamp duty authority Addition u/s 56(2)(vii)(b). The difference in value in respect of the subject properties […]
Bansiwala Iron & Steel Rolling Mills Vs DCIT (ITAT Jaipur) Since the A.O. is a quasi-judicial authority, who has to collect the evidences, material and then to adjudicate the matter after due and complete application of mind. The A.O. expected to record his own satisfaction before reaching to any conclusion. In our view, the A.O. […]
DCIT Vs Dalmia Bharat and Industries Ltd. (ITAT Delhi) Now the questions arising before us in this group of appeals were as Under:- i. Whether assessment framed u/s 153C read with S; ection 143 (3) for assessment year 2006 – 07 and 2007 – 08 are barred by the limitation. ii. Whether the assessment order […]
ACIT Vs Tulip Star Hotel Ltd. (ITAT Delhi) It remains an undisputed fact that the assessee was incorporated on 10.09.1987, made investments in V. Hotels Ltd, which had acquired Centaur Hotel in Mumbai from the Government intending to revive the business of such hotels, but in view of legal dispute with regarding to Centaur Hotel […]
ITAT Jaipur: Challenge against PCIT invoking Section 263 for large share premium. AO’s proper examination defended. Grounds and merits discussed.
