ACIT Vs Singareni Colleries Company Ltd. (ITAT Hyderabad) On careful reading of the Notes submitted by the assessee company it is clear that the assessee is providing interest at certain percentage and credited to the fund account. Further, he observed that it is also a fact that the insurance premium is paid out of interest […]
Since in the financial statement for the relevant year (F.Y. 11-12), the auditor had made a clear disclosure that no revenue had been recognized on account of services rendered to SBI despite having incurred a cost of Rs. 3.2 crore and moreover, as per the matching ‘principl
Reassessment made by AO in respect of assessee-bank was quashed as no new material was brought on record by AO in the reopening of assessment to establish that the income of the assessee had escaped assessment as assessee had already disclosed all the information necessary for completion of original assessment and the reopening of assessment made beyond four years from the AY under consideration.
Shivratan Shrigopal Mundada Vs ACIT (ITAT Pune) We do not find any relevance of the ‘completion of construction’ insofar as the exemption u/s.54F is concerned. What the section requires is that the assessee purchases a new residential house or “has within a period of three years, after the date constructed, one residential house in India.” […]
Aditya Balkrishna Shroff Vs ITO (ITAT Mumbai) In the present case, it is not even in dispute, and rightly so, that the receipt is in question is in the capital field but the Assessing Officer has taxed it on the basis that “the gain on realization of loan would partake character of an income under […]
Meena Lahoti Vs Income Tax Officer (ITAT Hyderabad) Learned counsel’s argued that both the learned lower authorities have erred in law and on facts in adding impugned short term capital gains of Rs.51,72,920/- thereby ignoring the clinching fact that she had in fact indulged in development of her land in issue in the nature of […]
Hon’ble Hyderabad ITAT has in the case of Value Momentum Software Services Private Limited in I.T.A. No. 2197/HYD/2017 has held that late deposit of Employees Provident Fund prior to 01-4-2021 will not attract any disallowance as the explanation inserted by Finance Act,2021 in section 43B and Sec 36(va) has prospective effect and the same will be applicable only from 01-04-2021
Crown International Vs ACIT (ITAT Delhi) There is no dispute on the amount as well as of the fact that the adjacent plot was used for parking space by the shop orders. The only reason is that there was no legal obligation on the assessee to provide a parking space to the shop owners and […]
VSR Enterprises Vs ITO (ITAT Delhi) Assessing Officer in the instant case has recorded incorrect/wrong and non-existing reasons in the reason for reopening of the assessment and has not applied his mind to the information received from REIC, Ward 43(4)(New Delhi). Therefore, the reopening of the assessment is illegal and bad in law and is […]
Rockcastle Property Private Ltd Vs ITO (ITAT Mumbai) As per the provisions of Section 23(1)(b), annual value shall be deemed to be the actual rent received or receivable by the assessee. The proviso provides for deduction of municipal taxes levied by any local authority. As per Explanation, the actual rent received or receivable would not […]
