Since teaching of Indian Classical Music was within the field of ‘education’ and the activities of the studio were carried on in order to achieve the main object of the Trust, the same could not be construed as a business and the proviso to section 2(15) did not apply on the same.
Tapas Kumar Mallick Vs ACIT (ITAT Delhi) A perusal of the assessment order clearly shows that the Assessing Officer was carried away by the report of the Investigation Wing and the exparte Ad-Interim order of the SEBI. It can be seen that the entire assessment order has been framed by the Assessing Officer without conducting […]
Maruti Suzuki India Ltd. Vs JCIT (OSD) (ITAT Delhi) The disputes pertain to the sole issue of interest under Section 244A of Income Tax Act, 1961 payable by Revenue to the assessee. Vide impugned appellate order Ld. CIT(A) expressed the view that interest should be given to the assessee under Section 244A of I.T. Act […]
No disallowance u/s 14A was called for in case of no exempt income earned by assessee in the relevant assessment years
Aagam Shares & Commodities Pvt. Ltd. vs DCIT (ITAT Ahmedabad) It is also well settled that penalty under s. 271(1)(c) of the Act will not be imposed in every case merely because it is lawful to do so. The penalty will not ordinarily to be imposed unless the party obliged, either acted deliberately in defiance […]
DCIT Vs M/s. Rabo India Finance Ltd. (ITAT Mumbai) In the present case, the reason for invoking provisions of section 69 of the Act germinates from the contents of letters dated 27/07/2011 and 06/09/2011 written by one of the employee indicating that the assessee has extended loan of GBP 37.50 million as per part of […]
Sahakar Global Ltd. Vs DCIT (ITAT Mumbai) Issue- Addition of Rs. 3,50,00,000/- as unexplained cash credit u/s. 68 in respect of amount received during the year as share capital and premium from M/s. Vanguard Jewels Ltd, Ansh Merchandise Pvt Ltd., Alka Diamond Industries Ltd & Talent Infoway Pvt Ltd. Held: Additions have primarily been made […]
Af-taab Investment Company Ltd. Vs ACIT (ITAT Mumbai) In this case the assessee had a bonafide belief that the loss suffered by it is business loss. The change of nature of loss from business loss to speculative loss was not enough to impose penalty on the assessee. Therefore, we are inclined to delete the penalty […]
Discovery Estates Pvt. Ltd. Vs ACIT (ITAT Delhi) In the case, the issue in dispute is regarding the head under which rental income is to be taxed. The assessee is earning rental income from commercial malls and offered the same under the head ‘Profit and Gains of Business or Profession’. The rental income has been […]
Sales Tax subsidy received for expansion of assessee’s existing industry was capital in nature as the purpose of the same was for the expansion of the existing industry of assessee. Moreover, the amounts which were not taxable in the normal computation could not be included while computing the book profit because such amounts did not really reflect a receipt in the nature of income and could not form part of the book profit.
