ACIT Vs Indian Evangelical Team (ITAT Delhi) ITAT held that provisions of section 13(1)(b) are attracted in case of charitable societies only and not in case of religious societies and hence there is no violation of section 13(1)(b) as alleged by the Assessing Officer, since this assessee is religious society. FULL TEXT OF THE ORDER […]
The assessee herein is one of the branches of M/ State Bank of Travancore, which has since been merged with M/s State Bank of India. It is stated that there was shortage of staff and domain expertise in taxation. On examination of reasons furnished by the assessee in a liberal manner, in our view, the reasons given by assessee for delay in filing appeal before Ld. CIT(A) shall constitute sufficient cause
K.S. Hanumantha Rao Vs PCIT (ITAT Bangalore) According to the CIT, the assessee was not entitled to claim for deduction u/s 54 of the I.T.Act amounting to Rs.48,81,963 for the investment made in new asset, since the investment in the new asset was made one year prior to the date of sale of the original […]
Peerless General Finance & Investment Company Limited Vs DCIT (ITAT Kolkata) It is observed that the issue relating to the assessee’s claim for Long-Term Capital Loss arising from the sale of Government Securities by applying the Cost Inflation Index was disallowed by the Assessing Officer in the assessment completed under section 143(3). However, the set […]
ITO Vs Direct Mercantile Company Pvt. Ltd. (ITAT New Delhi) Issue- Ld. Commissioner of Income Tax (Appeal) erred in law and on facts of the case in deleting the addition of Rs. 3,14,16,000/- made by the A.O on account of unexplained share capital & share premium and Rs. 2,10,00,000/- on account of unexplained investment Submission […]
Sundaram Business Services Limited Vs ITO (ITAT Chennai) As regards professional charges paid to M/s. TWB Pty Ltd., a company of Chartered Accounts, although payment made to said company is not covered under Article 14, but said payment is covered under Article 7 of DTAA between India and USA because the business profits of an […]
Where assessee had existing brought forward losses which were either could not be set off against the profits and if the assessee considered any year as the initial assessment year for the benefit of Section 80IA in such cases, the eligible profits would be determined only after setting off of the losses/ unabsorbed depreciation carried forward in the year the deduction was claimed.
NXP India Private Limited Vs ACIT (ITAT Bangalore) In this case AO passed a combined order giving effect to earlier orders of Tribunal with regard to original assessment and also reassessment order u/s. 143(3) r.w.s. 147 of the Act which is incorrect. The AO must have passed distinct and separate orders giving effect to the […]
DCIT Vs Force Motors Ltd. (ITAT Pune) During the First Appellate Proceedings before the Ld. CIT(Appeals), it was submitted by the assessee that payments were made to technical consultants from Japan, Germany and Italy. The assessee submitted that these consultants are not residents of India and further their stay in India was less than the […]
Piaggio Vehicles Private Limited Vs ACIT (ITAT Pune) Whether education cess can be allowed as deduction? The Ld. Senior Counsel for the assessee has placed strong reliance on the decision of the Hon’ble Bombay High Court in the case of Sesa Goa Limited Vs. Joint Commissioner of Income Tax, (2020) 107 CCH 0376 MumHC, Tax […]
