Expenditure to the extent of 25% of purchases held as non-genuine and disallowed by the AO related to the same business activity of manufacture and export in respect of which assessee was held eligible for deduction under section 10AA. Therefore, deduction under section 10AA was to be allowed on the enhanced profits in light of accepted legal position by CBDT Circular No. 37/2016, dated 2-11-2016.
FNF India Private Ltd. Vs ACIT (ITAT Bangalore) The brief facts are that the AO denied deduction of gratuity paid. The assessee submitted before the CIT(Appeals) that it had created a provision for gratuity amounting to Rs.1,4769,903 and that Rs.44,22,139 was actually paid to the employees. In its return of income, the assessee had erroneously […]
Tata Sky Limited Vs ACIT (ITAT Mumbai) By virtue of this Miscellaneous Application, the assessee on a limited aspect seeks to recall the order of this Tribunal on one particular issue alone with regard to upholding the disallowance made u/s.40(a)(ia) of the Act on year end provision for expenses on the ground that while rendering […]
Kapoor Watch Company Pvt. Ltd. Vs ACIT (ITAT Delhi) Hon’ble Court held that maintenance charges must form a part of the rent while calculating the annual value of property u/s 23(1) of the Act for the purpose of Section 22 of the Act. However, in the present assessee company’s case, the common area maintenance charges […]
DCIT Vs Ritesh Properties & Industries Ltd. (ITAT Delhi) 1. Foreign travel expense not allowable if no nexus between travel & business purpose Though the counsel submits that the action of the CIT(A) in upholding the disallowance of Rs.7,02,655/- on the ground that the said expenditure was incurred for foreign travel for personal purposes is […]
Prism Cement Ltd. Vs DCIT (ITAT Mumbai) We observed that assessee has earned exempt income of Rs. 12,62,95,486/- and made a suo moto disallowance of Rs. 29,87,943/-. After careful consideration of the assessment order passed by the AO and the order passed by Ld. CIT(A), it is fact on record that AO has not recorded […]
Sujay Pankajbhai Shah Vs ACIT (ITAT Ahmadabad) A bare glance of the reasons recorded gives an unflinching impression that powers exercised under section 147 of the Act was to enable the AO to carry out detailed verification of the various aspects of such matter in reference made to the AO herein by the office of […]
The CIT(E) seems to have taken recourse to the provisions of section 12AA(4) of the Act which was inserted by the Finance Act of 2014 w.e.f. 01.10.2014. We find that those provisions are applicable only when the CIT(E) seeks to cancel the registration already granted to a trust. Those provisions cannot be made applicable for grant of registration u/s. 12AA of the Act.
Maker Tower Premises Co. Op. Society Ltd. Vs ACIT (ITAT Mumbai) Rent is for space to host the antennas and not for the antennas. As long as the rent is for the space, terrace and roof space in this case and which space is certainly a part of the building, the rent can only be […]
Jaya Hind Industries Limited Vs DCIT (ITAT Pune) which is used in the robotic arms forming part of high pressure die casting machines can be allowed as revenue expenditure. The factual submissions made on behalf of the appellant are that the expenditure was incurred on replacement of Gripper which is part of robotic arms forming […]
