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All Addition Invalid If No Incriminating Material Found During Search

August 25, 2020 3495 Views 0 comment Print

DCIT Vs Venus Overseas Pvt. Ltd. (ITAT Delhi) The common grievance in all these appeals relates to the deletion of the addition made u/s 68 of the Act on account of unexplained share capital and premium though quantum may defer in each year. Vide application dated 30.01.2020, the assessee has invoked Rule 27 of the […]

Architectural Services provided to Singapore Entity Taxable at 10% when DTAA Benefit is Available

August 24, 2020 1476 Views 0 comment Print

The issue under consideration is whether the architectural services provided to Singapore Entity taxable at 10% or 20% when the benefit of Double Taxation Avoidance Agreement (DTAA) is available?

Section 11 exemption for accumulation cannot be denied for non-filing of Form No. 10

August 24, 2020 3630 Views 0 comment Print

That non filing of the Form No. 10 within stipulated period may be an irregularity but not illegality, if the assessee cures the defect during assessment proceedings, the assessee is entitled to the benefit of accumulation as provided u/s 11(2) of the I.T. Act.

Extension of Stay of Demand Allowed if Delay in Not Disposing of Appeal is Not Attributable to Assessee

August 21, 2020 1251 Views 0 comment Print

The issue under consideration is whether the second extension of stay of demand against ITAT appeal will be allowed to the assessee?

In a tax neutral exercise, no addition towards unutilized CENVAT credit is warranted

August 21, 2020 1023 Views 0 comment Print

whether the CIT (A) is correct in confirming addition u/s 145A of the Act to closing stock for unutilized Cenvat credit in respect of credit inputs or capital goods purchased?

Section 80P Deduction eligible on Bonus in the nature of dividend by KMF to Co-op Society

August 21, 2020 1947 Views 0 comment Print

The issue under consideration is whether the deduction u/s 80P is allowed against the bonus received by the Co-operative Society from M/s. Karnataka Co-operative Milk Producers’ Federation (KMF)?

LTCG cannot be considered as bogus in absence of any evidences

August 20, 2020 1734 Views 0 comment Print

whether addition made by AO u/s 68 as Unaccounted/Unexplained Income by treating the Long Term Capital Gain as Manipulated Transaction is justified in Law?

Higher depreciation on Lorry not eligible if party used for own

August 20, 2020 18201 Views 0 comment Print

GVV Construction Pvt. Ltd. Vs. DCIT (ITAT Cuttack) If the assessee uses motor lorries partly for own use and for hire charges he is not entitled to claim excess depreciation @ 30% as per the provisions of Section 32 of the Income Tax Act. Case Summary: – Facts of the case: The assessee filed return […]

Draft Order framed u/s 144C(1) on Non-Existent Company is Void-ab-Initio

August 20, 2020 630 Views 0 comment Print

The issue under consideration is whether order passed by the AO held that the draft order framed under Section 144C(1) of the Income Tax Act is in the name of a non-existent company is sustainable in law?

ITAT refer TP adjustment for Notional Interest to Special Bench

August 20, 2020 1227 Views 0 comment Print

The issue under consideration is whether transfer pricing adjustment as notional interest and charging it to tax, disregarding the provisions of Article 11 of India Cyprus DTAA is justified in law?

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