he auditors in their tax audit report have also not mentioned of any violation of provisions of section 40A(3), as these payments have been made on account of business expediency where insistence of cash by the agents and truck drivers has been established by the appellant.
Volkswagen Finance Pvt Ltd Vs ITO (ITAT Mumbai) In this case ITAT held that we are of the considered view that the income embedded in payment to the international celebrity (Nicholas Cage), for participation in Dubai A8L launch event for promoting the business of the assessee in India, is taxable as arising from a ‘business […]
Mrinal Roy Vs DCIT (ITAT Delhi) Once it is established that the tax has been deducted at source, the bar under Section 205 of the Act comes into operation and the revenue is barred from recovering the TDS amount once again from the employee from whose income, TDS amount has been It is pertinent to […]
The Assessing Officer disallowed expense of Rs. 1,27,500 u/s 37(1) of Income Tax Act on finding that the said expenditure relates to some advertisements connected to demise / birthday greetings / congratulating some politicians, etc.
Once the cancellation of registration had been set aside and registration granted under section 12A had been restored by the Tribunal, CIT(Appeals)’s decision for disallowance of exemption under section 11 became redundant, hence, had to be set aside.
ACIT Vs Feroke Boards Ltd. (ITAT Cochin) The first issue to be decided is whether the assets transferred by the assessee to M/s.Masonite Holdings Private Limited is a “financial asset” coming within the Explanation 1(i)(e) to section 2(42A) of the I.T.Act. The term “financial asset” has been described in Explanation 1(i)(d) to section 2(42A) of […]
India Meditronic (P) Ltd Vs ACIT (ITAT Mumbai) – Non-compete fee was allowable as capital expenditure and depreciation could be claimed on the same.
Parmanand Sharma Vs ITO (ITAT Delhi) ITAT said in their considered opinion once the assessee alleged that his income is not taxable during the provisions of the Act there cannot be any obligation upon the assessee to pay advance tax. ITAT’s view is fortified by the affidavit of the assessee filed before me. I find […]
Depreciation could not be disallowed due to assets were not in use as assessee had not close down the business but it was not going on because of illegal strike by the workers and therefore manufacturing had been stopped temporarily.
Property tax levied by the Municipal Authority is a charge on the property. Undisputedly, the licensor is the owner of the property, hence, liable to pay the property tax. That being the case, the amount equivalent to the property tax reimbursed to the licensor cannot be treated as rate, tax, fee, cess, etc., as provided under section 43B(a) of the Act.
