DCIT Vs United Info Planet Pvt. Ltd. (ITAT Delhi) From the perusal of the Rent Agreement dated 30/08/2007, it can be seen that it is with the sole purpose for rent in respect of the entire building to the Multi National company IBM. The Fit Out Agreement dated 18/01/2008 was entered between the parties for […]
Luthra & Luthra Law Offices Vs ACIT (ITAT Delhi) Hon’ble Delhi High Court in the case of Vaish Associates held that the partners were entitled to annual salary equivalent with percentage of profit multiplied by the allocable profit calculated as per the provisions of section 40(b)(v) of the Act. In the instant case also remuneration […]
M/s. United Investments Vs ACIT (ITAT Kolkata) In this case the assessee had incurred loss on sale of shares after paying STT & these shares were held on investment a/c for period more than 12 months. The assessee claimed that the loss incurred was to be assessed under the head ‘capital gains’ and its set […]
Since no effort was made by AO to serve another notice u/s. 143(2) before the deadline after returning from postal authorities the original notice u/s 143(2) thus, the jurisdictional condition of `service’ of notice u/s. 143(2) and not its `issue’ was not satisfied and accordingly, assessment order passed in absence of a valid jurisdiction was quashed.
The estimate of warranty made by the assessee on the basis of past history cannot be treated as a provision for any ascertained liability and allowed the provision for warranty as deduction.
Pyaribai K Jain Vs Addl. CIT (ITAT Mumbai) Leasehold right allotted against right of agricultural land cannot be considered as agricultural land and, therefore, profit on transfer of such leasehold right was taxable under the head ‘capital gains’, however, Assessing Officer was not correct in not allowing cost of acquisition to assessee while computing long-term […]
ITO Vs M/s Ami Riddhi Chem Private Limited (ITAT Mumbai) The assessee claim to have made purchases of Rs.34,92,40,689/-, therefore, the assessee was asked to furnish the details of purchases made from these parties. The notices issued/served under section 133(6) of the Act, however, there was no reply from the concerned parties. The facts are […]
Surrender offered by assessee on account of undisclosed sundry debtors was purely related to business carried out by assessee, therefore, same had to be assessed as deemed income under sections 69, 69A/B/C and assessee was entitled to claim the benefit of set off of losses both current and brought forward in accordance with law against the income assessed.
The issue under consideration is whether the Lease payment in advance for the period varied from 15 to 99 years considered as Capital Expenditure or Revenue Expenditure?
V.R.Enterprises Vs ITO (ITAT Mumbai) We find that assessee was in possession of primary purchase documents and the payments to the suppliers was through banking channels. The assessee had established corresponding sales before Ld. AO. The books of accounts were audited wherein quantitative details of stock was provided. We are of the considered opinion that […]
