Ms. Bank Note paper Mill India Pvt. Ltd Vs ITO (ITAT Bangalore) ITAT held that where the interest receipt is directly connected or incidental to working of construction of assessee plant, it should be reduced from the capital cost of project and not be treated as income. Statement provided by assesse in form of Annexure […]
Shri B.S. Sanjay [HUF] Vs ITO (ITAT Bangalore) In the present case, the sale consideration as per sale deed is Rs. 59.40 Lakhs and the value adopted by DVO u/s. 50C (2) is Rs. 64,10,400/- and therefore, the difference between these two values is of Rs. 4,70,400/- which is less about 8% of the sale […]
Flipkart India (P) Ltd. Vs ACIT (ITAT Bangalore) Where the assessee sold goods at loss in order to create market for itself, AO disregarded the loss without any basis and converted the same into income then action of AO was not justified. What can be taxed is only income that accrues or arises as laid […]
Regarding the allowability of deduction under clause (iii) of section 57, it has to be established by the assessee that expenditure has been exclusively laid out or expended wholly and exclusively for the purpose of making or earning such income taxable under the head ‘income from other sources
M/s. Delhi International Tax Airport Pvt. Ltd Vs DCIT (ITAT Bangalore) Once it has been repeatedly held that Airlines Operators are collecting the PSF on behalf of the Airport Authorities/Operators and the PSF is to be paid to the airport authority in terms of the notifications issued by the MOCA at different points of time,the […]
Provisions for expenditures have to be made in the reasonable way otherwise the same may be disallowed while computing the income and tax thereon of an assessee
The CIT (A) has failed to understand that your appellant was not under any legal obligation to effect TDS on purchase of Computer Software in F.Y. 2011-12 as these were considered as purchase of goods under the then existing provisions of law and subjected to customs duty. Purchase of computer software was brought under the definition of Royalty vide the Finance Act 2012 with retrospective effect.
The assessee, a company engaged in deriving rental income from letting out of warehouse, filed its return of income for asst. year 201314 on 29/8/2013 declaring income of Rs. 26,97,860/- treating the rental income received there form as business receipts and offering the same for taxation of business income. The case was taken up for scrutiny and the assessment was completed u/s 143(3) of the Income-tax Act, 1961 (in short ‘the Act’) vide order dated 24/3/2016
Once assessee had invested sale proceeds of existing asset for the purpose of construction of new house within the time period specified under section 54F he could not be denied the benefit under the section, even if the assessee finally could not construct the new house within the specified period of three years.
Monarch Commodities Pvt. Ltd. Vs. DCIT (ITAT Bangalore) Under section 57(iii) of the Act, only those expenditure are to be allowed which are related to earning of income from other sources. Since the expenditure claimed by the assessee was not incurred to earn income from other sources, the same cannot be allowed. FULL TEXT OF […]
