Held that assessee incurs monthly recurring charges for telecommunication lines and since such expenditure doesnt bring any benefit of enduring nature the same are revenue in nature.
Claim of assessee cannot be rejected on mere doubt without bringing any material on record to suggest that this is only accommodation entry.
ITAT Held that, since assessee ceased to be in existence as on the date when Ld. AO passed the impugned order of assessment, assessment so framed is not sustainable in the eye of law.
Held that there is no requirement for maintaining separate books of account for claiming deduction under section 10A/10AA of the Act, and books of account maintained by assessee is sufficient to enable computation of profits of various SEZ units.
Held that the transaction has not been concluded in the AY under consideration when the assessee received nomination fee. Thus, the transaction was not complete so as to assess the income under complete contract method.
Held that assessee leverages on the use of technology from the AE and does not contribute any unique intangibles to the transaction. PSM cannot be applied. TNM Method is Most Appropriate Method.
Due to change of Manager of Branch and appeal order was not noticed by manager, hence assessee could not file appeal within period of limitation is not acceptable
Held that cess forms part of the tax and the same cannot be allowed as deduction by virtue of provisions of section 40(a)(ii) of the I.T. Act
Sahyadri Vividdhodesha Areca Vs ITO (ITAT Bangalore) Held that object of section 80P(4) was to exclude cooperative banks that function at par with other commercial banks and noted that as primary agricultural credit societies are not entitled for obtaining a banking license would not be hit by this provision. Facts- Assessee is a society registered […]
Held that deduction u/s 54F is available against new residential house acquired outside India as provisions of section 54F doesn’t use the word ‘in India’.
