Due to the absence of any profit element in the amount paid by the agents it was held that it was purely in the nature of reimbursement of cost of MaerskNet. Further, MaerskNet was part of the shipping business and therefore subject to DTAA.
The Assessing Officer had issued notice u/s 148 of IT act to reopen the assessment of the AY 2007-08 giving reasons to believe that there was non-disclosure of all facts with respect to deduction u/s 10A by the assessee and the assessee had taken the deduction without setting off the loss of one unit.
In the case of /s R.W. Promotions P. Ltd vs. ACIT Bombay High Court held that AO must gives an opportunity to cross examine the witnesses whose statement is relied upon by the revenue , violation of this right is clearly a breach of principles of natural justice.
Clear language of section 147 of the IT Act reveals that if the Assessing Officer has reason to believe that any income has escaped assessment, then, he can resort to such power. While it is true, as Mr. Gupta argued
It is now settled position of law that, while considering the application for waiver of pre-deposit, the Tribunal or the Appellate Authorities are directed to take into consideration three factors namely, prima facie case, undue hardship and the interest of Revenue.
Whether tribunal was right in allowing appeal of the assessee holding that the interest income earned by the assessee on fixed deposits with the bank and other interest income are eligible for deduction u/s 80IA.
The hospital had hired the doctors i.e professionals for their expertise, experience, and skill in the profession and requests them to be associated with the hospital, then their engagement cannot be said to be of employer-employee relationship.
The learned counsel for assessee justified the claim for depreciation on the ground that these amounts which were capitalized, represented expenditure incurred in raising finance for the acquisition of and/or for brining into existence capital assets and thus formed part of the cost of fixed assets.
The sole issue in the present writ petition is whether information related to income-tax returns of politician can be provided to any individual in purview of proviso of section 8 (1) (j) of the Right to Information Act, 2005. Whether the petitioner is entitled to the information
An Assessee cannot be compelled with the quantum of additions as admitted during the course of assessment proceedings if the said additions were not offered to tax in the return of income.
