Held that broker pledged the shares of the clients with banks for obtaining bank finance. It is not justified to take value of shares pledged as undisclosed investment of the broker.
Held that the payment towards CAM charges are in the nature of contractual payment which are made for availing services/ facilities. Accordingly, TDS is deductible u/s. 194C
Held that the assessee can take shelter and claim deduction u/s 54 only when the assessee invests the long term capital gain in purchase or construction of a single residential house.
Held that the authorities fallen in error in considering the subscription received towards cloud serviced to be royalty income
ITAT held that ‘serving of liquor is not charitable activity under section 2(15) of the Income Tax Act, 1961,
Held that interest earned out of the fixed deposit made from the surplus funds being not connected to the manufacturing activity and do not form an integral part of the profits derived from industrial unit is not eligible for deduction
Held that in case there are two possible views and the AO has taken one of the possible views, no action to exercise powers of revision can arise.
Held that assessee can claim remaining 50% depreciation in subsequent year in case where machinery and plant being acquired and put to use for less than 180 days in the previous year, the depreciation was restricted to 50%.
Held that undisputable the cash sales and details thereof is provided, VAT payment on such cash sales is also submitted. As the cash sales is not disputed by the department, adding the same as unexplained cash deposit unsustainable
Held that an employee holding a civil post under a state is eligible for exemption towards amount of gratuity received under section 10(10) of Income Tax Act
