Period of lease for which the property has been taken cannot be regarded as a decisive test to determine the nature of the expenditure. It is not disputed that the stamp duty amount has been paid on lease deed for the carrying on of the business of the assessee and therefore the amount of stamp duty paid for has to be allowed as revenue expenditure.
Genpact India Pvt. Ltd. Vs DCIT (ITAT Delhi) The issue under consideration is whether the framing of an assessment against a non-existent amalgamating entity is sustainable in law?
The issue under consideration is whether the addition on account of advances from customers treating the same as unexplained liability (Section 68) is justified in law?
The issue under consideration is whether income tax levied on revenue received from IDC agreement, management agreement, and referral agreement as per the India-Singapore DTAA?
Impugned penalty order passed by the AO in the name of erstwhile dissolved company is a substantive illegality and not a procedural violation of the nature adverted to in Section 292B;
Global Logic India Ltd. Vs ACIT (ITAT Delhi) Now coming to the next issue raised in the present appeal against the transfer pricing adjustment made on account of interest due on receivables outstanding. The said issue stands covered in favour of the assessee by the decision of the Tribunal in assessee’s own case for Assessment […]
Where the Government subsidy is intended as an incentive to encourage entrepreneurs to move to backward areas and establish industries, the specified percentage of fixed capital costs, which is the basis for determining the subsidy, is only a measure adopted in the scheme to quantify the amount of subsidy and it is not a payment directly or in directly to meet any portion of the actual costs of assets.
The issue under consideration is whether the provisions of deduction of tax at source (TDS) would be applicable in case of payments made to non-resident Indian for the purchase of raw materials?
The issue under consideration is Unlisted shares sold after holding for 23 months considered as Long Term Capital Gains or Short Term Capital Gains?
In the present case, the A.O, came to the conclusion that since assessee company purchased the same shares just after 05 days from TIDCL at a much lower price, therefore, assessee must have paid the sale consideration outside the books of account. Accordingly, A.O. in the assessment order held that assessee has paid to TIDCL outside books of account and made addition accordingly.
