Facts of the case, in brief, are that the assessee is an individual and derives income from capital gain and other sources. She filed her return of income on 24.08.2011 declaring total income of Rs.8,60,074/-. During the course of assessment proceeding, the Assessing Officer observed that the assessee has sold share of M/s J.T.
Challenging the order dated 02.03.2015 in Appeal No 98/13-14/GZN/63 for the assessment year 2010-11 passed by the learned Commissioner of Income-tax (Appeals), Muzaffarnagar (for short hereinafter called as the learned CIT(A)), the assessee preferred this appeal.
Facts of the case, in brief, are that the assessee is a company and filed its return of income on 26th March, 2013 declaring total income of Rs.2,12,72,940/-. A search and seizure action u/s 132 of the I.T. Act was carried out at the business premises of M/s. Aggarwal Associates and Jainco Group of cases and their relatives on 19.10.2011.
Where the cars were used by the society for its work of school, and these cars were used for various purposes, such as, liaisoning with DIOS and CBSE Board, etc, such contentions had not been refuted with any cogent evidence, by AO therefore, no disallowance was to be made.
The aforesaid appeal has been filed by the assessee against the impugned order dated 25.11.2014 passed by Ld. CIT (Appeals)-XXX, New Delhi for the quantum of assessment passed u/s.143(3)/153A for the Assessment Year 2011-12. In the grounds of appeal, the assessee has raised the following grounds.
Tarun Jalali Vs Dy. DIT (ITAT Delhi) sub-section 4 of section 54F prescribes appropriation of sale consideration of original asset towards provision of new asset made within one year before the date of transfer of original asset, two years from the date of transfer or construction of new in-house property, within three years from the […]
That on the facts and circumstances of the case and in law, CIT (A) erred in upholding the disallowance of loss/ expenditure of Rs. 20892603/- suffered/ incurred by the appellant as a result of encashment of bank guarantee furnished to Delhi Transport Corporation (DTC) as security for the due and punctual discharge of obligations under the Concession Agreement.
Deduction under section 24(b) and computation of capital gains under section 48 being altogether different provisions, interest paid to bank for acquiring capital asset would be eligible as part of cost of acquisition, even if same had been claimed under section 24(b) while computing income from housing property.
Sunil Agarwal Vs ITO (ITAT Delhi) We find that there is no allegation in the reasons recorded that there is failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment u/s 147 of the Act, the notice issued u/s. 148 of the Act after a period of […]
As per para 7, 8 and 9 of the Accounting Standard 26 (AS 26) issued by the ICAI, the definition of intangible asset and trade mark specifically includes brand names.It was held by the Hon’ble Mumbai Tribunal that brand is an intangible asset eligible for depreciation under Section 32 of the Act.
