Even if a subsidy is given to attract industrial investment or expansion, which is a otherwise a capital receipt under the pre- amendment era, shall be treated as income chargeable to tax, except where it has been taken into account for determining the actual cost of assets in terms of Explanation 10 to section 43(1) of the Act.
Pramod Kumar Sapra Vs. Income Tax Officer (ITAT Delhi) Observation that since the salary income has been received in India, i.e., it has been credited in the bank account of the assessee in India and also TDS has been deducted by the employer, this fact cannot be a determinative of the taxability of resident or […]
ITO Vs Tarun Sales (ITAT Delhi) Since no dealer or sub-dealer was appointed either by BSNL or by the assessee, for the purpose of marketing the products and/or service of the Bharat Sanchar Nigam Ltd., the entire sales were to customers, either directly or through shopkeepers, who rendered services to the customers.
1. That on the facts and circumstances of the case and in law, the learned Commissioner (Appeals), XXVIII, New Delhi [hereinafter referred to as the learned CIT(A)] has grossly erred in denying the exemption to the Appellant under section 54F of the Income Tax Act, 1961.
CIT(E), at the stage of granting registration under section 12A was required to examine objects of society and not the application of income which would to be undertaken by AO on a year to year basis therefore, assessee’s objective being charitable within the meaning of section 2(15), CIT(E) was not justified in denying the registration on the ground that the assessee had not submitted its books of account.
Addition on account of discount extended to prepaid distributors Third proviso to section 194H will get attracted only when the nature of payment is “commission or brokerage”. Parties before us agree that majorly the distribution of products by BSNL and MTNL takes place through Public Call Office franchisees since this was an infrastructure existing with […]
Annual value of a house could be taken as nil only when either the house is occupied for own residence or could not be occupied by the owner, if he is residing in a building not owned by him at other place due to his employment, business or profession carried out at other place.
Moreover, if the action of the AO is confirmed the assessee will be claiming additional deduction u/s 24 @ 30% in addition to the business and administrative expenses as the assessee is in the real estate business and the income of the assessee will be assessed lower than the returned income.
In Circular No. 19/2017, paragraph 3, the CBDT has also held that trade advances, which are in the nature of commercial transactions would not fall within the ambit of the word advance in Section 2(22)(e) of the Act.
DCIT Vs. M/s. Chadha Builders & Properties (ITAT Delhi) Service Tax is not an allowable deduction from Income from house property. But it is true that the assessee has paid Service Tax & it was not recovered from tenants and it has also filed the return of service tax. Service tax has been paid into […]
