ITAT Hyderabad

Wealth Tax on Land, Ownership of which was in Dispute

G. Girish Kumar Vs. Asst. Commissioner of Wealth Tax (ITAT Hyderabad)

Hyderabad bench of Income Tax Appellate Tribunal (ITAT) recently held that wealth tax proceedings cannot be proceed against the assessee when the ownership of the land is in dispute. ...

Read More

Surcharge amp; cess not to be included to compute Tax Effect

The Income Tax Officer Vs. Sri P. Prasen Kumar (ITAT Hyderabad)

Surcharge and education cess should not be included, while calculating the tax effect. Since the tax thereon was Rs. 9 Lakhs only, which is less than Rs. 10 Lakhs limit prescribed, the Bench was of the opinion that there was no merit in the Miscellaneous Application filed by the Revenue....

Read More

Penalty justified on additional income declared after discovery of same by AO

Jyothirmoy Yamsani Vs. DCIT (ITAT Hyderabad)

Jyothirmoy Yamsani Vs. DCIT (ITAT Hyderabad) In the instant case, the assessment order categorically indicates that penalty is leviable on both counts and even penalty order details the nature of default on the part of the assessee, followed by a specific conclusion that the assessee has concealed income and furnished inaccurate particula...

Read More

Deemed Dividend provision attracted on Loan Taken to pay Salary

Dinesh Kumar Agarwal Vs. ITO (ITAT Hyderabad)

Taking loan from closely held company to discharge the payment of salary is to be treated as a commercial transaction. We are not in agreement with the submissions of the ld. AR as the salary commitment is in the proprietary concern, in which, assessee is the sole owner and any loan taken from the closely held company wherein assessee is ...

Read More

When company not started its core activity, it cannot be construed that it had commenced its business

Hyderabad Metro Rail Ltd. Vs. ITO (ITAT Hyderabad)

Hyderabad Metro Rail Ltd.: when company not started its core activity, it cannot be construed that it had commenced its business and the income shown in the P&L A/c is not generated from the business activity of the assessee, rules ITAT, Hyderabad....

Read More

Central Excise Duty paid in Cash Eligible for Deduction

M/s. Alladi Drilling Equipments Private Limited Vs. Deputy Commissioner of Income Tax (ITAT Hyderabad)

We are unable to approve the findings of Ld. CIT(A). Whether the payment is in cash or by way of cheque, the Central Excise amount paid would be eligible for deduction, out of the receipts of the business concern. ...

Read More

Assessee registered under STPI as a 100% EOU can claim deduction u/s 10B despite non approval by Board as 100% EOU

Dy. Commissioner of Income Tax Vs. M/s. Value Labs (ITAT Hyderabad)

While dismissing revenue’s appeal, the Hyderabad bench of Income Tax Appellate Tribunal (ITAT) has declared that assessee is entitled for deduction under Section 10B of the Income Tax Act 1961 even though it registered as a hundred percent Export Oriented Undertaking (EOU) under the Software Technology Park of India (STPI). ...

Read More

Deduction u/s 80P eligible on ‘interest’ earned by assessee on deposits placed with SBI by SBI Officers Co-op. Credit Society

SBI Officers Coop. Credit Society Ltd Vs. ITO (ITAT Hyderabad)

SBI Officers Coop. Credit Society Ltd Vs. ITO (ITAT Hyderabad) This is assessee’s appeal for the A.Y 2012-13. In this appeal, the assessee is aggrieved by the order of the learned CIT (A)-10, Hyderabad, dated 2.11.2016 confirming the dis allowance of Rs. 77,44,295 claimed by the assessee as a deduction u/s 80P of the Act. […]...

Read More

Interest on FD made out of Share Capital under constraint is Capital Receipt

Elgen (India) Pvt. Ltd. Vs. Income Tax Officer (ITAT Hyderabad)

Hyderabad bench of Income Tax Appellate Tribunal recently held that interest income earned from deposits of share capital as fixed deposits in bank should be considered as capital receipt which is not taxable under the provisions of the Income Tax Act, 1961. ...

Read More

Surcharge and cess is to be calculated after deducting MAT credit u/s 115JAA from tax on assessed income

Asst. Commissioner of Income-tax Vs. Divi’s Laboratories Ltd. (ITAT Hyderabad)

ACIT Vs. Divi’s Laboratories Ltd. (ITAT Hyderabad) This appeal is filed by the Revenue against the order of CIT(A) – 5, Hyderabad dated 30/01/2016 relates to the AY 2012-13 wherein the revenue has raised the following grounds of appeal: “1. The ld. CIT(A) erred in holding that the surcharge and education cess is to be […]...

Read More
Page 1 of 2712345...1020...Last »

Browse All Categories

CA, CS, CMA (3,603)
Company Law (3,641)
Custom Duty (6,789)
DGFT (3,557)
Excise Duty (4,090)
Fema / RBI (3,355)
Finance (3,592)
Income Tax (26,352)
SEBI (2,799)
Service Tax (3,307)