ITAT Hyderabad

Delayed ESIC and PF payment before filing of IT Return allowable

DCIT Vs Andhra Prabha Publications Ltd. (ITAT Hyderabad)

Ifthe employees’ share of contribution is paid before the due date of filing the return u/s 139(1) of the Income-tax Act, 1961 then no disallowance can be made....

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Section 54F exemption eligible on Property Purchased in wife’s name

Shri Rajkumar Mandhani Vs Dy. Commissioner of Income Tax (ITAT Hyderabad)

Shri Rajkumar Mandhani Vs DCIT (ITAT Hyderabad) In the case before us, the assessee and his wife are independent income tax assessees and the assessee already owned one house at Kilpauk, Chennai. The assessee therefore, cannot be said to have invested in order to avoid capital gains to tax in his hands, as u/s 54F(1), […]...

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ITAT condones delay caused by delay in getting Signature of Company MD

ACIT Vs Nekkanti Sea Foods Ltd. (ITAT Hyderabad)

ACIT Vs Nekkanti Sea Foods Ltd. (ITAT Hyderabad) there was a delay of 92 days in filing this C.O. by the assessee, for which an application for condonation of delay was filed by the assessee, wherein, inter-alia, the assessee stated that since there was a delay in getting the signatures of the MD of the company who […]...

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Unexplained cash credit entries in first year of business cannot be treated as unexplained income

Shri Srinivasa Reddy Yenumula Vs ITO (ITAT Hyderabad)

Shri Srinivasa Reddy Yenumula Vs ITO (ITAT Hyderabad) As regards the addition of Rs.18.00 lakhs towards unexplained investment is concerned, the learned Counsel for the assessee placed reliance on the judgment of the Hon’ble Supreme Court of India in the case of CIT vs. Bharat Engg. & Construction Co. reported in (1972) 83 ITR ...

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S. 195 TDS deductible on property purchase payment to GPA of NRI

Shri Bhagwandas Nagla Vs ITO (International Taxation) (ITAT Hyderabad)

Shri Bhagwandas Nagla Vs ITO (International Taxation) (ITAT Hyderabad) Conclusion: TDS under section 195 was to be deducted in case payment for purchase of immovable property made to GPA (general power of attorney) holder of non-residents because, at best, GPA holder could be considered as only a conduit between assessee and the owners of...

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Pre-commencement Interest income is capital receipt

ITO Vs KSK Wind Energy Halagali Benchi Pvt. Ltd. (ITAT Hyderabad)

ITO Vs KSK Wind Energy Halagali Benchi Pvt. Ltd. (ITAT Hyderabad) Assessee’s have been incorporated on 03-01-2011 with the object of generation of electricity from non-conventional sources, the project of which is proposed in the state of Karnataka and for this purpose investments have been received in the form of equity capital of the...

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Capital gain when assessee given developer possession & permission to construct property

Adinarayana Reddy Kummeta Vs ACIT (ITAT Hyderabad)

Where assessee did permit developer to enter into premises and do all necessary things for construction of apartments and assessee handed over the possession, provisions of section 2(47) got attracted....

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Depreciation allowable on Right to operate project facility & collect toll charges

DCIT Vs Progressive Constructions Ltd. (ITAT Hyderabad)

DCIT Vs Progressive Constructions Ltd. (ITAT Hyderabad) Expenditure incurred for gaining right to operate the project facility and collect toll charges resulted into an intangible asset eligible for depreciation Conclusion: Expenditure incurred by assessee of Rs.214 crore for creating the project or project facilities had created an inta...

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Cash payment cannot be disallowed if not claimed as business expense or capitalized

Kalyan Constructions Vs ITO (ITAT Hyderabad)

Kalyan Constructions Vs ITO (ITAT Hyderabad) Where assessee had not claimed cash payment of Rs. 1.50 crores for purchase of land as business expenditure or treated as stock or capitalized the same in order to claim depreciation in the future, disallowance under section 40A(3) could not be made. FULL TEXT OF THE ITAT JUDGMENT This [&hellip...

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Trade Advances in the course of business cannot be termed as deemed dividend

Nutan Malpani, Vs Asst. Commissioner of Income Tax (ITAT Hyderabad)

Nutan Malpani Vs ACIT (ITAT Hyderabad) We noticed that when the assessee is having a regular business connection with the company and in that process, assessee receives or pays certain advances, they can be considered as ‘trade advances’ and not otherwise. In the given case, certain transactions which were treated by the Assessing Off...

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