ITAT Hyderabad

If exempt income is Nil, section 14A will not apply

Nekkanti Sea Foods Ltd Vs CIT (ITAT Hyderabad)

Nekkanti Sea Foods Ltd Vs CIT (ITAT Hyderabad) It is settled position of law that the provisions of section 14A can be applied to quantify the expenses in relation to exempt income. Since the exempt income is Nil, section 14A will not apply. The Rule 8D can be applied only when there is difficulty in […]...

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Interest u/s 234E cannot be levied in respect of TDS returns filed prior to 1.6.2015

M/s. Terra Infra Development Limited Vs. Income Tax Officer (ITAT Hyderabad)

M/s. Terra Infra Development Limited Vs ITO (ITAT Hyderabad) Provisions for levy of fee in certain cases has been brought into the Statute book w.e.f. 1.7.2012, it has been brought under the purview of section 200A only w.e.f. 1.6.2015. Therefore, as rightly held by the Coordinate Bench in the case of M/s. Sonalac Paintings & [&hellip...

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Section 54F exemption cannot be denied for mere non claim in Return

Sri Manohar Reddy Basani Vs. ITO (ITAT Hyderabad)

When assessee utilised sale consideration of property in construction of another residential property within prescribed time period, then, merely on account of the fact that the assessee had neither declared the transaction of sale of property nor made any claim of deduction under section 54F in the return of income, deduction under secti...

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Income from share transaction on daily basis is business Income

Smt. Anju Gaggar Vs. Asstt. Commissioner of Income Tax (ITAT Hyderabad)

Smt. Anju Gaggar Vs. ACIT (ITAT Hyderabad) During the relevant financial year, there were repeated purchase of same scrip and sale thereof immediately, almost on daily basis to take advantage of the market fluctuations. Further that, records of the broker clearly revealed that she had no intention to make investments for long periods. Hen...

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Adjusted Rental advance given for Business for Lock in period is allowable

Apollo Munich Health Insurance Company Ltd. Vs DCIT (ITAT Hyderabad)

Apollo Munich Health Insurance Company Ltd. Vs DCIT (ITAT Hyderabad) Rental advance, when it becomes unrecoverable, it becomes the business loss and not capital loss. But in the given case, it is not unrecoverable but it was adjusted towards agreed rent for lock in period as per agreement between the assessee and landlord. Therefore, in [...

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Capital Gain Taxable in the year in which possession of property passed on to developer

M/s. Telukunta Chandra Mohan Rao (HUF) Vs ITO (ITAT Hyderbad)

M/s. Telukunta Chandra Mohan Rao (HUF) Vs ITO (ITAT Hyderbad) The question raised is, in the case of ‘JDA’ transaction, at what point of time, capital gain arises. It is settled law that in the year in which the possession of the property is passed on to the developer is the year in which the […]...

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Depreciation on Printers, UPS, Scanners, Cash dispenser Hardware & ATM Switch

Adarsh Coopertaive Urban Bank Ltd. Vs ACIT (ITAT Hyderabad)

Adarsh Coopertaive Urban Bank Ltd. Vs ACIT (ITAT Hyderabad) ATM is a computer telecommunication device that allows Bank Customers to access banking at places other than the normal bank without having to take the trouble to go to the Bank in person and collect the cash as is done under the conventional method of withdrawing […]...

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Subsidy for setting up industries to generate employment not to be adjusted against cost of depreciable assets

Sanghi Industries Ltd. Vs ACIT (ITAT Hyderabad)

Sanghi Industries Ltd. Vs ACIT (ITAT Hyderabad) Only if subsidy or other grant was given to offset the cost of an asset, such payment would be covered by Explanation 10 to section 143(1). In the instant case where subsidy was received as an incentive for setting up industries to generate employment, the mere fact that […]...

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Deemed dividend Law applies only to Accumulated Profits at start of relevant FY

Sri Srikanth Marru Vs ITO (ITAT Hyderabad)

Sri Srikanth Marru Hyderabad Vs ITO (ITAT Hyderabad) There is a nexus between the loan taken from the LIC and the premium paid for the Keyman Insurance Policy. Since the Keyman Insurance Policy is for the benefit to the assessee, it was held that the same is taxable as deemed dividend u/s 2(22)(e) of the […]...

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Sec. 40A(3) applies only to revenue expenditure debited to P&L account

Kalyan Constructions Vs Income-tax Officer (ITAT Hyderabad)

Kalyan Constructions Vs ITO (ITAT Hyderabad) Provisions of Section 40A(3) mention that where an assessee incurs any expenditure in respect of which payments were made to a person otherwise than by way of crossed cheque or account payee cheque, no deduction shall be allowed in respect of such expenditure. It is humbly submitted that when ...

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