ITAT Hyderabad

S. 50C Addition without reference to Valuation Officer not justified

Jayashree Kothari Vs ITO (ITAT Hyderabad)

Jayashree Kothari Vs ITO (ITAT Hyderabad) Sec. 50C(2) enables the Assessing Officer to make a reference to the Valuation Officer. Whenever a reference is made by the AO to the Valuation Officer, such reference has to be construed as a reference made under sec. 16A(1) of the Wealth-tax Act. We have also carefully gone through […]...

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Network Rights is Goodwill eligible for depreciation U/s. 32(1)(ii)

Apna Incable Broad Band Services Pvt. Ltd. Vs DCIT (ITAT Hyderabad)

Apna Incable Broad Band Services Pvt. Ltd. Vs DCIT (ITAT Hyderabad) The AO was of the opinion that the network rights are not intangible assets and therefore, depreciation is not allowable thereon. The AO treated the network rights as “goodwill” and observing that no depreciation is allowable on goodwill u/s 32(1)(ii) of the Act, he [...

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Education cess is nothing but an additional surcharge & part of taxes

R.A.K. Ceramics, UAE Vs DCIT (ITAT Hyderabad)

Article 2(1) of the India-UAE DTAA provides that the taxes covered shall include tax and surcharge thereon. Education cess is nothing but an additional surcharge & is also covered by the definition of taxes....

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Stock-in-trade transfers in the year in which sale deed gets executed

Shri Challa Ramakrishna Vs ACIT (ITAT Hyderabad)

ITAT held that Stock- in-trade can be considered as transferred only in the year in which the assessee has executed the sale deed transferring the stock-in-trade and not when the assessee has given stock-in-trade for joint development to the builder. As already held in the above cases, the provisions of section 2(47)(v) would apply only t...

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USA Federal & state tax eligible for tax credit under Income Tax Act, 1961

Pritesh Rajesh Kotak Vs ITO (ITAT Hyderabad)

Assessee was eligible to claim tax credit both federal as well as state taxes paid on the income earned during the year as section 91 did not discriminate between State and Federal taxes, and in effect provides for both the types of Income-taxes to be taken into account for the purpose of tax credits against Indian Income-tax liability....

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S. 154 Applying individual tax rates to AOP not a mistake apparent from records

M/s. Shreeya Welfare Trust Vs ITO (ITAT Hyderabad)

Conclusion: Since assessee- AOP was a trust formed for the benefit of a sole beneficiary, therefore, applying individual tax rates to assessee-AOP was not a mistake apparent on the face of the record and therefore, it could not be rectified through Section 154....

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No TDS default if recipient paid tax on income

ACIT Vs Chaitanya Educational Trust (ITAT Hyderabad)

ACIT Vs Chaitanya Educational Trust (ITAT Hyderabad) Since the assessee has filed the certificates of the recipients with proof that the recipients have offered the income to tax in their hands, the assessee shall not be treated as an assessee in default u/s 201(1) of the Act. FULL TEXT OF THE ITAT JUDGMENT All are […]...

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Transfer of a portion of land in lieu of built-up area on retained land vid JDA was transfer u/s 2(47)(v)

Udai Hospitals Private Ltd Vs ITO (ITAT Hyderabad)

By virtue of JDA, assessee was parting with a portion of its land and in consideration thereof, was receiving built-up area on the land retained by it which was a transfer within the meaning of section 2(47)(v) however, AO was directed to re-compute the capital gain again by considering only elements which were necessary for the construc...

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Disallowance u/s 14A unsustainable in absence of exempt income

Mylan Laboratories Limited Vs DCIT (ITAT Hyderabad)

When assessee had not earned any exempt income during the relevant assessment year, disallowance under section 14A could not be made....

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Tax on Income from mushrooms grown in controlled conditions

DCIT Vs Inventaa Industries (P.) Ltd. (ITAT Hyderabad)

Agricultural operations carried out by assessee on land/soil, being human skill and labour were basically agricultural operation and as such just because mushrooms are grown in controlled conditions it does not negate claim of assessee that income arising from sale of such mushrooms was agricultural income and thus exempt under section 10...

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