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 […]
The learned Counsel for the assessee has filed a chart depicting various issues arising in all of these appeals and it is seen that most of the issues are repetitive in all the years. Therefore, we are disposing of the appeals on the basis of the issues arising therefrom.
It was the contention of the AO in Income Tax proceedings that assessee had indeed handed over the possession of the property as on 01-04-2006, which led to assessing the capital gains arising on the transfer of that property in AY. 2007-08. Therefore, as on 31-03-2007, the property was no longer in the possession or ownership of assessee.
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 […]
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. Hence, income […]
Hyderabad bench of ITAT ruled that Telangana Corrugators Development Trust is a public charitable trust eligible for Tax Exemption. It is held so in the case of Telangana Corrugators Development Trust versus Commissioner of Income Tax (Exemptions) while allowing the appeal of Assessee.
As amount disallowed under section 43B would become profits of business in the computation of income under the head “Profits and gains of business or profession”. Consequently, if the amounts disallowed were pertaining to the projects on which the claim under section 80-IA was made, the same had to be allowed as profits get increased to that extent. Therefore, AO was directed to examine the working of profits and allow the deduction.
Dr. Sudhir Naik (HUF) Vs. ITO (ITAT Hyderabad) Another contention is about claim of 54F/54. It was the contention that assessee has sold all the flats allotted to him and therefore, at the time of investing in the new house, he has no other house except this house. As seen from the agreements and the […]
CBDT has also clarified that in view of this position, it shall not be mandatory, for the registration granted u/s 12AA of the Act to a charitable institution, to be cancelled merely on the ground that the cut off specified in the proviso to section 2(15) of the Act is exceeded in a particular year without there being any change in the nature of the activities of the institution
Mahesh Malneedi Vs ITO (ITAT Hyderabad) As far as the assessee is concerned, he was aware of the bank loan and also the default committed by the vendor in repaying the loan. Thus, the property was not without an encumbrance as on the date of filing of the return and there was no certainty of […]
