w.e.f. 1.4.1999 computer software been included with computers for rate of depreciation in Rules, entitling assessee to 60% depreciation rate
ITAT Ahmedabad held that payment of interest towards compromise agreement was not made towards any infraction of law and therefore, the same is allowable under section 37 of the Income Tax Act.
ITAT Ahmedabad held that disallowance of sales commission expenses justified as there was no basis and reason for paying the commission to these agents who even otherwise were closely related to the assesse.
ITAT Ahmedabad held that book profit under section 115JB of the Income Tax Act cannot be computed by including disallowances made under section 14A of the Income Tax Act.
The issue involved in this case is whether the benefit of indexation is available on ‘advance payment’ made for acquisition of property or whether the benefit of indexation is available from the year of registration of purchase deed.
ITAT Ahmedabad held that in absence of FTS (Fees for Technical Service) clause in the India UAE Tax Treaty, payment for the FTS services cannot be taxed in India, unless it is established that the overseas company i.e. Oilstone UAE has a permanent establishment (PE) in India.
ITO Vs Dipen M. Desai (ITAT Ahmedabad) It is an undisputed fact that the assessee has made payment of Rs.4,98,225/-to the Doctors as their professional fees and the same cannot be termed as referral fees. In fact, the ld AR at the time of argument submitted that the terminology of referral fees was wrongly interpreted […]
ITAT held that as per specific provision of Section 28(v) of the Income Tax any interest, salary etc. earned by a partner from a partnership firm is taxable under the head profit and gains of business or profession and there is no question of categorizing it under the head income from other sources.
Assessee through bills established co-relation between sales and purchase and merely not producing original bills cannot make purchase bogus
Gujarat State Fertilizers & Chemicals Ltd. Vs DCIT (ITAT Ahmedabad) It is evident from the same that the ITAT held that the claim of expenditure incurred by the assessee on the abandoned project, amounting to Rs.20.50 lakhs, was allowable to it subject to the assessee demonstrating the fact that it had incurred the expenditure itself, […]
