ITAT Ahmedabad held that as the additional evidence produced clearly indicates that company has put to use the windmill turbine in the year, depreciation on the same is available.
ITAT Ahmedabad held that the transfer of copyright including the right to make copy of software for international business, any payment made in that regard would constitute Royalty. Thus, TDS is deductible u/s 195 on the payment made by the assessee to the non-resident supplier.
ITAT Ahmedabad held that donations which are not voluntary in nature cannot be treated as corpus donation and hence not eligible for deduction u/s 11(1)(d) of the Income tax Act
ITAT Ahmedabad held that denial of exemption u/s 54F of the Income Tax Act for a mere technical default, beyond the control of assessee, in not getting the new property registered within the stipulated time period of two years is unjustified.
Dipakkumar Ishwarlal Panchal Vs ITO (ITAT Ahmedabad) Admittedly the concealment/furnishing of inaccurate particulars of income, for which act penalty under section 271(1)(c) in the present case has been levied, related to the income added as per the provisions of section 56(2)(x) of the Act. More particularly on account of the fact that actual consideration paid […]
ITAT Ahmedabad held that as per Accounting Standard 11 premium on forward exchange contracts is to be amortized as expense means writing it off as revenue expenditure in the profit and loss account.
Section 80P(2)(a)(i) Deduction is allowable when interest is derived from credit provided to its members by co-operative credit societies
Vidras India Ceramics Pvt. Ltd. Vs D.C.I.T. (ITAT Ahmedabad) The controversy that needs to be addressed so as to whether the assessee is eligible for deduction with respect to the provisions made against the trade debtors in pursuance to the explanation 1 to clause (vii) of section 36(1) of the Act. As per the explanation […]
Whether assessee can claim deduction for provision of doubtful debts without giving adjustment in individual ledger account of sundry debtors?
AO further held that to write off a debt it necessary that the debt becomes bad and irrecoverable after making effort for recovery. In the case of the assessee, from the ledger copies furnished by it, it was found that amounts form the debtor were received regularly.
