The Kolkata bench of the Income Tax Appellate Tribunal (ITAT), in Vinod Agarwal vs Pr.C.I.T.Central, has explained the law on income tax exemption for partners’ share of profit in the income of the firm in detail.
Since, the commission to the Managing Director was payable by the assessee company on the profits and the profits for the financial year 2009-10 was determined only in the year under consideration after finalizing the account. The allow ability on account of commission was crystallized in the year under consideration and the Ld. CIT(A) in our opinion was fully justified in allowing the same.
Payment of Franchise Fee by Kolkata Knight Riders to the Board of Control for Cricket in India (BCCI) would constitute revenue expenditure for the purpose of allowing Income tax deduction, said Mumbai ITAT.
Sri Sachindra Nath Kayal Vs. ITO (ITAT Kolkata) It undisputed fact that assessee has earned LTCG which was not offered to tax. It is also undisputed that the disclosure of the same made in balance-sheet of the assessee. Thus, we note that non- offering of LTCG to the tax was not deliberate. It was out […]
The Income Tax Appellate Tribunal in its recent order ruled that no additions can be made since interest has accrued to the assessee but has not been realized.
Where the assessee had earned interest on advance paid to contractors during pre- commencement period was found to be ‘inextricably linked’ to the setting up of the plant of the assessee and hence was held to be a capital receipt which was permitted to be set off against pre- operative expenses.
No disallowance U/s 14A of Act need to be made by invoking the provisions of Rule 8D (2) (ii) of Rules as investments admittedly are business expediency investments and strategic investments.
As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only in the year in which the income/receipt on which such tax deducted at source is asses sable to tax.
The only issue to be decided in both the appeals of the revenue is that whether the assessee Port Trust can be assessed in the status of Local Authority or in the status of Company in the facts and circumstances of the case.
The Bangalore bench of Income Tax Appellate Tribunal recently rejected the plea for setting off of unabsorbed depreciation since Hospitals can’t be treated as an industrial undertaking for the purpose of section Section 72A(7) of the Income Tax Act, 1961.
