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Purpose of Loan Acquisition Irrelevant in Determining Expenditure Nature: Revenue vs. Capital

February 1, 2024 129 Views 0 comment Print

Purpose for which loan was acquired is irrelevant to consideration of question whether expenditure/interest on such borrowed capital/loan was revenue expenditure or capital expenditure – Borkar Packaging Pvt. Ltd. Vs ACIT (ITAT Panaji)

Assessee cannot resort to sham transactions or colourable devices for avoiding & evading tax

October 22, 2023 555 Views 0 comment Print

The ITAT Panaji dismisses the appeal by Manoj Anand against a tax evasion case involving colourable devices and sham transactions. Get the details in this article.

Payments to doctors by a hospital- Salary or Professional charges

October 11, 2023 4539 Views 0 comment Print

Explore the case of ACIT (TDS) Vs Victor Hospitals & Medical Services Limited, where the ITAT Panaji determined TDS under Section 194J for consultant doctors.”

Interest income, cannot notionally be excluded while determining allowable of deduction of remuneration to partners

September 8, 2023 1302 Views 0 comment Print

ITAT held that  income for purpose of ascertaining ceiling on the basis of book profit, the profit shall be as appearing in the P & L  a/c. The interest income, thus, cannot notionally be excluded while determining allowable of deduction of remuneration to partners u/s 40(b)(v) .

Interest paid for loan taken to pay compensation as part of family arbitration award cannot be claimed as deduction u/s 48

July 19, 2023 525 Views 0 comment Print

ITAT Panaji held that payment of interest on loan taken for paying compensation to the family members of the assessee pursuant to an arbitral award on family settlement has nothing to do with LTCG on sale of the said capital asset. Accordingly, payment of such interest cannot be claimed as deduction u/s 48.

Provision of section 80P doesn’t distinguish income earned on long-term and short-term investments

February 18, 2023 804 Views 0 comment Print

ITAT Panaji held that the only requirement under the provisions of section 80P(2)(d) is that an interest income or dividend income should be earned by a co-operative society from another co- operative society. Section 80P does not make a distinction between income earned on long term investments and short term investments

Interest U/s. 201(1A) payable till date of filing of Return by Deductee

February 13, 2017 5049 Views 0 comment Print

In respect of levy of interest under Section 201(1A) of the Act the interest is to be computed for the period from the date from which the tax was deductable to the date of filing of the return by the deductee (VTU).

Capital Gain cannot be taxed in absence of Transfer in Relevant Assessment Year

May 4, 2016 861 Views 0 comment Print

A perusal of the agreement and the above undisputed facts shows that till date no transfer of the property in question has been completed under the Transfer of Property Act, 1882. Still further, the registered sale deed has not been executed by the assessee in favour of the Bank and consequently, sale is not yet completed.

No TDS on commission paid outside India for services received outside India by Non-Residents

April 27, 2016 4333 Views 0 comment Print

The commission earned by the non-resident agent who carried on the business of selling Indian goods outside India, cannot be said have deemed to be, income which has accrued and/or arisen in India & therefore no occasion to deduct tax at source in respect of the payment made to the non-resident agent arise & thus there is no liability to deduct TDS in such cases.

Only Investments in respect of which income is exempt to be considered in working of disallowance U/s. 14A

August 20, 2015 910 Views 0 comment Print

The ITAT bench of Panaji in the case of Sesa Resources Limited held that the disallowance under Sec 14A read with rule 8D can be made only in respect of investments which are earning income exempt from tax and not the total investments.

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