Mattapalli Chalamayya Charitable Trust Visakhapatnam Vs CIT (ITAT Visakhapatnam) If the activities of the trust are genuine, at the stage of commencement of institution, registration has to be granted automatically and claim u/s 80G of the Act can be followed with grant of registration. Ld. Commissioner (Exemptions) did not reject the request of the assessee […]
Touching Heart Ministries Vs. ITO (ITAT Visakhapatnam) In the instant case, the donations were received for specific purpose for acquiring the fixed assets. This is evidenced by the letters placed before us from the donors. The funds are not freely available to the assessee society, for utilizing its objectives other than acquiring specified assets. The […]
M/s. Rashtriya Ispat Nigam Ltd. Vs. JCIT (OSD) (ITAT Visakhapatnam) The assessee company has created a provision under the head ’Future Leave Encashment’. During the course of assessment proceedings, the assessee company was asked to explain how the amount debited towards the provision for future leave encashment can be allowed as deduction. In response to […]
In the instant case, the tax has not deducted the TDS due to wrong classification of the payments made which was included under the heading ‘purchases’ and the purchases do not attract the TDS, whereas the sub contract payments attract TDS.
Asst. Commissioner of Income Tax Vs. M/s Cresa Financial Services Pvt. Ltd. (ITAT Visakhapatnam) 1. This appeal is filed by the revenue against the order of the Commissioner of Income Tax (Appeals), Rajahmundry vide ITA No. 0239/13-14/ACIT/C-1/RJY/2014-15 dated 30.03.2015 for the assessment year 2010-11. 2. All the grounds of appeal are related to the depreciation […]
ACIT (Exemptions) Vs. Andhra Cricket Association (ITAT Vishakhapatnam) The assessee is receiving grants from BCCI partly as reimbursements for various tournaments conducted by the assessee. The assessee has already constructed a stadium at Visakhapatnam suitable for conducting ‘test matches‘. During the year under consideration, the assessee has also commenced construction of stadiums at various places […]
Though the amount was credited to her account in the books of accounts of the assessee, the payment was not made to her and before making the payment and filing the return of income, the assessee had obtained the form 15G and forwarded to the Ld. CIT. Since the recipient was not having taxable income, obtaining form 15G before making the payment would be sufficient compliance and hence, we hold that the addition u/s 40(a)(ia) of the Act does not attract.
The Income Tax Appellate Tribunal, Visakhapatnam, recently ruled that advances given to the directors of a Company for purchase of land cannot be treated as deemed dividend Under section 2(22)(e) of the Income Tax Act, 1961 since the land is transferred to the company within time.
Denying 12AA registration to a Trust, ITAT held that activity of organizing meetings and giving awards to eminent people do not fit into the definition of charitable purpose under Income Tax Act, 1961.
Under the head Capital gains only direct expenses relatable to transfer of property are allowed as deduction. Therefore, the cancellation expenses should not be held to be incurred either for acquiring the property or for transfer of property
