Whether an agricultural land held by assessee, which is suitable for agricultural operation, loses the characteristics of agricultural land merely because no agricultural operation was carried by assessee on such land?
In the case of shares of unlisted companies, transfer would take place, only when valid share transfer form in form no. 7B is delivered to the company and endorsed by the Company. Therefore, for effective transfer of shares a mere agreement for transfer of shares is not sufficient, unless it is physically transfer shares by delivery of share certificate along with duly signed and stamped share transfer form.
Provisions of section 35(2AB) of the Act, with relevant rules makes it mandatory for the assessee company to file its application for approval of its in house R&D before the Secretary, DSIR, Government of India.
Amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable to assessee’s case because both original return and the revised return u/s 153A of the Act have been filed before the amended provisions were brought into the statute (which received assent of President on 13.8.2009).
Rashtriya Ispat Nigam Ltd. v. Addl CIT (TDS), ITAT Visakhapatnam) Even if there is no PAN, if the deductor has deducted TDS as per provisions of sec 192, Section 206AA does not over-ride section 192 in terms of the requirement of “at the rates specified in the relevant provisions of the Act.
Where AO allowed interest on capital and remuneration paid to the partners from the estimated income on the basis of partnership deed, assessment made by AO on estimation of income could not be treated as erroneous or prejudicial to the interest of Revenue for invoking the jurisdiction under section 263.
Sri Sivani Educational Society Vs. ITO (ITAT Visakhapatnam) Chit fund business is governed by the principles of mutuality and contribution to a chit fund is contribution to oneself on the principle of mutuality and hence, it is not an investment as contemplated by section 13(1)(d) read with section 11(5) of Income Tax Act, 1961. As […]
Thus, it has been held that the accumulated profits do not include current year’s business profit, since it accrues only at the end of the year. Further the loan or advance treated as deemed income up to the date of fresh loan is to be reduced from the accumulated profits. Consistent with the view taken by the Ahmedabad bench in the above said case, we also hold so.
Provisions of sec.40(a)(ia) would apply only to the expenditure which remain payable as at the end of the relevant financial year. Assessee entitled to claim deduction of expenses if the TDS deducted there on is remitted before the due date for filing the return of income.
Merilyn Shipping & Transports v. Assistant Commissioner of Income-tax – ITAT VISAKHAPATNAM (SPECIAL BENCH) Whether Section 40(a)(ia) of the Income Tax Act can be invoked only to disallow expenditure of the nature referred to therein which is shown as payable as on the date of the balance sheet or it can be invoked also to disallow such expenditure which become payable at any time during the relevant previous year and was actually paid within the previous year. Held that section 40(a)(ia) cannot be invoked in respect of amounts actually paid within the previous year without deduction of TDS. Section 40(a)(ia) applies only to amounts outstanding as of 31st March of every year (Majority view). Section 40(a)(ia) would apply only to amounts outstanding as of 31st March of every year on which TDS not deducted and not to amounts paid during previous year without deduction of TDS for following reasons:
