Once the non-productive asset like urban land is converted into a productive asset like a building which qualifies for exemption, then the assessee can start availing exemption even during the period of conversion of such non-productive asset to productive asset.
CIT vs. Leena Ramachandran (Kerala High Court):-I-T- Sec 14A – assessee can claim deduction of interest paid on borrowed funds utilised for acquisition of shares only if shares are held as stock-in-trade and not investment: HC
In this context we notice that the decision of the Supreme Court in TARA AGENCIES’ case abovereferred was on assessee’s entitlement for weighted deduction on export market development allowance provided under Section 35B(1A) of the Act which is no longer in the statute. In our view, the scheme of deduction of export market developmen
The omission of the AO to levy interest under section 234B(3) in the first reassessment completed under section 147 which could have been rectified under section 154, does not bar the AO from levying interest under the very same provision, when the assessment was again revised a second time under section 147.
Since the Stock Exchange membership card which is sold in auction is property covered by the description “capital asset” under section 2(14) of the I.T Act, it’s sale by stock Exchange amount to transfer” within the meaning of Section 2(47) of the I.T. Act.
Unfortunately, for the appellant NBFCs. are not covered by Section 36(l)(viia) of the I.T Act and so much so, explanation to section 36(l)(vii) squarely applies or in other words, the appellant-N. B.F.Cs. are not entitled to deduction of any Provision created for bad and doubtful debts, no matter such provision
The consequence of non-production of certified copy will naturally lead to dis allowance of claims of deduction toward? payment of interest, remuneration, bonus etc. paid to partner by the firm by virtue of Section 185 of the Act. We, therefore, hold that the production of certified copy of instrument of partnership is mandatory for claiming assessment in the status of a – firm for any -assessment year commencing from 1993-94 on wards irrespective of whether such assesses was assessed as a registered firm up to 1993-94. In principle, we therefore, uphold the findings of the Tribunal.
The short question that arises for consideration is whether blending and packing of tea for export in the industrial unit in the Special Economic Zone amount to manufacture or production of an article qualifying for exemption under Section 10A of the Act, that is, during the period prior to introduction of “blending” as “manufacture” with effect from 10.2.2006.
From the nature of activities being pursued by the petitioners, particularly as contained in the ‘memorandum of association’ extracted by the respondent in the statement filed in WP(C) 6899/2009 (stated as more or Jess similar in the other case as well), it is very much evident that the derivation of income by the petitioner cannot be held as merely the income from property, so as to oust the involvement of ‘trade, commerce or business’ or any service in connection with trade commerce or business as contemplated under the statute, which requires to be exempted and appreciated in detail by the departmen
Question Nos. 10 and 11 pertain to assessee’s challenge against levy of interest under section 234B of the Act for non-payment of advance tax. The assessee has relied on the decision of the Supreme Court in CIT V. RANCHI CLUB LTD., 247LT.R, 209 and decision of the Delhi High Court in CIT v. INCHCAPE INDIA (P) LTD.,
