Non-filing of Audit Report in Form 10B along with Return of Income is merely a procedural defect which is rectifiable. If the Audit Report was available with the assessee at the time of filing of Return of Income and was not filed due to bonafide reasons the benefit of exemption under section 11 cannot be denied if otherwise assessee is eligible to claim the same.
Activity of Chemist / Pharmacy is incidental or ancillary to dominant object or purpose for running a hospital & Tax Exemption allowable.
DCIT Vs Housing Development & Infrastructure Ltd (ITAT Mumbai) Coordinate bench in the case of in the case of Orbit Corp Ltd. in ITA No. 2979 to 2981 /Mum/2020 , has held that the resolution professional was required to amend Form No. 36A for further prosecuting the appeal and in absence of which appeals were […]
Penalty charged levied by SEBI related to shortfall in margin money is not for infraction of any law. hence allowable under section 37
ITAT held that intrinsic value of the shares on the basis of net assets divided by the total number of equity shares is most appropriate.
Cowtown Software Design Pvt. Ltd. Vs DCIT (TDS) (ITAT Mumbai) It is not in dispute that assessee made payment to Ad agency i.e. Social Kinnect. We find from the perusal of the agreement with Social Kinnect and scope of services defined therein, Social Kinnect would engage various professional artists for preparation and execution of the […]
Held that in absence of TDS certificate, assessee has to furnish any other evidence to support deduction of tax at source by the payer of income. TDS credit denied for failure to furnish any other supporting evidence
Section 12A provision govern cancellation of Charitable Trust Registration, and these provisions can neither be diluted or supplemented by CIT
Held that non-compete fees, being an intangible asset, paid in accordance with the terms of the agreement is eligible for depreciation u/s 32
AO get jurisdiction over return of income only upon service of section 143(2) notice, meaning thereby so AO cannot scrutinize return of income
