Held that accounts of foreign company are not prepared as per companies act and are not laid in Annual General Meeting before the shareholders of the company. Hence, provisions of section 115JB of the Income Tax Act cannot be made applicable to a foreign company.
Section 54 Capital gain exemption cannot be denied for claim under section 54F & non-filing of revised Income Tax return
Disallowance of TDS credit for Mismatch in Form 26AS & Form 16A is Insensitive & injudicious & violates CBDT equity and citizen charter
No disallowance forzdelay in payment of employees’ contribution for provident fund, based on mere Tax Audit Report
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 […]
