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
Held that there is no observation of the AO that quantity of construction work-in-progress is more than the quantity valued as per first set of financial statement. Accordingly, addition deleted
ITAT held that held that the profit element involved in the bogus purchases should be brought to tax and upheld the addition of estimated profit element of 12.50% of the value of non-genuine purchases.
Since the tax dispute for the year under consideration has been settled under VSV Scheme, therefore, it is not open to the assessee to pursue the legal remedy of appeal as well.
