DCIT Vs PPFAS Asset Management Pvt. Ltd. (ITAT Mumbai) As SEBI approval mandatory is to commence business, assessee admissible to claim business expenses only after obtaining the necessary approval. Since commencement of business require SEBI approval, expenses claimed post approval would qualify as business expense. Facts – The assessee was incorporated on 08.08.2011 as a […]
Once an asset was part of the block of assets and depreciation was granted on that block, it could not be denied in its subsequent year on the ground that one of the assets was not used by assessee in some of years.
M/s. Hagwood Commercial Developers Pvt. Ltd Vs ACIT (ITAT Mumbai) Conclusion: Since assessee had set up the business by acquiring land and obtaining approval for construction of mall and residential complex although the mall had not commenced business till the end of the relevant previous year, therefore, assessee had rightly charged the general overhead expenses […]
Deduction of interest u/s 24B allowable when loan borrowed to repay previous loan taken for the construction of residential unit.
Ms. Edelweiss Capital Ltd. Vs DCIT (ITAT Mumbai) From the record, we found that assessee was carrying out business of commodity trading on un-recognised exchange and also business of trading in shares. Assessee has claimed set off of loss arising out of trading in shares against the income arising out of trading in commodities. The […]
ACIT Vs Starflex Sealing India (P) Ltd. (ITAT Mumbai) i) Amendment to Sec.32(2) by Finance Act 2001 is applicable from A.Y.2002-03 and subsequent years. Therefore, unabsorbed depreciation from A. Y 97-98 upto A. Y 2001 to got carried forward to the A. Y.2002-03 and become part thereof’, ii) It came to the governed by the […]
Viacom 18 Media Pvt. Ltd. Vs Asst. Director of Income Tax (ITAT Mumbai) Assessee is liable to deduct TDS on the transponder fees paid to non-resident Facts – Assessee has leased transponder on satellites owned by Measat, Malaysia and rentals were paid to Measat on monthly basis. As per transponder lease agreement, taxes, if any, […]
Basic requirement of reopening of assessment is ‘reason to believe’ that the income has escaped assessment without which reopening under Section 148 of Income Tax Act, 1961 is is not sustainable
Where property held by assessee was encumbered and, thus, she was not absolute owner of property, while computing capital gain arising from transfer of such a property, market value of property as taken for purpose of payment of stamp duty could not be adopted as sale consideration by applying provisions of section 50C.
DCIT Vs Morgan Stanley (I) Capital (P) Ltd. (ITAT Mumbai) Conclusion: Where there was any shortfall due to any difference of opinion as to taxability of any item or nature of payments falling under various TDS provisions, assessee could be declared to be an assessee-in- default under section 201, however, no disallowance could be made […]
