Opel paper Mills Limited Vs DCIT (ITAT Mumbai) The learned CIT appeal noted that the major items of the expenditure is a purchase of paper from the sister company specialty papers Ltd amounting to ₹ 888,827,942/–. These transactions were doubted by the learned assessing officer during the remand proceedings as the purchases are transacted only […]
ITAT held that the assessee has not wilfully delayed the filing of appeal and we find that there is no negligence on the part of the assessee, as the assessee has filed appeal manually in time.
Regular books of accounts maintained by assessee in tally software, now being referred by Revenue, to justify impugned addition did not constitute incriminating material unearthed during search.
Contribution received from the members towards infrastructure facilities should be treated as a capital receipt as these contributions were received for a specific purpose.
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.
