Held that tax effect in the departmental appeal is less than Rs. 50 Lakhs as revised vide circular dated 08/08/2019. Appeal rejected.
Partition or family settlement is not transfer. When there is no transfer there is no capital gain and consequently no tax on capital gain is liable to be paid.
Held that as the assessee had complied sufficiently the requirement of law as stipulated in section 80IB(10) of the Act and as per the said provision it was bound to complete the building project before 31.03.2012. Deduction u/s 80IB(10) allowed.
Held that even after amendment to the object clause, there is absolutely no change to the purpose and object of the trust. Cancellation of the registration granted u/s 12A unjustified.
In present facts of the case, the Hon’ble ITAT held that ITR and bank statements were sufficient to prove the genuinety and for creditworthiness under Section 68 of Income Tax Act.
ITAT Held that discount on issue of ESOP is allowable as deduction under the head Profits & Gains of Business or Profession.
As per mercantile system of accounting, provision for expenses is an ascertained liability and the same is eligible for deduction while computing total income.
Dhaval R Ajmera Vs ITO (ITAT Mumbai) Though the assessee has raised several grounds, the only effective issue involved in the impugned appeal is as to whether the ld. CIT(A) was justified in confirming the disallowance of Rs.7,89,745/- on account of alleged purchase of shares through M/s. Alliance Intermediates and Network Private Limited and alleged […]
Twinkle Enviro Tech Pvt. Ltd. Vs ITO (ITAT Mumbai) At the outset, we find that assessee’s case has been referred to Hon’ble National Company Law Tribunal (NCLT) for Insolvency Resolution Process and an Interim Resolution Professional (IRP) has been appointed in the assessee company. In view of the order passed by the Hon’ble NCLT, we […]
Essel Mining & Industries Limited Vs DCIT (ITAT Mumbai) ITAT held that sale of Renewable Energy Certificate (Carbon Credit) of income received by the assessee is a capital receipt and could not be business receipt or income nor it is directly linked with the business of the assessee nor any asset is generated in the […]
