ITO Vs Manoj Vashudev Wadhwa (ITAT Mumbai) In ACIT v. Vireet Investment (P.) Ltd. 165 ITD 27 (Del) (SB) it is held by the Special Bench of the Tribunal that only those investments are to be considered for computing average value of investment which yielded exempt income during the year. We are of the considered […]
Economic Laws Practice Vs CIT (Appeals) (ITAT Mumbai) ITAT held that for the purpose of Computation of interest on late payment of TDS under section 201(1A), the expression month is to be interpreted as period of 30 days and not British calendar. Gujarat High Court in the case of Arvind Textile Mills, considered the definition […]
Next Gen Films Private Ltd. Vs ITO (Int. Tax-TDS) (ITAT Mumbai) Regarding commissioning agreement entered into by the assessee (Next Gen Films Private Ltd.) with M/s DBPL, at para 2.12, we reached a conclusion that the contract between the assessee and M/s DBPL (M/s Desi Boyz Production Ltd. ) was primarily on principal-to- principal basis. […]
The issue under consideration is whether Section 41(1) is applicable in case of waiver of liability incurred in respect of purchase of capital asset?
DCIT Vs DHL Logistics Pvt. Ltd. (ITAT Mumbai) The issue under consideration is whether assessee is eligible for Depreciation on Goodwill resulting from acquisition of business unit? ITAT states that the issue as regards the entitlement of the assesses towards claim of depreciation on intangible (i.e goodwill) is squarely covered by the orders of the […]
Mahindra & Mahindra Ltd. Vs Addl. CIT (ITAT Mumbai) The assessing officer disallowed the premium paid on FCCB holding that being capital and contingent. The learned CIT(A) allow relief to the assessee by following the decision of tribunal in earlier years. We have seen that the coordinate bench of Tribunal in assessee’s own case for […]
S. Vinodkumar Diamonds, Pvt Ltd. Vs DCIT (ITAT Mumbai) The issue under consideration is whether the disallowance u/s 14A can exceed the exempt income? ITAT states that during the year under consideration the assessee has earned exempt income of Rs. 1.62 lakhs only. The AO disallowed interest expenses under Rule 8D(ii) of Rs. 30,13,853/-. They […]
Yogini Mohit Sahita Vs ITO (ITAT Mumbai) The issue under consideration is whether amount received on surrender of such tenancy/sub-tenancy rights would be taxable as capital gains? In the instant case, Smt. Saraswati Vithaldas Sahita occupied the said flat at 2nd floor of the building known as Gangasagar on license basis. This is crystal clear […]
DDIT (International Taxation) Vs M/s. SET Satellite (Singapore) Pte. Ltd (ITAT Mumbai) At the time of hearing of these appeals, it was brought to our notice that in assessment years 1999-2000 & 2000-01, identical issue had come up for consideration before the Tribunal; and the Tribunal had reversed the orders of CIT(A) and held that […]
ITAT reiterate that the assessee is seeking to claim exemption from income tax on gains arisen from sale of land on the ground that the land was an agricultural land used for agricultural purposes by the assessee and the onus is on the assessee to prove that its case strictly falls under exemption provisions as are contained in the 1961 Act. Thus, the appeal filed by the assessee is allowed for statistical purposes.
