ITO Vs Shri Kantilal G. Kotecha (ITAT Mumbai) We find that with regard to claim of deduction u/s 54 of the Act, this tribunal in quantum proceedings had granted deduction u/s 54 of the Act to the extent of payments made within the prescribed limitation period i.e payments made within one year prior to the […]
ACIT Vs Shri Anil Gulabdas Shah (ITAT Mumbai) The undisputed position that emerges is the fact that the property under consideration was subject matter of extensive litigation which ultimate got culminated into sale of the property by the assessee in terms of consent terms dated 03/01/2012 between the assessee and certain other parties. The assessee, […]
As allotment of property was final and payment of purchase consideration had been duly made before allotment, therefore, holding period of property had to be computed from the date of allotment, and not from the date of taking delivery of possession which was only a follow-up action.
ITO (International Taxation) Vs Monish Kaan Tahilramani (ITAT Mumbai) The only surviving question that arise for consideration is manner of computation of the gains. It is noted that the assessee has paid upfront payment to the extent of 5% upon allotment and the balance payment has been spread over by way of installment during the […]
Wadia Ghandy & Co. Vs ACIT (ITAT Mumbai) The assessee is a Solicitor Firm and was initially constituted by three partners who were eminent Lawyers. He submitted, all the three partners had created huge goodwill which was definitely exploited by the firm. He submitted, for use of goodwill, the firm was required to pay 5% […]
Permanent Magnets Ltd. Vs DCIT (ITAT Mumbai) It has been held that the TDS statements which have been filed earlier to 01.06.2015 then no fee is leviable u/s 234E of Income Tax Act, 1961. FULL TEXT OF THE ITAT JUDGEMENT The above mentioned appeals have been filed by the assessee against the order dated 06.08.2018 […]
ACIT Vs M/s. E-city Projects Construction Pvt. Ltd. (ITAT Mumbai) The Tribunal in its Judgment, while appreciating the facts, has observed that the various malls are built by Assessee and are operated from the year 2001. The operational income received from the said activity, in the form of rent, and other service charges was consistently […]
We noted that in the very first year i.e. AY 2011-12, the depreciation has already allowed the claim of depreciation. We noted that in the income tax code, there is a provision/ concept of block of asset and once any asset enters into block asset and claim of depreciation in very first year is allowed, in subsequent year the deprecation cannot be disallowed in case the first year is not
ITO Vs Balwas Realty and Infrastructure Pvt. Ltd. (ITAT Mumbai) Leasing and service charges from leasing premises of special nature as per client’s need to taxed as business income Conclusion: Where assessee-company was not simply letting out a structure to earn rental income out of it rather it was in the business of building and […]
Sodexo SVC India Pvt Ltd. Vs DCIT (ITAT Mumbai) Conclusion: Order passed by AO under section 201(1)/201(1A) for failure to deduct TDS under section 194C on the reimbursement of the meal vouchers to the affiliates was barred by limitation as the amended limitation period of seven years under section 201(3) was effective from 1-10-2014 and […]
