Aditya Jyot Eye Hospital Pvt. Ltd. Vs ITO (ITAT Mumbai) The assessee purchased the flat bearing flat no.602, in the building namely Ornate Galaxy, located at L.T. Road, Dadar (E), Mumbai. No doubt, the assessee Dr. Natarajan is the CMD of hospital and is having 99% share of the assessee company. The flat is near to […]
ITO Vs Shri Ashwin M. Savani (ITAT Mumbai) Issue of gift of Indian Millennium Deposit certificate is not taxable in the hands of the assessee who received the same upon gift and also under the terms and conditions as stipulated in the Indian Millennium Deposit Certificate. It was provided that the said certificates can be […]
When The Moneys Are Advanced As Measure Of Commercial Expediency Such Advances Are In The Nature Of Business Advances And The Write Off Of Such Advances By The Assessee Should Be Allowed As Deduction Under Section 37(1) Or Under Section 28 Of The Income Tax Act As Business Loss: Jackie Shroff Recent Case
Cox & Kings Ltd. case: Where expenses incurred were for travel booking engine and SAP software which was only for the purpose of technology upgradation to the existing business of the assessee and not creating any new line of business or asset: Expenses held to be deductible under section 37(1)
Haware Engineers & Builders Private Ltd. Vs DCIT (ITAT Mumbai) If a immovable property in the shape of flats / shops is held as stock-in-trade, then it becomes part of trading operations for the assessee and as a natural corollary, any income derived there-from would be Business Income and not Income from House Property. FULL […]
Credit Suisse Finance (India) P. Ltd. Appeal: When An Instrument Or An Agreement Stipulates That Interest Shall Be Payable At A Specified Date, Interest Does Not Accrue To Holder Thereof On Any Date Prior Thereto
Merely disallowance of any claim which is legally not allowable, no penalty under section 271(1)(c) can be levied when there was no concealment of any material facts or furnishing of inaccurate particulars of income.
Mafatlal Industries Limited Vs ITO (ITAT Mumbai) Loss on Account of Compensation on Enforcement of Security Paid to Subsidiary Companies is allowable as same was in the course of business The assessee has claimed loss incurred by two subsidiary companies M/s Mishapar Investment Ltd & Vibhadeep Investment & Trading Ltd on the ground that the […]
Where valid search was not conducted at assessee’s business premises then until and unless AO assumes valid jurisdiction under section 153A, assessment, therefore, made in consequence of notice issued under section 153A, was invalid and void ab initio.
The terrace of the building cannot be considered as distinct and separate but certainly is a part of the house property. Therefore, letting-out space on the terrace of the house property for installation and operation of mobile tower / antenna certainly amounts to letting-out a part of the house property itself.
