Held that the assessee has secured the license right to use the know-how for the period of the agreement and the royalty expenditure in this regard is therefore revenue in nature.
whether the CIT(A) justified in confirming the addition of Rs.1,26,80,413/- on account of long term capital gain in the hands of the assessee instead of Jayantilal Oswal in the facts and circumstances of the case.
Ravindra Champalal Khinvasara Vs DCIT (ITAT Pune) It is an admitted position that the assessee is otherwise eligible for deduction u/s.80IB(10) in respect of one of its projects, namely, ‘Khinvasara Fort’. The AO did not dispute the otherwise allowability of deduction of income from the ‘Khinvasara Fort’ project, but observed that the assessee could not […]
For issuing notice u/s 158BC, there has to be a search in the case of ‘any person’, then the Assessing officer shall serve a notice to ‘such person’. It means notice u/s 158BC can be issued to only such person who has been searched u/s 132 of the Act.
DCIT Vs Envair Electrodyne Ltd. (ITAT Pune) ITAT find no merit in the Revenue’s argument in principle that section 50C gets attracted even in case of transfer of leasehold rights which does not come within the nature and ambit of specified asset(s) of ‘land or building or both’ in the statutory provision. We thus, conclude […]
Navin Sirahmal Mukim Vs ITO (ITAT Pune) It is observed that the assessee allegedly purchased diamonds through the Hawala purchase bills and thereafter utilized the same in the manufacture of the jewellery. In such a situation, the entire amount of purchase bills does not requires addition but only the profit element because the diamonds must […]
It is held that the Penalty Notice is defective, therefore, the penalty levied under section 271(1)(c) of the Act, is not maintainable.
As per section 246A of the Act, the assessee has a right to file an appeal before CIT(A) against the intimation under section 200A of Act.
Home Developers Vs DCIT (ITAT Pune) On perusal of the agreement, it was observed that the assessee paid Rs.36,09,000/- being compensation paid to land-owners, for allotting less than agreed constructed area, as per development agreement. The AO asked the assessee to submit the supporting documentary evidences viz., confirmation from the parties, books of accounts of their parties […]
Eligibility of remuneration, share of profits received from partnership firm, whose profits are eligible for deduction u/s 80IB of Income Tax
