Impugned Section 271(1)(c) Penalty proceedings imposed by AO is not maintainable against assessee’s legal heir under section 159 of Act
Portfolio Management Services earning should be assessed as ‘Capital gains’ and not as ‘Profit and gains of business or profession’.
ITAT Held that if application is moved well in time for seeking completion certificate from the Municipal Corporation and delay in issuance of completion certificate is not attributable to the assessee. Then, date of application should be considered for claiming deduction u/s 80IB
Held that the subsidy granted for encouraging the dispersal of industries to the less developed areas of the State of Maharashtra cannot be treated as revenue receipt.
MAT credit u/s. 115JA cannot be denied on Surcharge, education cess and additional surcharge – secondary and higher education cess
Mandheshwari Urban Development Co-op. Bank Ltd. Vs ACIT (ITAT Pune) issue in the present appeal relates to whether a nominal member, who is not a registered member of the society, can be treated as a member of the cooperative society whether the exemption is available under clause (v) of sub-section (3) of section 194A of […]
ITAT held that interest on delayed payment of TDS cannot be allowed as deduction in terms of section 40(a)(ii) of Income Tax Act, 1961.
Legislature has nowhere incorporated that the lands re-purchased in section 54B deduction claim have to be agricultural on re-investment date
AR contends that there were no sales or purchase made by the assessee during the year under consideration and the additions made on account of unexplained cash deposits, unexplained investments, unexplained other investments and unexplained profit on sale of land to an extent of Rs.15,40,26,567/- is not turnover as the investments and sale of land was in the nature of capital gain but not in the category of business income.
Revenue has sufficient machinery to recover such amount of TDS deducted from the defaulting assessee but this is not the right way for the revenue to collect the tax again or debar genuine refund to the assessee who has already suffered taxation at source.
