CA Deepak Aggarwal - Page 5

Disallowance of expenses on estimation, not allowed

ITO Vs M/s Buildcon Engineers (ITAT Ahmedabad)

AO had made disallowance of labour payments on the basis of estimation to the extent of 20% of the expenditure. The AO has not given any basis on which he has based his finding to disallow at 20% of the expenditure on estimate basis....

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ITAT bound to follow binding decisions of jurisdictional high court

HDFC Bank Ltd. Vs DCIT (Bombay High Court)

Bombay High Court held that it is not open for the tribunal to disregard the binding decision of jurisdictional high court. Once there is a binding decision of jurisdictional high Court, the same continues to be binding on all authorities within the State till such time as it stayed and / or set aside by the Apex Court or this very Court ...

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Amendment not retrospective unless specifically stated

Tata Teleservices Vs Union of India (Gujarat High Court)

Gujarat High Court held In the case of Tata Teleservices vs. Union of India that while amending section 201 by Finance Act, 2014, it has been specifically mentioned that the same shall be applicable w.e.f. 1/10/2014 and even considering the fact that proceedings for F.Y. 2007-08...

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No TP adjustment for higher AMP expenses w.r.t. comparable entities

M/s Essilor India Pvt. Ltd. Vs DCIT (ITAT Bangalore)

No TP adjustment can be made by deducing from the difference between AMP expenditure incurred by assessee and AMP expenditure of comparable entity, if there is no explicit arrangement between the assessee and its foreign AE for incurring such expenditure....

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Premium for Surrender of tenancy rights is taxable as capital gain

ITO Vs Dr. Vasant J Rath Trust (ITAT Mumbai)

Grant of tenancy rights by the assessee trust and the premium of Rs.51.00 lakhs received in lieu thereof from the tenants is a capital asset in the hands of the assessee and is therefore liable for capital gains and is not advance rent exigible to tax under the head income from house property....

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No reassessment where no original assessment -SC

M/s. Standard Chartered Finance Ltd. Vs CIT (Supreme Court of India)

Question of reassessment arises only when there is an assessment in the first instance i.e. no reassessment is possible without original assessment order passed. The High Court has wrongly not acted upon the ratio laid down in Trustees of H.E.H....

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Revision cannot be done on Mere different conclusion of CIT

M/s Juhi Alloys Pvt. Ltd. Vs CIT (ITAT Lucknow)

ITAT Lucknow held in the case of M/s Juhi Alloys Pvt. Ltd. vs. CIT that since enquiry was made by the Assessing Officer on all the points on which objection had been raised by CIT in the notice issued by him u/s 263, this is not a case of lack of enquiry by the Assessing Officer or lack of application of mind by the Assessing Officer beca...

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Adjournment sought due to death in family is justifiable

Zuari Global Ltd. Vs Principal CIT (Bombay High Court)

On account of some unavoidable reasons of the death in the family of the counsel of the appellant, the concerned counsel was unable to represent the appellant on the relevant date. The fact that there was a death in the family of the counsel of the appellant is not disputed by the learned Counsel appearing for the respondent....

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Off shelf software Payment not royalty under India-Singapore DTAA

M/s. Capgemini Business Services (India) Ltd. Vs ACIT (ITAT Mumbai)

The assessee cannot be said to have paid the consideration for use of or the right to use copyright but has simply purchased the copyrighted work embedded in the CD- ROM which can be said to be sale of ‘good’ by the owner....

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Petty charities in ‘golaks’ are not anonymous donations

DCIT Vs All India Pingalwara Charitable Society (ITAT Amritsar)

ITAT Amritsar held in the case of DCIT vs. All India Pingalwara Charitable Society that object of section 115BBC was to catch the unaccounted money which was brought in as Tax Free Income in the hands of the Charitable Trusts and this law was never meant for taxing the Petty Charities. ...

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September 2021