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ITAT Chandigarh held that receipts of the assessee trust from its activities of sale of plots, flats and commercial booths and also its income earned form non-construction fee, transfer fee, penal interest and compounding fee, etc., are held to be entitled for exemption under Section 11 of the I.T. Act.
Stay compliant with our Statutory Compliance Calendar for July 2023. Timely reminders for Income Tax, GST, ESIC, EPF, and more. Avoid penalties and ensure legal obligations are met.
Explore the tax structure in India and globally. Insights on progressive tax systems, comparisons with the USA and Japan. Understand the impact on citizens and suggestions for potential reforms.
ITAT Mumbai held that the assessee has merely got the license to use the software for its daily business requirement and has never owned the same. Further, such expense was used for business purpose on yearly rent basis it has not given any enduring benefit. Hence, such expense are revenue in nature.
ITAT Bangalore held that disallowance as per section 36(1)(va) r.w.s. 2(24)(x) of the Income Tax Act sustained as amount of employees’ share of contribution of PF/ESI not paid within due date stipulated in the respective Act.
ITAT Mumbai held that addition unsustainable as assessee has proved the three ingredients engraved in section 68 of the Act and proved the satisfactory nature of the loan transactions. On the otherhand, AO has not brought any contrary material to show that loan received is bogus or accommodation entries.
Explore landmark ruling in Citibank N.A Vs S.K. Ojha case by Bombay High Court, confirming that post-Kar Vivad Samadhan Scheme determination, the Assessing Officer lacks jurisdiction to reopen tax assessments under Section 143 of Income Tax Act. Unearth key insights from this case setting a precedent for businesses under KVSS.
ITAT Delhi held that issuance of notice by AO in the status of ‘Local Authority’ and assessment framed in different status i.e. in the name of ‘Artificial Juridical Person’ is bad in law and hence liable to be cancelled.
ITAT Mumbai held that composite rental income received by letting out school building with infrastructure and amenities is taxable under the head ‘Income from House Property’ and not under ‘Income from income from other sources’ in view of section 56(2)(ii) of the Income Tax Act.
Held that in the absence of any incriminating material found or seized during the course of search and seizure proceedings, the additions made by the AO during the course of reassessment under section 153A of the Income Tax Act are without jurisdiction.