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whether depreciation is mandatory to be granted while determining the Appellant’s entitlement to the deduction under Section 80IB of the Act, even though the Appellant had not claimed such depreciation?
The issue under consideration is whether reopen assessment u/s 147 based on the same material which is examined by AO in original assessment is justified in law?
The issue under consideration is whether CIT(exemption) is correct in rejecting the claim of the assessee u/s 10(23C) who is mainly engaged in education facilities?
The issue under consideration is whether deduction u/s 54F can be denied for the reason that assessee had later on let out new property for commercial purpose to run restaurant?
31st July is approaching fast which is the last date for filing of Income Tax Return for the Assessees who are not required to get there books of account audited under the provisions of Income Tax Act, 1961. CBDT has recently vide notification NO. 14/2012 dated 28.03.2012 made it mandatory to file Income Tax Return online for Individual & HUF who are having Total Income Exceeding Rs. 10 lakh. In this article we have given below the steps to be taken to file online Income tax Return for Assessment year 2012-13 :-
The issue under consideration is whether the issue of notice u/s 147 for re-opening of assessment on the basis of difference in valuation report is justified in law?
The issue under consideration is whether the addition made by the AO under section 68 by considering the the amount received as unexplained share capital and premium is justified?
Tribunal in a detailed discussion contained in judgment, had rejected the contention of Revenue. Tribunal had taken into account the valuation of the existing machinery used at Daman and the valuation of the written down value of machinery transferred from Aurangabad to come to the conclusion that same did not exceed 20% of the total value of machinery. The entire issue was thus based on factual consideration and on appreciation of evidence on record. Thus, no question of law arose.
The issue under consideration is whether the addition made by CIT(A) on account of bogus purchases at rate of 12.5% of purchase u/s 69C is justified in law?
Laxmi Ventures (India) Ltd. Vs DCIT (ITAT Mumbai) The issue under consideration is whether disallowance made against the foreign expense incurred for the foreign travelling of the officer is justified in law? ITAT states that, the assessee had debited a sum on account of foreign travelling expenses for Europe visit and a sum on account […]
