ITAT Judgments - Page 653

Depreciation on residential flats 'no justification in restricting it to 5%

The Tribunal observed that the loss incurred by the assessee is on account of the loan advances to BFL from which the assessee company had earned interest. It was the surplus fund of the assessee which was utilized for advancing loan with the intention of earning interest, but assessee is not a money lender. It is common in the commercial...

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Posted Under: Income Tax |

The Income Tax Officer Vs. Ellora Silk Mills Pvt. Ltd. (ITAT Mumbai)

The Income Tax Officer Vs M/s Ellora Silk Mills Pvt.Ltd (ITAT Mumbai 'F' Bench)

The assessment for AY 90-91 was reopened on the ground to verify whether the income from warehousing charges should be treated as income from business or income from house property. Ultimately after investigating the case in detail, the Assessing Officer himself arrived at a conclusion that charges on account of warehousing are business r...

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Only if income is arising directly or indirectly through or from any business connection in India , it can be taxed

The appellant exercises computer control over the computes installed at the premises of the subscribers. This amounts to a fixed place of business for carrying on the business of the enterprise in India . But for the supply of computers, the configuration of computes and connectivity which are provided by the appellant either directly or...

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Posted Under: Income Tax |

Export Turnover" for Sec- 10A of Income Tax

M/s I-Gate Global Solutions Ltd Vs The Asst. Commissioner Of Income Tax (ITAT Bangalore 'B' Bench)

Though there is no definition of the term 'total turnover' in section 10A, there is also nothing in the said section to mandate that what is excluded from the numerator (export turnover) would nevertheless form part of the denominator. One would have to apply consistent standards in understanding and applying a term, particularly when, su...

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Is value of DEPB licence attributable to 'direct cost' of trading exports?

: IT is not only the Ministry of Commerce which is struggling to sculpt a perfect substitute for the most popular exports incentive scheme of DEPB, even the Income Tax Department has been breaking its head against multiple possibilities as to how to treat the value of DEPB. And the very same question came before the Tribunal in a recent c...

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Posted Under: Income Tax |

Proceedings in search cases cannot be used as an opportunity to reopen

THE facts of the case are on a Search & seizure operations carried out at the business premises of the assessee company on 18-3-02 notice u/s 158BC of the I.T. Act, 1961, served on the assessee it was alleged that the assessee that a sum of Rs.54,45,000/ - which was received by the assessee from its sister concern M/s PMC Entertainment P...

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Posted Under: Income Tax |

Tax paid by employer is not a perk

A Special Bench of the Delhi Income Tax Appellate Tribunal has ruled that the income tax that an employer pays on behalf of its employee is a non-monetary benefit in kind and, therefore, exempt from tax. The Tribunal's ruling will benefit multinational companies operating through liaison and sales offices and unregistered Indian companies...

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Posted Under: Income Tax |

Deferred tax liability is Not a provision for Income Tax -ITAT

Deferred tax liability is a provision for tax effect of difference between taxable and accounting income - Not a provision for I -T paid or payable - it is also not reserve as same cannot be transferred to P&L a/c, unlike a regular reserve - ITAT ...

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Posted Under: Income Tax |

Payments made for services provided from abroad will be taxable

the various managerial, technical and consultancy services provided by the foreign contractor from the foreign country in connection with the construction project without actually taking up any such activities in India, will not be covered within the meaning of the words used in the Explanation 2 to section 9(1)(vii). In other words the p...

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Posted Under: Income Tax |

UP CM Mayawati wins Rs.60.00 Lacs case in ITAT

The issue before the Tribunal is the gifts amounting to Rs. 12 lakhs in cash and Rs. 62 Lakhs in immovable property received by Mayavati. The donors had even borrowed money and made the gifts to her. The AO was not convinced but the CIT(A) was and Revenue is in appeal before the Tribunal. Assessee Mayavati is also before the Tribunal plea...

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Posted Under: Income Tax |

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