ITAT Judgments - Page 8

Pre-commencement Interest on advances to contractors is capital receipt

I.T.O Vs. M/s Kolkata Metro Rail Corpn. Ltd. (ITAT Kolkata)

Where the assessee had earned interest on advance paid to contractors during pre- commencement period was found to be 'inextricably linked' to the setting up of the plant of the assessee and hence was held to be a capital receipt which was permitted to be set off against pre- operative expenses....

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Payment for Acquiring Mining Rights is Capital Expenditure

Asst. Commissioner of Income-tax Vs. Shri K.R.Kaviraj (ITAT Bangalore)

ACIT Vs. Shri K.R. Kaviraj (ITAT Bangalore) In the light of the judgment of the Honorable Supreme Court in the case of Aditya Minerals Pvt. Ltd. (239 ITR 817) the impugned payment made for acquiring mining rights is capital expenditure and cannot be allowed as revenue expenditure. The reliance placed by the ld.CIT(A) on the […]...

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No penalty for non offering LTCG to Tax due to ignorance of law

Sri Sachindra Nath Kayal Vs. ITO Warrd-23(1) (ITAT Kolkata)

Sri Sachindra Nath Kayal Vs. ITO (ITAT Kolkata) It undisputed fact that assessee has earned LTCG which was not offered to tax. It is also undisputed that the disclosure of the same made in balance-sheet of the assessee. Thus, we note that non- offering of LTCG to the tax was not deliberate. It was out […]...

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CBDT Circular Restricting Amenities to Doctors is not retrospective

M/s D.D. Pharmaceutical Pvt. Ltd. Vs. The ACIT (ITAT Jaipur)

The Jaipur bench of ITAT comprising Vijay Pal Rao (judicial member) and Vikram Singh Yadav (accountant member) recently held that the circular issued by the Central Board of Direct Taxes (CBDT) restricting amenities to doctors is ...

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Expenditure on issue of FCCB allowable as revenue expense

Dy. CIT Vs Reliance Natural Resources Ltd. (ITAT Mumbai)

FCCB is akin to borrowings made by issuing debentures and both of them are different types of debt instruments only. Accordingly it was held in the case of Prime Focus Ltd. (supra), that the expenses incurred in connection with FCCB are revenue in nature. ...

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Advance cannot be treated as deemed dividend if Assessee do not have substantial interest

Roshan Lal Jindal Vs DCIT (ITAT Chandigarh)

The issue in hand pertains to addition made on account of deemed dividend as per provisions of section 2(22)(e) of the Act. Being a deeming provision, bringing to tax sums which are not actually in the nature of income but are only deemed to be so, it is to be strictly interpreted. Section 2(22)(e) of […]...

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Assessment U/s 153A: ITAT clarifies on Abatement of completed assessment

Jawahar B. Purohit Vs. Asst. CIT & Ors. (ITAT Mumbai)

Where search was conducted and addition was made by AO in respect of completed assessment on the basis of the entries found recorded in regular books of account of the assessee and no material evidence was unearthed during search, AO was not justified since completed assessment could not be disturbed in absence of contrary material found ...

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Exemption U/s. 54B on Sale of agricultural land available even if land is cultivated for a part of year during two immediately preceding years

Majid Khan Nisar Khan Vs ITO (ITAT Pune)

Majid Khan Nisar Khan Vs ITO (ITAT Pune) Revenue records clearly show that there was cultivation on the land. In so far as determination of two years period is concerned, the period of two is to be determined from date of sale and not the immediately two preceding financial years. The date of sale of […]...

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Waiver of loan taken on capital account cannot be taxed U/s. 41(1)

Shrm Food & Allied Services (P) Ltd. Vs ITO (ITAT Mumbai)

Total dues payable by the Bank consisted of principal component and interest component. The principal Component being a loan in respect of which no deduction, benefit or loss was either claimed or allowed, was transferred to Capital Reserve Account and interest component was duly credited to the Profit and Loss Account and also offered to...

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MAT not applicable to companies following accounting policies under Electricity Supply act

D C I T- 14(3)(1) Vs. M/s Reliance Infrastructure Ltd. (ITAT Mumbai)

Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently held that it is need not be to compute Minimum Alternate Tax when the assessee maintaining books of accounts under the regulatory act instead of companies act under Section 115JB of the Income Tax Act 1961. ...

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