Income Tax : Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus ...
Income Tax : SET OFF OF LOSS FROM ONE SOURCE AGAINST INCOME FROM ANOTHER SOURCE UNDER THE SAME HEAD OF INCOME (INTER SOURCE). SET OFF OF LOSS ...
Income Tax : M/s NRB Bearing Ltd vs. Addl. Commissioner of Income Tax (ITAT Mumbai) Municipal rateable value cannot be rejected straightway.To ...
Income Tax : The assessee, a Branch of Canara Bank, made interest payment of Rs.201,000,000/- to New Okhla Industrial Development Authority (he...
Income Tax : Food world Supermarkets Ltd. vs.DCIT- ITAT Bangalore observed that the 5 seconded employees were not ordinary employees or workers...
Income Tax : Tata Consultancy Services Ltd. vs. ACIT (ITAT Mumbai) ITAT observed that the assessee has acquired the service agreement whereby ...
Income Tax : Appeal filed by Assessee - The Assessee is a company incorporated under the provisions of Companies Act, 1956 and is engaged in ru...
Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under section 69, 69A, 69B and 69C, the words used show that before any of these sections are invoked, the condition precedent as to existence of investment, expenditure, etc. must be conclusively established by material on record/ evidence.
M/s NRB Bearing Ltd vs. Addl. Commissioner of Income Tax (ITAT Mumbai) Municipal rateable value cannot be rejected straightway.To reject the same, there must be reliable material on record.The market rate in the locality is an approved method for determining the fair rental value but it is only when the AO is convinced that the case before him is suspicious.
The assessee, a Branch of Canara Bank, made interest payment of Rs.201,000,000/- to New Okhla Industrial Development Authority (herewith ‘NOIDA’), a creation of the UP Industrial Area Development Act, 1976, without withholding any tax at source.
Food world Supermarkets Ltd. vs.DCIT- ITAT Bangalore observed that the 5 seconded employees were not ordinary employees or workers but they were deputed at the high level managerial/executive positions which showed that they were deputed because of expertise and managerial skills in the field.
Tata Consultancy Services Ltd. vs. ACIT (ITAT Mumbai) ITAT observed that the assessee has acquired the service agreement whereby all the liabilities, rights and obligation and interest in the afore-stated agreement are acquired by the assessee.
Appeal filed by Assessee – The Assessee is a company incorporated under the provisions of Companies Act, 1956 and is engaged in running a Super Specialty Cardiac hospital. The assessee employs two types of Doctors, viz. Full time Consultants (herewith “FTCs)
The Assessee was engaged in the manufacturing of readymade garments and export to foreign countries. The Assessee had filed the Income Tax Return, declaring an income of Rs. 11,82,236/- which was processed u/s 143(1) of the Income Tax Act, 1961
Rajasthan Patrikia Pvt. Ltd. vs. ACIT- ITAT Jaipur held that newspapers and periodicals are distinct commodity than the paper, printing ink and other ingredients used therein. Since a new commercial product comes into existence
DCIT vs. Smt. Suman Jagannath Pharande (ITAT Pune) For the contention of inclusion of Canopy area in total built area, the ITAT held that built up area means the inner measurement of the residential unit at the floor level, including the projection and balconies, as increased by the thickness of the walls but does not include the common area shared with other residential units.
Smt. Shakeera Begum vs. ITO (ITAT Hyderabad) In the instant case, as the municipal approvals, completion certificates and authentic plans were not available, the ITAT could not conclude whether assessee had constructed new independent house and there was no evidence that the old building was ever demolished.
