Priya Fulwani

Set Off of Losses or Carry Forward and Set Off of Losses

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 FROM ONE HEAD AGAINST THE INCOME FROM ANOTHER (INTER HEAD) ...

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All About Section 68, 69, 69A, 69B and 69C of Income Tax Act,1961

Income Tax - 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 preceden...

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Municipal value is a bonafide method to determine ALV even if market value of rent is higher

CIT Vs M/s NRB Bearing Ltd (ITATMumbai) - 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...

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S. 80IB(10) -Canopy/ Porch cannot be treated as part of Built up Area as it is not habitable

DCIT Vs Smt. Suman Jagannath Pharande (ITAT Pune) - 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...

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ITAT explain difference between Corporation by and under an Act while considering TDS on Interest to Noida

Additional CIT (TDS) Vs Canara bank (ITAT Delhi) - 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....

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In absence of supportings addition to existing house may not be treated as construction of new house

Smt. Shakeera Begum Vs The Income Tax Officer (ITAT Hyderabad) - 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 de...

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Reimbursement of salary cost of high level managerial personal can be treated as FTS

M/s Food world Supermarkets Ltd. Vs Deputy Director of Income Tax (ITAT Bangalore) - 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. ...

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Recent Posts in "Priya Fulwani"

Municipal value is a bonafide method to determine ALV even if market value of rent is higher

CIT Vs M/s NRB Bearing Ltd (ITATMumbai)

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 befor...

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S. 80IB(10) -Canopy/ Porch cannot be treated as part of Built up Area as it is not habitable

DCIT Vs Smt. Suman Jagannath Pharande (ITAT Pune)

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 a...

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ITAT explain difference between Corporation by and under an Act while considering TDS on Interest to Noida

Additional CIT (TDS) Vs Canara bank (ITAT Delhi)

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....

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In absence of supportings addition to existing house may not be treated as construction of new house

Smt. Shakeera Begum Vs The Income Tax Officer (ITAT Hyderabad)

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....

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Reimbursement of salary cost of high level managerial personal can be treated as FTS

M/s Food world Supermarkets Ltd. Vs Deputy Director of Income Tax (ITAT Bangalore)

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. ...

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Printing of Newspaper amounts to production & manufacture

M/s. Rajasthan Patrikia Pvt. Ltd. Vs ACIT (ITAT Jaipur)

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...

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Mere transfer of unexpired contracts cannot be treated as Capital Expenditure

Tata Consultancy Services Ltd. (Upon merger of TCS e-serve Limited with Tata Consultancy services Ltd.) Vs ACIT (ITAT Mumbai)

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. ...

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Payment made to Independent Consultants is liable for deduction u/s 194J and not 192

DCIT (TDS) Vs Asian Heart Institute & Research Centre Pvt. Ltd. (ITAT Mumbai)

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)...

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Addition cannot be justified u/s 68 merely because creditors were not produced before AO

M/s Hind Globe Links Vs Income Tax Officer (ITAT Delhi)

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...

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India Finland DTA- Technical services if technical knowledge skill, know how or design been made available

Income Tax Officer, TDS Vs Nokia India Pvt. Ltd. (ITAT Delhi)

ITAT Delhi has held in the case of ITO, TDS vs. Nokia India Pvt. Ltd that services rendered does not qualify as FTS for technical services under the India Finland Tax Treaty if service provider has not made available to assessee any technical knowledge skill...

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