ramesh thete

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There is not concept of deferred revenue expenditure in Income Tax Act, 1961

G.E. Capital Services India Vs Addl. CIT (ITAT Delhi) - We find that there is no concept of deferred revenue expenditure under the Income Tax Act except under certain specific, provisions like section 35D. Therefore, unless statutory provision is there to defer the revenue expenditure over a period...

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Income paid to member or to a cooperative society by a Co-operative Society is not liable to TDS

Almora Urban Co-operative Bank Ltd. Vs ITO (TDS) (ITAT Delhi) - Section 194A (3) (b) Imposes duty on a co-operative society engaged in banking to deduct TDS where amount exceeds Rs. 10,000/-, whereas section 194A (3) (v) grants specific exemption to cooperative societies where payment made by it to members or to another co-operative society. ...

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Purchase of application Software is revenue expenditure

G.E. Capital Services India Vs Addl. CIT (ITAT Delhi) - It is a general presumption that, expenditure in acquisition of assets is a capital expenditure there by not eligible for deduction u/s 37 (1) of the IT Act (However depreciation is allowed as per IT Rules) The honorable CIT (A) failed to note the difference in the nature of the soft-wares as dealt...

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Bad debt Actually Written Off is sufficient to claim allowance, there is no need to prove Debt as irrecoverable

G.E. Capital Services India Vs Addl. CIT (ITAT Delhi) - The decision of the case is based on the verdict by Apex Court of India in the case of TRF Limited Vs CIT, [323 ITR 397 (SC)] Where Honorable Court has held that, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable....

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No disallowance of interest for investment earning exempt income if investment are made out of interest free funds

G.E. Capital Services India Vs. Addl. CIT (ITAT Delhi) - If the investments are not made from borrowed funds, then there should not be any disallowance. Since in this case it was evidenced from the records and evidence s that the income accured was from internal accruals consequently addition deleted ...

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Recent Posts in "ramesh thete"

There is not concept of deferred revenue expenditure in Income Tax Act, 1961

G.E. Capital Services India Vs Addl. CIT (ITAT Delhi)

We find that there is no concept of deferred revenue expenditure under the Income Tax Act except under certain specific, provisions like section 35D. Therefore, unless statutory provision is there to defer the revenue expenditure over a period...

Read More

Income paid to member or to a cooperative society by a Co-operative Society is not liable to TDS

Almora Urban Co-operative Bank Ltd. Vs ITO (TDS) (ITAT Delhi)

Section 194A (3) (b) Imposes duty on a co-operative society engaged in banking to deduct TDS where amount exceeds Rs. 10,000/-, whereas section 194A (3) (v) grants specific exemption to cooperative societies where payment made by it to members or to another co-operative society. ...

Read More

Purchase of application Software is revenue expenditure

G.E. Capital Services India Vs Addl. CIT (ITAT Delhi)

It is a general presumption that, expenditure in acquisition of assets is a capital expenditure there by not eligible for deduction u/s 37 (1) of the IT Act (However depreciation is allowed as per IT Rules) The honorable CIT (A) failed to note the difference in the nature of the soft-wares as dealt in Maruti Udyog Ltd. vs Deputy Commissi...

Read More

Bad debt Actually Written Off is sufficient to claim allowance, there is no need to prove Debt as irrecoverable

G.E. Capital Services India Vs Addl. CIT (ITAT Delhi)

The decision of the case is based on the verdict by Apex Court of India in the case of TRF Limited Vs CIT, [323 ITR 397 (SC)] Where Honorable Court has held that, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable....

Read More

No disallowance of interest for investment earning exempt income if investment are made out of interest free funds

G.E. Capital Services India Vs. Addl. CIT (ITAT Delhi)

If the investments are not made from borrowed funds, then there should not be any disallowance. Since in this case it was evidenced from the records and evidence s that the income accured was from internal accruals consequently addition deleted ...

Read More

No disallowance of interest for loan advanced to Sister Concern out of Share Capital and Reserves

ACIT Vs M/s. Edicon Mining Equipment (ITAT Mumbai)

The first arguments which has been considered was regarding the source of advances in the 100% subsidiary comapy, which the assessee company argued to be out of reservs and suplus, which could not be contradicted by the Revenue....

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