Rishabh Mehra - Page 3

Payment made in excess of Rs 20000/- should be allowed if made in business exigency

Manikanta Concerns Vs DCIT (ITAT Hyderabad)

ITAT held in Manikanta Concerns Vs DCIT that if the assesse had claimed deduction of shortage in weight or quality at the time of purchase then it did not mean that assesse could not claim deduction of shortage in weight or quality at the time of sale....

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Mere wrong claim of deduction did not give rise to penalty u/s 271(1)(C)

Pooja Industries Vs ITO ( ITAT Chandigarh)

ITAT held in Pooja Industries Vs ITO that penalty u/s 271(1)(c) could not be levied only because that the assessee had wrongly claimed deduction u/s 80IC @ 100% instead of deduction u/s 80IB. Penalty could only be levied only...

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If percentage of Commission earned from AE transactions is higher than AE transactions no addition can be made

Sumitomo Corporation India Pvt. Ltd. Vs DCIT (ITAT Delhi)

ITAT held in Sumitomo Corporation India Pvt. Ltd. Vs. DCIT that if the case of assessee was decided in the earlier assessment years and if the facts and circumstances were same as in the previous years ,then in the current year also same basis for assessment should be adopted. ...

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Incentive paid by BSNL to its franchisee is a trade discount not commission liable to TDS

ITO Vs General Manager Bharat Sanchar Nigam Ltd (ITAT Hyderabad)

ITAT held in ITO Vs General Manager Bharat Sanchar Nigam Ltd that the incentive offered by the BSNL to its franchisee was in the nature of trade discount not in the nature of commission because after the payment made by the franchisee to the BSNL all risks and rewards relate to the franchisee. ...

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For claiming deduction u/s 54F mere bank statement showing withdrawal of amount is not sufficient

Shri M.S Lakshmana Rao Vs DCIT (ITAT Hyderabad)

ITAT Hyderabad held in Shri M.S Lakshmana Rao Vs DCIT that if the assesse had not deposited the capital gain amount under the capital gain account scheme in bank then the assesse should not be barred of the exemption of sec 54 ...

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ITAT allows Exemption u/s 54EC on short term capital gain from sale of depreciable assets

ITO Vs Legal Heir of Shri Durgaprasad Agnihotri (ITAT Mumbai)

ITAT Mumbai held in ITO Vs Legal Heir of Shri Durgaprasad Agnihotri that to respect the decision given by jurisdictional Hon’ble High Court in CIT vs. Ace Builders (P.) Ltd. [2006] 281 ITR 210 (Bom) it was upholding the decision given by CIT(A) that the exemption u/s 54EC...

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Profit Exempt U/s. 10AA not to be included in calculation of Book Profit U/s. 115JB

ITO Vs M/s. Last Peak Data Pvt. Ltd (ITAT Kolkatta)

ITAT held in ITO Vs M/s.Last Peak Data Pvt. Ltd that if the assesse was an existing recognized Software Technology Park (STP) then it would be considered at par at of Special Economic Zone(SEZ) and exemptions available to SEZ would also be available to STP...

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Bogus Purchase- Mere Adjustment in Purchase without disturbing Sales not Justified

ACIT Vs Advert Communication (ITAT Delhi)

ACIT vs Advert Communication ( ITAT Delhi) 1.If addition has to be made for bogus purchases then sales should also be disturbed ; 2.Until and unless both parties don’t confirm the cessation of liability then addition cannot be made u/s 41(1); 3....

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Pooja & Temple expenses allowable as related with harmony of business

Joint Commissioner of Income Tax (OSD) Vs M/s Gillander Arbithnot & Co. Ltd (ITAT Kolkata)

JCIT Vs M/s Gillander Arbithnot & Co. Ltd (ITAT Kolkata) 1.Assessee would be allowed deduction of payment of employees contribution of ESI and PF if it paid the same before the due date of filing of return u/s 139(1). 2. Pooja & Temple expenses would be allowed as a business expenditure because it was related with the harmony of business ...

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Registration u/s 12AA cannot be denied to partly religious & partly charitable trust

Sri Maramma Temple Seva Trust Vs CIT (ITAT Bangalore)

ITAT Bangalore held in Sri Maramma Temple Seva Trust Vs CIT that even if the objective of an organization was both religious and charitable then also registration u/s 12AA could not be denied on the basis that registration could only be granted either to wholly religious...

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