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Income Tax : Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. S...
Income Tax : ITAT Delhi held legal services are not FTS under Section 9(1)(vii) and directed partner-wise DTAA examination. FTS addition was de...
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Income Tax : The ITAT Mumbai held that Explanation 1 to Section 37(1) could not apply in the absence of any finding by the competent authority ...
ITAT Mumbai held that payment on account of employees contribution towards PF and ESI after the due date of the respective acts is disallowable in terms of section 36(1)(va) of the Income Tax Act.
ITAT Kolkata held that that law declared by a court will have retrospective effect, if not otherwise stated to be so specifically. It is also well settled proposition that whenever, a previous decision is overruled by a larger bench of the Supreme Court, the previous decision is completely wiped out.
CESTAT Chennai held that extended period of limitation not invocable as department was duly aware about what was being imported and the purpose thereof.
CESTAT Chennai held that as Chapter Heading 3302 covers both natural and/or synthetic mixtures of odoriferous substances, ‘tomato dry flavour’ is correctly classifiable under CTH 3302 10 10 instead of 2106 90 60.
ITAT Hyderabad held that waiver of the principal amount, which was taken for trading purpose, which is credited to the profit & loss account results in income in the hands of assessee and accordingly taxable.
ITAT Amritsar held that transfer of REC (Renewable Energy Certificate) is capital in nature and not liable to tax under business income as the income is offshoot from environmental concern not from offshoot of business concern.
ITAT Chandigarh held that receipts of the assessee trust from its activities of sale of plots, flats and commercial booths and also its income earned form non-construction fee, transfer fee, penal interest and compounding fee, etc., are held to be entitled for exemption under Section 11 of the I.T. Act.
CESTAT Kolkata held that goods imported separately by two different importers cannot be clubbed for classification purpose. Goods imported by appellants not in CDK condition cannot be classified under Customs Tariff Heading 87038040.
ITAT Mumbai held that disallowance of delayed payment of employee’s contribution to PF and ESIC in terms of section 36(1)(va) is incorrect claim apparent from any information in the return. Accordingly, adjustment is permissible under the scope of section 143(1).
Held that the interest granted by the reference Court u/s. 28 of the Land Acquisition Act from the date of possession of land till the date of judgment of High Court is an accretion of the value of the land acquired, not chargeable to tax.
