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Income Tax : Claim of the assessee for deduction for education cess was on a bonafide belief that it was allowable expenditure u/s. 37(1) and h...
Income Tax : ITAT Chennai held that when the cash is sourced out of recorded sales, the provisions of section 69A of the Income Tax Act could n...
Income Tax : Circular No. 3/2015 Section 40(a)(i) of the Act stipulates that in computing the income chargeable under the head "Profits or gain...
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Re-opening of assessment by AO was unjustified if the original return had not been processed by following the decision in case of Super Spinning Mills Ltd. vs Addl. CIT 37 DTR (Chennai) (T.M) (Trib).
ITAT Delhi held that cost to cost reimbursement on account of secondment of employees cannot be treated as Fees for Technical Services (FTS) as defined under Article 12 of India USA-DTAA. Thus, appeal of the assessee allowed.
Delhi High Court held that as directed by Tribunal AO was required to verify and attend grievance of short credit of TDS. Thus, restricting TDS claim of petitioner to disclosures made in return unjustified.
AO was not justified in addition of interest expenses debited in the P&L account, a sum of Rs.2,12,94,836/- was capitalized towards CWIP under Section 36(1)(iii) of and added to the total income of the assessee.
ITAT Ahmedabad held that addition merely on the basis of retracted statement without any incriminating material seized from assessee’s premises is unsustainable in law and liable to be quashed.
The assessee had filed return of income of Rs.92,06,590 which was selected for complete scrutiny and during the course of assessment proceedings, AO had examined the expenses debited in regard to the sets under consideration.
ITAT Pune held that delay of 2086 days in filing of an appeal against CIT(A) not condonable as sufficient cause or sufficient reason not shown for inordinate delay.
Kerala High Court held that when employees’ contribution to EPF/ESI not made within due date prescribed for making payments is liable to be disallowed under section 36(1)(va) of the Income Tax Act.
ITAT Delhi held that written off of obsolete inventory allowable as prepared in accordance with accounting standards and duly got prepared audited report of an independent auditor.
Learn how ITAT Bangalore ruled in favor of Herbalife India on technical service payments, clarifying FTS under India-USA DTAA. Detailed analysis and full judgment inside.
