Income Tax : The predominant activities of the centre was not to earn income but to provide facilities for disseminating or exchanging knowledg...
Income Tax : Protective assessment made by the Assessing Officer in the present case cannot be sustained because substantive addition has been ...
Income Tax : The assessee has filed its return of income on 31-12-2006 declaring total income at Rs. Nil. The assessee had claimed deduction at...
Income Tax : Brief Facts:Assessee, an individual,proprietor of M/s. Hydro Pure System,is engaged in the business of installation,erection and s...
Income Tax : The assessee submitted that the retention money which was payable after expiry of plant performance guarantee period is over, did ...
The predominant activities of the centre was not to earn income but to provide facilities for disseminating or exchanging knowledge as per the object of the society The dominant object of the assessee is definitely for the well being of public at large by organizing various seminars for
Protective assessment made by the Assessing Officer in the present case cannot be sustained because substantive addition has been made in the hands of IBN-18 Broadcast and therefore, if any addition is made in the present case, it will amount to double addition.
The assessee has filed its return of income on 31-12-2006 declaring total income at Rs. Nil. The assessee had claimed deduction at Rs. 1,91,400/- u/s. 80IB(10) of the income tax act. The Point of issue was the assessee has carried out the construction in violation of the original plan passed by AUDA and therefore violated the condition of section 80IB(10).
Brief Facts:Assessee, an individual,proprietor of M/s. Hydro Pure System,is engaged in the business of installation,erection and servicing of water purifying systems.He is deriving income from business and other sources. He filed his return of income on 28.9.10,declaring total income of Rs.18.40 lacs .
The assessee submitted that the retention money which was payable after expiry of plant performance guarantee period is over, did not accrue to it on the supply of plant / equipment, hence the same cannot be considered as income of the assessee as the amount did not accrue or become due at that time.
By plain reading the words ‘any other business or commercial rights of similar nature’ in clause (b) of Explanation 3 to section 32 indicates that goodwill would fall under the expression ‘any other business or commercial right of a similar nature’.
Assessee association was established with the main object of improving public transport system in the country and its objects as per memorandum of association clearly reveals that the objects of the assessee association are dedicated towards improving road safety standards
Since the income of CGS International and Marble Arts & Crafts can only be classified under Article 14 or Article 22 of the DTAA – both of which provide that the income shall be taxable in the State of residence (UAE)–the issue as to whether the services provided by the two UAE entities fall within the scope of professional services under Article 14 is irrelevant to the outcome of this case.
In the present case, it is an admitted fact that the assessee was engaged in the business of dealing in shares & securities and has incurred loss from dealing in derivatives (shares futures). It is not the case of the AO that the share futures in which the assessee was dealing were not recorded in recognized Stock Exchange, the loss incurred by the assessee was also not disputed by the AO.
Assessing Officer found that the assessee has received a sum of Rs. 29,03,109/- on account of sale of Women’s Day Flags and the same has been credited to the capital fund and he treated the same as revenue receipt. On Appeal Honourable ITAT has held that sale proceeds of flags on Women’s Day are in the nature of capital receipts.
