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HC finds no merit in Challenge to Reassessment Notice issued to Robert Vadra’s Firm

SKY Light Hospital LLp Vs Assistant Commissioner of Income Tax (Delhi High Court)

Delhi High Court has refuses to set aside re-assessment notice U/s. 147/148 issued by Income Tax Department to the partnership firm Sky Light Hospitality, in which Robert Vadra is a partner, in connection with the DLF- Sky Light Hospitality land deal....

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JCIT to disclose Tax Budget Target fixed & Tax Collected under RTI

Mr. Radha Raman Tripathy Vs CPIO & Jt. Commissioner of Income Tax (Central Information Commission)

The Complainant vide his RTI application sought information on two points with respect to JCIT and desired details regarding Income Tax Budget Target fixed by JCIT Range- 3, Bokaro for the Financial Year 2015-2016 and Tax Collected during the Financial Year 2015-16....

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Govt should consider effects of IPL on Cricket & Other Sports: Bombay HC

Lalit Kumar Modi Vs Special Director (Bombay High Court)

If the IPL has resulted in all of us being acquainted and familiar with phrases such as Betting, fixing of matches, then, the RBI and the Central Government should at least now consider whether holding such tournaments serves the interest of a budding cricketer, the sport, the game itself. ...

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Books of accounts cannot be rejected merely at the instance of assessee

ITO Vs. Babu Lal Somani (ITAT Jaipur)

During the course of assessment proceedings, in response to each of the queries raised by the assessing officer in relation to observations of the special auditor, the assessee has repeatedly stated that his books of account should be rejected as done in past assessment years. ...

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Assessee cannot be taxed for money received as power of attorney of land owner

Gyan Chand Agarwal Vs Addl. CIT (ITAT Jaipur)

Gyan Chand Agarwal Vs Addl. CIT (ITAT Jaipur) The issue in this ground is whether the sale consideration of the land belonging to Shri Sultan Meena can be taxed in the hands of the assessee, who is admittedly Power of Attorney holder of Shri Sultan Meena. There is no dispute with regard to the fact […]...

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GST regime is not tax friendly, observes Bombay High Court

Abicor and Binzel Technoweld Pvt. Ltd Vs UOI (Bombay High Court)

A tax like Goods and Services Tax was highly publicised and termed as popular. We had yet not seen a celebration of New Tax regime, but that has followed with great hue and cry. These celebrations mean nothing. ...

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Exemption u/s. 54 is available even in respect of two house property / flats

Mr. George Britto Jesudas Vs. ITO (ITAT Mumbai)

Assessee has invested more than the sale proceeds of the industrial gala for purchase of two flats. Respectfully following the decision of Karnataka High Court,we do not find any merit for decline of assessee’s claim of deduction u/s.54 for investment in two flats out of sale proceeds of long term capital gains within the stipulated per...

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In computing taxable turnover Trade Discount needs to be deducted: SC

M/s Maya Appliances (P) Ltd Vs Addl. Commissioner of Commercial Taxes & Ors (Supreme Court of India)

We direct that in computing the taxable turnover for the relevant years, the appellant would be entitled to a deduction of the trade discount, following the parameters laid down in paragraph 40 of the judgment in Southern Motors (supra) and as explained above. ...

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Section 50C not applicable on Right to Purchase a Building

Sh. Anil Jain Vs DCIT (ITAT Delhi)

Provisions of section 50C of the Act are not applicable in the case of the assessee as the capital asset involved here was not land or building but it is a right to purchase a building (shop)....

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Railway Punitive Charges for wagon overloading is allowable expense

DCIT Vs. M/s Fee grade & Company Ltd. (ITAT Kolkata)

DCIT Vs. M/s Fee grade & Company Ltd. (ITAT Kolkata) Punitive charges for overloading were actually in the nature of additional freight for transporting goods beyond the permissible carrying capacity which cannot be categorized as an expenditure incurred for any purpose which is an office or infringement of law. Following the aforesai...

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