Judiciary

Section 40(a)(ia) not applicable to charitable or religious trust before 01.04.2019

Pediatric Infectious Diseases Academy Vs I.T.O. (ITAT Kolkata)

Where the income of the assessee was exempt under section 11 and the assessee was not carried on the business, section 40(a)(ia) had no application. Moreover, the insertion of Explanation 3 to Section 11 by the Finance Act, 2018 making inter alia the provisions of Section 40(a)(ia) applicable in case of charitable or religious trust or in...

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Issue of Share at Premium- Limited Scrutiny- Jurisdiction of AO

Sunrise Academy of Medical Specialities (India) Private Limited Vs ITO (Kerala High Court)

Sunrise Academy of Medical Specialities (India) Private Limited Vs ITO (Kerala High Court) The learned counsel for the petitioner submitted that the case of the petitioner was one taken for a limited scrutiny on the issue as to whether the funds received in the form of share premium by the petitioner are from disclosed sources […]...

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Limitation period to file a Rectification Application- Computation Date- Order Communication Vs. Passing Date

Shri. Jagmohan Gurbakshish Singh Vs. The DCIT (ITAT Chandigarh)

The Registry has put a note that the applications are time barred by five days. However, Ld. Counsel for the assessee has submitted that in view of the settled legal position of law, the applications cannot be treated as time barred. He in this respect has invited our attention to the relevant provisions of section 254(2) of the Income-ta...

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Mere delay in submitting ITR-V does not make return invalid to deny benefit of carry forward of losses

M/s. Electronics & Controls Power Systems Pvt. Ltd. Vs The Deputy Commissioner of Income Tax (ITAT Bangalore)

The learned Commissioner (A) ought to have appreciated that the return of income was filed electronically within the due date and filing of ITR-V was a formality and delay in filing ITR-V cannot deprive the assessee from claiming carry forward loss duly determined for the relevant assessment yeare....

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Deduction U/s. 80IC not eligible on Interest Income on FDRs Pledged as Security Deposit in lieu of tender of contracts

Conventional Fastners Vs ITO (ITAT Delhi)

A.O. noted that the deduction under section 80IC is to be allowed on the profits derived from eligible business. The interest earned on the FDRs cannot be said that interest income earned from manufacturing activities of the assessee. It can only be said that interest income on FDRs is attributable to business activities but cannot be sai...

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Mere Provision not eligible for Adjustment against Book Profit it must be Ascertained Liability

M/s. Southern Power Distribution Company of Andhra Pradesh Ltd. Vs DCIT (ITAT Hyderabad)

In accordance with the view expressed by the third member, Hon'ble Vice-President, Hyderabad, the ground of appeal No.4 is partly allowed and the AO is directed to allow the deduction from the book profit of sum of Rs.22.89 crores while computing the taxable income u/s 115GB of the I.T. Act. The ground of appeal No.4 is therefore, treated...

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Commission paid to non-residents for services rendered abroad cannot be construed as incomes accrued or arisen in India

State Bank of India Vs Asstt. CIT (ITAT Mumbai)

Commission earned by non-resident for services rendered abroad could not be construed as incomes accrued or arisen in India and accordingly disallowance made by AO by invoking section 40(a)(i) was set aside....

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Failure to provide document relied for reassessment makes reopening void

M/s Deepraj Hospital (P) Ltd Vs. ITO (ITAT Agra)

M/s Deepraj Hospital (P) Ltd Vs. ITO (ITAT Agra) In the case at hand, the challenge of the assessee is that since in the reasons recorded, the AO has not spelt out as to what he did with the information received by him from the Investigation Wing, the reasons are hit by the vice of non-application […]...

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Deduction U/s. 10AA cannot be denied for receipt of export consideration after 6 months from the close of financial year

BT e-Serv (India) (P) Ltd. Vs ITO (ITAT Delhi)

ITAT held that There is no time-limit prescribed for bringing the consideration of export into India under section 10AA. Admittedly, the consideration had been received in India, albeit subsequent to filing of the return by the assessee. However, merely because the consideration had been received after 6 months from the close of the finan...

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HUF is eligible for Exemption under section 54B only w.e.f. 1-4-2013

Ashok Kisan Bahirat (HUF) & Anr Vs ITO (ITAT Pune)

If intention of Parliament was to include HUF prior to the said date then the amendment would have been carried out in respect of section 54B as well along with section 54. Therefore, amended provisions of section 54B were not applicable retrospectively and assessee-HUF was not entitled to exemption for the year under consideration....

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