Bombay HC on inclusion of insurance and carrying charges in ‘Sale Price’

The Commissioner of Sales Tax Vs. M/s. Ravi Trading Company (Bombay High Court)

A division bench of the Bombay High Court, on Monday, held that insurance charges and carrying charges do not form part of the sale price under section 2(29) of the Bombay Sales Tax Act, 1959. A bench comprising Justices R.K Deshpande and Manish Pitale was hearing a departmental appeal against the order of the Maharashtra Sales Tax Tribun...

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Giving awards, felicitating eminent people and organizing public debates is not charitable activity

Sri Chukkapalli Pitchaiah Foundation Vs. CIT(Exemptions) (ITAT Visakhapatnam)

Denying 12AA registration to a Trust, ITAT held that activity of organizing meetings and giving awards to eminent people do not fit into the definition of charitable purpose under Income Tax Act, 1961....

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DDT cannot be charged to tax in a different year merely for Mistake of Assessee

M/s Drawmet Wires Pvt. Ltd. Vs. ACIT (ITAT Jaipur)

M/s Drawmet Wires Pvt. Ltd. Vs. ACIT (ITAT Jaipur) It is settled proposition of law that DDT is chargeable only in the year when it is declared, distributed or paid and not prior to that. In the case on hand the assessee has produced all relevant record to show that the dividend was proposed by […]...

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100% addition on bogus purchases cannot be done without doubting sales

Pravin Thanmal Shah HUF Vs. Asst. CIT(A) (ITAT Mumbai)

Making purchases through the grey market gives the assessee savings on account of non-payment of tax and others at the expense of the exchequer. In such situation, in our considered opinion, on the facts and circumstances of the case, 12.5% disallowance out of the bogus purchases meets the end of justice. Accordingly, I hold that the disa...

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Embezzlement Loss due to Fund Siphoning by Employees is Business Loss

ACIT Vs M/s. Haldyan Glass Ltd. (ITAT Mumbai)

This appeal is filed by the Revenue against the order of the Learned Commissioner of Income Tax (Appeals) -17, Mumbai dated 29.01.2015 for the Assessment Year 2010-11....

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Palpable lack of communication/ internal co-ordination within Income Tax Settlement Commission: CIC

Chairman, Income Tax Settlement Commission Vs Mr. R K Jain (Central Information Commission)

The Commission however felt that there was palpable lack of communication/ internal co-ordination within the Public Authority that needs to be revisited and strengthened within the Public Authority itself....

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Discount not claimed in commutation of income cannot be disallowed U/s. 40(a)(ia)

Goutam Das Judge Vs. ITO (ITAT Kolkata)

Where the impugned amount is not claimed by the assessee by way of deduction under sections 30 to 38 of the Act while computing the income of the assessee under the head Profits and gains of business or profession the question of making any dis allowance under section 40(a)(ia) of the Act will not arise...

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Bad debts not allowable if same was not part of income in earlier previous year

CIT Vs. Escotrac Finance & Investments Ltd. (Delhi High Court)

A debt means something more than a mere advance. It means something which is related to business or results from it. To be claimable as a bad or doubtful debt it must first be shown as a proper debt...

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Merit not required to be considered in compounding application; Compounding can be rejected for repeat of offence

Vinubhai Mohanlal Dobaria Vs Chief CIT (Gujarat High Court)

Ptitioner has vehemently submitted that in present case compounding application of the petitioner has been rejected solely on the ground that it is not the first offence of petitioner....

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Deduction U/s. 54 allowable on sale consideration invested one year before sale of property

Devichand Kanthilal Shah Vs ITO (ITAT Chennai)Devichand Kanthilal Shah Vs ITO (ITAT Chennai); IT Appeal No. 3353 (Mds.) of 2016; 31/05/2017; 2013-14

In this case, the investment was admittedly made one year before the date of sale of property. In view of language employed by Parliament in section 54 of the Act, it is not the requirement that the sale consideration has to be invested in purchase of property....

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