Judiciary

Deemed Dividend- Shares held by Subsidiary Co. is irrelevant

D.C.I.T Vs M/s. The Hooghly Mills Co.Ltd. (ITAT Kolkata)

In DCIT v. M/s. The Hooghly Mills Co.Ltd, the ITAT Kolkata held that shareholding by Subsidiary Company is irrelevant while considering ‘deemed dividend’ liability of Holding Company under section 2(22)(e) of the Income Tax Act....

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Broken period interest is allowable as deduction

Prathamik Shikshak Sahakari Bank Ltd Vs ACIT, (ITAT Pune)

Hon’ble High Court of Rajasthan In CIT Vs. Bank Rajasthan Ltd (supra) and had held that broken period interest is allowable as deduction. Following the same parity of reasoning, we hold that the assessee is entitled to the claim of broken period interest of Rs.16,97,027/-. The ground of appeal No.1 raised by the assessee is thus, allow...

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Income from Assignment of patent for exploiting it commercially is Capital Gain

Bharat Serums & Vaccines Ltd. Vs. ACIT (ITAT Mumbai)

Section 55(2)(a) talks of right to manufacture, produce or process any article or thing. Therefore, as per the amended provisions, the right to manufacture/produce/process would be taxable under the head capital gains and cost has to be taken at Rs. Nil. ...

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Excise Dept To Refund Excessive Fine Imposed 19 Years Ago

B.N. Sanas Company Private Limited Vs The Collector of Pune, State Excise Deparment (Bombay High Court)

The matter is called out for final hearing as the matter is specifically listed for final hearing in summer vacation. Heard the learned counsel for the Petitioner and the learned Government Pleader for the State. 2. The Petitioner which is a private limited company holding FL II license and carrying on business of selling liquor […...

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University Employee to be treated as Govt Employee for Tax Benefits

Sh. Dev Raj Sood Vs Income Tax Officer (ITAT Delhi)

If a case falls under clause (i) of section 10(10), the entire amount of death-cum-retirement gratuity becomes exempt. Au contraire, if a case falls under sub-clause (iii) of section 10(10), then, the exemption is limited to the amount as the Central Government may notify in official gazette. ...

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House property Income cannot be assessed as business Income without valid reasons

Banzai Estates P. Ltd. Vs Dy. CIT (ITAT Mumbai)

Supreme Court in the case of Raj Dadarkar & Associates vs. ACIT [2017] 81 taxmann.com 193 (SC) has clearly held that in case the provisions of Section 22 are applicable the property is to be assessed as income from house property....

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No Penalty for mere Non enclosure of audit report to return of income

M/s. Sri Sai Prasanthi Realtors Vs Deputy Commissioner of Income Tax (ITAT Hyderabad)

In a recent ruling, the Hyderabad ITAT ruled that non- enclosure of audit report to the return of income would not attract penalty under section 271B of the Income Tax Act....

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Rejection of C Forms without giving opportunity to Rectify Defects is invalid

M/s. Srinidhi Oil Products Vs Additional Commissioner (CT) (Andhra Pradesh High Court)

Before rejecting the C-Forms as containing discrepancies, the revisional authority should have returned the C-Forms and given an opportunity to the dealer to rectify the defects....

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No Penalty on Income bonafidely disclosed during Scrutiny

Kalwa Bhasker, Vs ACIT (ITAT Hyderabad)

In the present case, the assessee has disclosed all the particulars before completion of the assessment u/s 143(3), though the details were filed in the scrutiny proceeding. ...

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Levy of Capital Gain Tax when assessee denies ownership and sale

Smt. Uppada Sarvani Vs ITO (Hyderabad High Court)

Admittedly, the petitioner has lodged a police complaint that her name has been misused in a document in respect of a property of which she is not the owner. Therefore, the matter requires further detail prob....

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