Assessee who had contributed land and engaged in the development of housing project with developer for development of the land was eligible for claiming deduction under section 80-IB(10) as both owner as well as developer were eligible for deduction under section 80-IB(10).
The Hon’ble High Court of Delhi vide Judgment dated 6th June, 2019 passed in Crl. A. No.660/2017 titled Sikodh Mahto vs. State and in Crl No.698/2017 titled Prabhu Mahto vs. State while quashing the order passed by Ld. Additional Sessions Judge, acquitted the appellants in case involving alleged seizure of contraband (Charas weighing 2 Kg. each from said appellants).
Penalty under section 271AAA could not be imposed on assessee on the ground that assessee failed to substantiate the manner in which undisclosed income was derived in case assessee had included the same in his return of income and accepted by AO without making any addition to the returned income.
Demand of tax on advertisement from the petitioners after 1.7.2017 is held to be illegal and without jurisdiction. Notices of demand impugned in the petition are quashed and the amount, if any, of the advertisement tax deposited by the petitioners for the period 1.7.2017 onwards is directed to be refunded to the petitioners.
Assessee was not entitled to claim long term capital gain as exempt u/s 10(38) and the same was deemed to be income under section 69A as it was revealed that purchase and sale of shares were arranged transactions by assessee to create bogus profit in the garb of tax exempt long term capital gain by well organised network of entry providers with the sole motive to sell such entries to enable the beneficiary to account for the undisclosed income for a consideration or commission.
JCIT Vs Ms Flipkart India Private Limited (ITAT Bangalore) Learned DR was unable to explain the relevance of the documents now sought to be filed before us for deciding the issue that was for consideration before the AO. As we have already mentioned these documents were neither the basis of assessment or the basis of […]
In the case before us was entitled to claim exemption u/s. 54 to the extent he had invested towards the purchase of the new residential property under consideration upto the date of filing of his revised return of income under Sec. 139(5) i. e. on 15. 11. 2014.
In re Kabra Galaxy Star 3 Co-Op Housing Society (GST AAR Maharashtra) The question asked is, whether members of the society will be at par with the other individual flat owners who are not members. Section 97(2), which encompasses the questions, for the ruling by the AAR does not cover the question raised by the […]
HC arrived at a correct conclusion by setting aside the disallowance under section 14 A of the Act in respect of the dividend earned on the shares held as stock in trade, because such shares were held during the business activity of the assessee and it is only by a quirk of fate that when the investee company declared dividend, those shares were held by the assessee, though the assessee has to ultimately trade those shares by selling them to earn profits.
Determination of the liability to pay tax on contributions made to District Mineral Foundation (DMF) and National Mineral Exploration trust (NMET) as per MMDR Act, 1957.
