The Income Tax Appellate Tribunal Mumbai bench recently pronounced that Export incentives are not Includable while computing eligible profits for deduction under Section 80IC of the Income Tax Act, 1961.
CIT Vs. Apex Finlease Ltd. & Ors. (Allahabad High Court) Section 269SS does not include in its ambit where there is a transaction of loan or deposit by way of entries in the books of account by crediting or debiting the account of the other person. In other words, the provisions of section 269SS of […]
Linklaters Vs Dy. DIT (ITAT Mumbai) Though the lower authorities had rejected the claim of the assessee that it did not have any ‘PE’ during the period November, 2008 to March, 2009, and rather concluded that the assessee had a ‘PE’ in India during the year under consideration, however we find that no concrete reasoning […]
Bank of Baroda Vs. DCIT (ITAT Ahemdabad)-Levy of interest u/s. 201(1A) for the second month can arise only if the period of time between the date on which tax was deducted and the date on which tax was paid to the Government exceeds one month.
High Court of Kerala recently declared that interest from loan given to sister concern cannot be set off against the interest paid by the assessee to his benkers for the purpose of eligible deduction under section 57(iii) of the Income Tax Act 1961.
The solitary common issue that arose in these appeals was with regard to the legality of dis-allowance of deduction made towards belated deposit of employees contribution of Provident Fund/Employees State Insurance. A reading of the order passed by the Tribunal shows that the first appellate authority confirmed the order of dis-allowance following the order passed by the Tribunal in ITA No.454/2014.
The only legal issue involved in this writ petition is whether the petitioner is entitled to claim exemption on the sale of zip fasteners to a ready made garment manufacturer, who has exported the ready made garments outside the territory of India.
Where the assessee had earned interest on advance paid to contractors during pre- commencement period was found to be ‘inextricably linked’ to the setting up of the plant of the assessee and hence was held to be a capital receipt which was permitted to be set off against pre- operative expenses.
Law on how revenue should be recognized by a developer of property under the percentage completion method in the light of Accounting Standards AS-1, AS-7 & AS-9, the Guidance Note on Accounting for Real Estate Transactions issued by the ICAI and several judgements on the issue explained
i) The Authority below erred in taking the Annual Value of House Property (Industrial Shed) Rs.23,05,590/- without appreciating the provision of Section 23 of the Income Tax Act, 1961.
