Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that loss derived from trading in derivatives carried out prior to 25/01/2006 cannot be treated as speculative loss and it should be treated as normal business loss under the provisions of the Income Tax Act, 1961.
The Income Tax Appellate Tribunal recently proclaimed that the provisions relating to TDS would not be applicable in case of interest paid to a Non-Banking Finance Companies (NBFC) which is also engaged in business of insurance.
It is clear from the provision of section 115WB(2)(B)(i) of the Act that expenditure on food provided by the employer to the employees in an office or factory does not form part of the fringe benefit.
Pr. CIT Vs Makemy Trip India Pvt. Ltd. (Delhi High Court) The Court is of the opinion that no substantial question of law arises. The difference of opinion between the CIT(A) and the TPO, as to the appropriateness of one or the other methods, cannot per se be a ground for interference; the appropriateness of […]
Challenging the orders dated 14/03/2014 and 14/07/2014 of the CIT(A)-14, Mumbai the assessee has filed the present appeals for the above mentioned Assessment Years(AY.s). Assessee is a foreign bank and is providing banking services.
What has to be seen is the substance of the transaction. Considering the fact that the assessee had suffered loss while carrying out normal business activity i.e. selling its assets. Therefore,we hold that there was no justification for disallowing the loss suffered in the transaction.
Depreciation @ 100% on’ hoardings treated as temporary structures as against the treatment given by the AO as plant and machinery allowing depreciation @ 15%.
Where the CIT(A) was already ceased of the matter wherein the matter has been contested before him by the AO, the ld. Pr. CIT does not have the jurisdiction to exercise his powers u/s 263 of the Act on the same matter as per the explicit provisions contained in clause (c) to explanation 1 to section 263 of the Act.
Court would like to observe that CAs ought to maintain the highest level of ethics and integrity, not only in the interest of their clients but also to ensure that probity and sanctity are not compromised in any manner as CAs are not merely professionals engaged by their clients, but are protectors and guardians of financial markets on which a nation depends.
Tata Industries Ltd. Vs. ACIT (ITAT Mumbai) -Expenditure in raising loans or issuing debentures would be revenue in nature, irrespective of whether the borrowal is a long term or short term one.
