Now it is well settled that as also need of common parlance that an animal feed supplement or cattle feed supplement or poultry feed supplement or balanced cattle feed or poultry feed is actually used as energy nutrients as well as nutrients rich with substance needs for strengthening the body and its development so that a person engaged in such farming may have good yield of cattles and poultry as the case may be.
Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that interest income earned from nationalized banks shall be treated as business income for which deduction under Section 80P of the Income Tax Act can be claimed.
Pankaj Dutta Vs ITO (ITAT Kolkata) Issuance and service of notice under section 143(2) is mandatory and not procedural. If the notice is not served within the prescribed period, assessment framed would be invalid and such irregularity cannot be treated as curable under section 292BB. FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:- This […]
ITO Vs Tarun Sales (ITAT Delhi) Since no dealer or sub-dealer was appointed either by BSNL or by the assessee, for the purpose of marketing the products and/or service of the Bharat Sanchar Nigam Ltd., the entire sales were to customers, either directly or through shopkeepers, who rendered services to the customers.
Since the parties in these Writ Petitions are one and the same and the relief sought herein are inter-connected, all these Writ Petitions were taken together and disposed of by this common order.
M/s. DSL Vs ITO (ITAT Hyderabad) In the present case, the rents are received on a property purchased for setting up of the project and is inextricably linked to the completion of the project. Considering the fact that the assessee had taken steps to evict tenants and also paid compensation to them while getting vacant […]
Asst. Commissioner of Income Tax Vs. M/s Cresa Financial Services Pvt. Ltd. (ITAT Visakhapatnam) 1. This appeal is filed by the revenue against the order of the Commissioner of Income Tax (Appeals), Rajahmundry vide ITA No. 0239/13-14/ACIT/C-1/RJY/2014-15 dated 30.03.2015 for the assessment year 2010-11. 2. All the grounds of appeal are related to the depreciation […]
1. That on the facts and circumstances of the case and in law, the learned Commissioner (Appeals), XXVIII, New Delhi [hereinafter referred to as the learned CIT(A)] has grossly erred in denying the exemption to the Appellant under section 54F of the Income Tax Act, 1961.
A two-judge bench of the Supreme Court of India on Tuesday held that the Government, though in the capacity of a lessor is liable to pay service tax on the rental income as per section 66B of the Finance Act, 1994 despite the fact that the original liability lies on the lessor.
Development fee payment was not optional or voluntary on the part of the students but it was compulsory charge in the nature of fee for studying and continuing study in the institutions of the assessee, therefore, development fee received by assessee could not be classified as capital in nature for specific purpose or part of corpus fund of assessee trust. It was part of the current receipt and partook the character of other fee charged by assessee on account of tuition fee, term fee, etc.
