Whether the activity of conducting one-day matches’T-20 matches and Indian Premier League matches by Tamil Nadu Cricket Association would amount to doing business or trade?
Vision EL Tech & Services (P.) Ltd. Vs DCIT (ITAT Bangalore) From the details filed it is observed that there are several instances of fresh investment as well as sale of investment in shares, evidencing frequent movement in the assessee’s investment portfolio and accordingly it cannot be accepted that no expenditure has been incurred by […]
Assessee is not in a position to recover the amounts paid as provident fund contribution for the respective contract laborers, or considering the business exigencies when the Assessee bears the expenses on account of Provident Fund contribution, then whether in such a situation the expenses can be disallowed?
In this case, the investment was admittedly made one year before the date of sale of property. In view of language employed by Parliament in section 54 of the Act, it is not the requirement that the sale consideration has to be invested in purchase of property.
Where assessee had sufficiently explained the circumstances under which the payments were made to the truck drivers in cash, for transport of items and no doubt was raised over genuineness of the payments and the payees were identifiable; no dis allowance under section. 40A(3) was warranted.
Opportunity of being heard is little more than serving a notice on assessee. It is not an empty formality. Without giving a proper opportunity to assessee, revision proceedings u/s. 263 cannot be finalized as the provisions of Section 263 mandates that the CIT may pass such orders after giving an opportunity of being heard. Since […]
In ACIT v. Tripti Menthol Industries, the ITAT, Ahmedabad bench held that Security Guards employed by the assessee-unit must be considered as part of the workers engaged in the manufacturing process for the purpose of giving benefit under Section 80IB(2)(iv) of the Income Tax Act.
These are 11 appeals filed by the Revenue against various impugned orders. As the issue involved in all these appeals are similar and the respondent is same, we take up all these appeals together for disposal. The respondents are registered with the Department for service tax purposes. They have filed refund claims under rule 5 of Cenvat Credit Rules, 2004 readwith Notification No. 5/2006-CE (NT) dated 14-3-2006.
When the amount which was deposited in the bank was not an amount due to members and it was not the liability of the society to the members then the interest earned from the deposits in the bank was held to be eligible for deduction under Section 80P (1) as well as 80P(2)(a)(i) of the Act.
High Court held that to say that the person being prosecuted or proceeded against can only be ‘shown’ such documents, but not provided copies thereof is untenable even on a plain reading of Article 26 (2) of the OECD Model Convention.
