Category: ITAT
Payments to franchisees held liable to TDS us 194C not 194J. The modus operandi for collection of the fees as well as of the revenue sharing cannot determine whether the amount remitted by the assessee to the franchisee is subject to tax deduction at source u/s 194J. This was upheld by …
STCG-LTCG of NBFC held as capital gains not business income based on broad principles as laid down by various judicial pronouncements ITAT observed that in deciding whether a transaction of sale of shares is business income or investment income taxable as short term or long term capital gain, the …
Reopening assessment us 147/148 for verification of details illegal The Assessing Officer merely sought to reopen the assessment for verification of the details, which is not contemplated under section 147 of the Act. This was held by ITAT in a recent judgment. ABCAUS Case Law Citation: 939 2016 …
Share STCG not become business income by employment of Portfolio Management Service (PMS) for investment in shares. This was held in a recent judgment by ITAT placing reliance on two High Court’s verdicts. ABCAUS Case Law Citation: 938 2016 (06) ITAT Date of Judgment: June, 2016 Brief Facts of the …
In a recent judgment, ITAT has held that the sale of shares by the assessee was not business income but short term capital gain in view of the over all facts and in particular as per CBDT lates circular in this regard. ABCAUS Case Law Citation: 937 2016 …
No Penalty us 2711c for additions made on DVO report basis as the DVO report is just an opinion or estimate. The mere fact that the assessee had not agitated additions made in the appellate proceedings does not militate against the assessee in the penalty proceedings. This was …
Notional interest Perquisite on Security deposit paid to landlord. Notional Interest on amount paid by employer for employee’s accommodation not perquisite-ITAT ABCAUS Case Law Citation: 934 2016 (06) ITAT Brief Facts of the Case: The assessee was an employee having income from salary and other sources. His return …
Interest 234B invalid if TDS deductible on entire income us 195 as there is no failure on the part of the assessee in payment of advance tax-ITAT ABCAUS Case Law Citation: 932 2016 (06) ITAT The Question: whether interest under section 234B of the income tax act can be …
AO bound to furnish reopening reasons recorded us 147 within a reasonable time for initiation of reassessment proceedings u/s 147/148 This was held by ITAT in a recent Judgment ABCAUS Case Law Citation: 6611 2016 (06) ITAT Brief Facts of the Case: The assessee filed his return of …
Addition us 68 remanded back by ITAT for short time lag between inquiry initiation and conclusion when the evidence was to be produced in just 10 days. ABCAUS Case Law Citation: 1781 2016 (06) ITAT Brief Facts of the Case: During the assessment proceedings, the copy of the cash book …
