Judgments

  • Income Tax

Deduction u/s 80-O computed applying average net profit margin for domestic income not considering fixed costs was distorted apportionment-Delhi High Court

In its  latest judgment , Delhi High Court has held that deduction under Section 80-O of the Income tax Act, 1961…

8 years ago
  • Judgments

Uttarakhand High Court Judgment quashing Presidential Rule under Article 356. It was without any basis at all, in fact, it was a blatant falsehood.

Today, the Hon'ble High Court of Uttarakhand made its landmark judgment online that quashed the Presidential Rule in Uttarakhand which…

8 years ago
  • Income Tax

Statement recorded u/s 133A can not be retracted saying survey team exerted force on assessee when he issued a cheque by properly preparing, signing it

In a recent judgment, ITAT Chennai has held that a statement recorded u/s 133A can not be retracted saying survey…

8 years ago
  • Income Tax

Funds shortage due to project expansion was sufficient cause not to impose penalty u/s 221(1) for self assessment tax non payment before filing ITR

In a recent judgment, ITAT Chennai has held that paucity of funds due to project expansion was a sufficient case not…

8 years ago
  • Income Tax

Section 68 not applicable to liabilities representing old opening balances. Assessee’s Consent / acceptance do not give jurisdiction/right to make addition

In a recent judgment, ITAT Chennai has stated that consent/acceptance given by assessee could not give jurisdiction and a right to the assessing…

8 years ago
  • Income Tax

Claim for sales return provision was in accordance with AS notified u/s 145 being best estimate of information available

In a recent judgment, ITAT Delhi has allowed claim for provision made for sales return holding that as per Accounting Standard…

8 years ago
  • Income Tax

UPS entitled to higher rate depreciation @ 60% being accessories and peripherals forming integral part of computer system

In a recent judgment, ITAT Delhi has allowed depreciation on UPS at the higher rate of 60% allowable at computers following…

8 years ago
  • Income Tax

House Property Annual Value u/s 23(1). Whether flat ihabitable or not, a question of fact to be determined after appreciation of evidences

ITAT, Mumbai in a recent judgment has held that for determination of Annual Value of House property, u/s 23(1), whether the…

8 years ago
  • Income Tax

Availability of self owned interest free funds for disallowance u/s 36(1)(iii) can only be determined by examining the accounts

In a recent judgment, Amritsar has held that issue of availability of self owned interest free funds for making disallowance u/s…

8 years ago
  • Income Tax

Exemption 10(23C)(iiiab)-Fee collection by Universities not Government funding because it is authorized under Act or fees rates fixed by Govt. Agencies-SC

Supreme Court in a latest judgment has held that Fees collection by Universities does not amount to Government funding for exemption…

8 years ago