Category: Judgments

No requirement of certificate u/s 115VD under Tonnage Tax Scheme (TTS) for vessel on which slot charter operations are carried out – Supreme Court

No requirement of certificate u/s 115VD under Tonnage Tax Scheme (TTS) for vessel on which slot charter operations are carried out – Supreme Court

July 7, 2016 Income Tax, Judgments, Supreme Court
There is no requirement of the certificate under Tonnage Tax Scheme u/s 115VD in relation to the vessel on which slot charter operations are carried out – Supreme Court ABCAUS Case Law Citation: 967 2016 (07) SC Question before the Court: Is the income derived from ‘slot charter’ …
Deduction u/s 80IB(10)-Land ownership not a condition precedent for developing the housing project and claiming the deduction. ITAT

Deduction u/s 80IB(10)-Land ownership not a condition precedent for developing the housing project and claiming the deduction. ITAT

July 7, 2016 Income Tax, ITAT, Judgments
Deduction u/s 80IB(10)-Land ownership not a condition precedent for developing the housing project and claiming the deduction. ITAT ABCAUS Case Law Citation: 966 2016 (07) ITAT Assessment Year: 2008-09 Date/Month of Judgment/Order July, 2016 Important Judgment Cited/relied upon: CIT vs. Radhe Developers (2012) Gujarat High Court Brief Facts of the Case: …
Club Membership allowed partly as business expenses. Contacts developed through clubs also brings new clients and professional opportunity – ITAT

Club Membership allowed partly as business expenses. Contacts developed through clubs also brings new clients and professional opportunity – ITAT

July 5, 2016 Income Tax, ITAT, Judgments
Club Membership allowed partly as business expenses Contacts developed through clubs also brings new clients and professional opportunity. 1/3rd of club membership fee paid allowed as attributable to professional activities by ITAT ABCAUS Case Law: 965 2016 (06) ITAT Assessment Year: 2010-11 Date/Month of Judgment/Order: June, 2016 Brief …
Penalty u/s 271(1)(b) deleted for non compliance due to non-availability of accounting staff in September month for finalization of accounts

Penalty u/s 271(1)(b) deleted for non compliance due to non-availability of accounting staff in September month for finalization of accounts

July 3, 2016 Income Tax, ITAT, Judgments
Penalty 2711b-Non compliance due to September Finalisation September being the month for finalization of accounts, the assessee’s explanation that there was nonavailability of accounting staff, cannot be doubted. Penalty u/s 271(1)(b) for non compliance of notices 143(2), 142(1) deleted by ITAT ABCAUS Case Law Citation: 964 2016 (06) ITAT …
No Additions solely on AIR information basis when the assessee denied reported transactions as the onus /burden shifted upon the AO – ITAT

No Additions solely on AIR information basis when the assessee denied reported transactions as the onus /burden shifted upon the AO – ITAT

July 3, 2016 Income Tax, ITAT, Judgments
Addition cannot be made solely on the basis of AIR information especially when the assessee denies the reported transactions and the onus/burden shifted upon the AO to rebut the accounts/contentions of the assessee – ITAT ABCAUS Case Law Citation: 963 2016 (06) ITAT Assessment Year: 2010-11 Date/Month of Judgment/Order: …