Category: Judgments

Document pertaining to earlier year also constitutes record for rectification us 154 and if over-looked it amounts to a mistake apparent on record- ITAT

Document pertaining to earlier year also constitutes record for rectification us 154 and if over-looked it amounts to a mistake apparent on record- ITAT

July 16, 2016 Income Tax, ITAT, Judgments
Document pertaining to earlier year also constitutes record and if the same is over-looked, it amounts to a mistake apparent on record u/s 154 – ITAT ABCAUS Case Law Citation: 974 2016 (07) ITAT Assessment Year: 2009-10 Date/Month of Judgment: July 2016 Important Judgments cited: Sunil Sahni vs. …
Bad debts written off in same/first assessment year eligible for deduction u/s 36(1)(vii) after amendment and in terms of CBDT Circular 12/2016

Bad debts written off in same/first assessment year eligible for deduction u/s 36(1)(vii) after amendment and in terms of CBDT Circular 12/2016

July 10, 2016 Income Tax, ITAT, Judgments
Debts written off in the same/first assessment year eligible for deduction u/s 36(1)(vii) as after the amendment w.e.f. 1st April 1989, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable – ITAT  ABCAUS Case Law Citation: 968 (2016) (07) ITAT …
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’ operations of …
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 …