Category: Income Tax

Gift received from Step Father not taxable us 56(2)(vi) as income from other sources in view of meaning of relatives as per Explanation to section 56(2)

Gift received from Step Father not taxable us 56(2)(vi) as income from other sources in view of meaning of relatives as per Explanation to section 56(2)

June 5, 2016 Income Tax, ITAT, Judgments
Gift received from Step Father not taxable us 562vi as income from other sources. The Explanation to section 56(2) would indicate that the expression “relatives” would recognize the relationship between the step-father and step-son for the purpose of exemption available under section 56(2) of the Income Tax Act, 1961. …
ICAI coaching income exempt us 11. The institute is an educational institute and its activities falls within the meaning of charitable purpose u/s 2(15)-ITAT

ICAI coaching income exempt us 11. The institute is an educational institute and its activities falls within the meaning of charitable purpose u/s 2(15)-ITAT

June 4, 2016 ICAI, Income Tax, ITAT, Judgments
ICAI income exempt us 11. The institute is an educational institute and its coaching activities falls within the meaning of charitable purpose u/s 2(15). In a yet another case for AY 2010-11, ITAT following previous judgments of ITAT, High Court and Supreme Court has upheld the charitable status …
Rented Building Renovation-Repair Expenses are Current Repairs allowable u/s 30. Accumulated repairs not allowed only when assessee owns building-ITAT

Rented Building Renovation-Repair Expenses are Current Repairs allowable u/s 30. Accumulated repairs not allowed only when assessee owns building-ITAT

June 4, 2016 Income Tax, ITAT, Judgments
Rented Building Renovation-Repair Expenses are Current Repairs allowable u/s 30. Accumulated repairs not allowed only when assessee owns building, as a tenant cost of repairs to the premises is allowable whether they are accumulated or current this was held by ITAT Delhi in a recent judgment detailed as …
Bad debt written off claim us 361vii -Assessee need not establish if written off in books of accounts of assessee as irrecoverable-CBDT Circular-12/2016

Bad debt written off claim us 361vii -Assessee need not establish if written off in books of accounts of assessee as irrecoverable-CBDT Circular-12/2016

May 30, 2016 Income Tax
Bad debt written off claim us 361vii Circular No. 12/2016 F.No.279/Misc./140/20  15-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi , Dated 30th May, 2016 Subject:- Admissibility of claim of deduction of Bad Debt under section 36(1)(vii) read with section …