Category: Judgments
In a recent judgment, ITAT Delhi has allowed claim for provision made for sales return holding that as per Accounting Standard notified u/s 145 of Income Tax Act, 1961, provisions should be made for all known liabilities and losses even though the amount cannot be determined with certainty and …
In a recent judgment, ITAT Delhi has allowed depreciation on UPS at the higher rate of 60% allowable at computers following Delhi High Court judgment that computer accessories and peripherals such as, printers, scanners and server etc. form an integral part of the computer system and cannot be used without the …
ITAT, Mumbai in a recent judgment has held that for determination of Annual Value of House property, u/s 23(1), whether the residential property (flat) was habitable or not was a question of fact that can be determined only after appreciation of evidences and remanded the case back to AO. Case Law Details: …
In a recent judgment, Amritsar has held that issue of availability of self owned interest free funds for making disallowance u/s 36(1)(iii) can only be determined by examining the accounts. Case Details: ITA No.66(Asr)/2016 Assessment year:2008-09 M/s. Sehdev Enterprises vs. Income Tax Officer Date of Order/Judgment: 21/04/2016 Brief Facts …
Supreme Court in a latest judgment has held that Fees collection by Universities does not amount to Government funding for exemption u/s 10(23c)(iiiab) merely because such fees are authorized under the relevant Act or fees rates are fixed by Govt. authorised Agencies Case Law Details: Civil Appeal No. 4361-4366 of …
In a recent judgment, ITAT Delhi has interpreted the objective and scope of invoking revisionary powers of Commissioner of Income Tax (CIT) under section 263 of the Income Tax Act, 1961 as under: The provisions of section 263 cannot be invoked to correct each and every type of …
Delhi High Court in a recently delivered judgment has observed that that all does not appear to be well with the admission process of the National Law University, Delhi in admission to Ph.D. programme. The Court had issued a direction to the University to rectify/reconsider the admission criteria …
ITAT Mumbai, in a recent case has stated that demolition/destruction of house not necessarily results in transfer u/s 2(47) by extinguishment of rights in a capital assets for capital gain purpose. Case Law Details: I.T.A. No. 6169/Mum/2013 Assessment Year : 2007-08 Dilip Manhar Parekh vs. Dy. Commissioner of …
In a recent judgment, ITAT Mumbai has held that where the assessee pays secondment charges for the employees, for all practical purposes, the assessee is the employer and the charges paid can not be said fees for technical/professional services for disallowance u/s 40(a)(ia) Case Law Details: ITA No. 1945/Mum/2013 Assessment Year: 2009-10 Deputy …
In a recent judgment Supreme Court has held that prior to 2005 amendment, after joint family property has been distributed in accordance with section 8 on principles of intestacy, the joint family property ceases to be joint family property in the hands of the various persons who have …
