Category: Judgments
In a recent judgment, the Delhi High Court has held that Indian National Congress Party (INC) (I) not entitled to exemption u/s 13A of the Income tax Act, 1961 for AY 1994-95 being failed to fulfil the three conditions of keeping books of accounts, maintaining records of voluntary contributions …
In a recent judgment, ITAT Amritsar has upheld that the mere AIR information that deposits were made in a bank account do not indicate that these deposits constitute an income which has escaped assessment. Case Details: ITA No.129(Asr)/2015 Assessment year:2005-06 Ashwani Kumar vs. Income Tax Officer Date of Order/Judgment: 23/02/2016 Facts …
In a recent judgment, ITAT, Amritsar has ruled that CIT(A) was right in taking the the highest amount of cash deposits in the Bank Account at any point of time as maximum peak credit instead of considering the closing balances for the day instead for making addition u/s 69A Case …
In a recent judgment, ITAT Amritsar has endorsed that Premium of Keyman Insurance Policy (KIP) is an allowable business expenditure. Case Details: I.T.A No. 20(Asr)/2013 Assessment Year: 2007-08 Freewill Sports Pvt. Ltd vs. ACIT Date of Order/Judgment: 22/03/2016 Brief Facts of the Case: The only issue involved in this appeal …
ITAT Amritsar, in a recent judgment has held that shipping charges (Inland haulage charges, Terminal handling charges, Bunker adjustment factor, Cost adjustment factor, etc) using non-resident shipping are not liable to TDS u/s 172(8) as supplemented by CBDT Circular No. 723/1995 Case Details: ITA No.257(Asr)/2014 Assessment year:2006-07 PMS …
Calcutta High Court in a recent judgment has held that expenditure incurred for software development was capital expenditure Case Details: ITA No. 278 OF 2007 Indian Aluminium Co. Ltd Versus Commissioner of Income Tax-III Kolkata Date of Judgment: 18/03/2016 Question of Law: Whether on the facts and in the …
In a recent judgment, Calcutta High Court has held that to claim exemption under section 10(22A), existence of a nexus between the hospital or an institution engaged in any one of the five activities, and the income is essential. Kindly note that the said section 10(22A) has since been …
In a recent judgment, ITAT, Amritsar has upheld the disallowance u/s 14A read with Rule 8D where major part of partners capital, bank and unsecured loans were struck up in receivables holding that money has no colour and in a running business it rotates and balance in each account changes …
Assessment in pursuance of order u/s 263 based on a judgement subsequent to the date of original assessment cannot be basis for estimation of higher rate of net profit. Case Details: ITAT VISAKHAPATNAM I.T.A.No.458/Vizag/2012 Assessment Year: 2006-07 ACIT vs. Padmavathi Transports Date of Order: 18/03/2016 Brief Facts of the Case: …
Mere hiring of vehicle without any risk associated with the carriage of goods does not amount to carrying out any work or sub contract as defined u/s 194C(2) of the Income Tax Act, 1961 Case Details: TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM I.T.A.No.483/Vizag/2012 Assessment Year:2005-06 DCIT vs. Yekkala Subba …
