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 …
Tipi Tipi Top, What Colour you want? Dear Friends, Colours do magic. It has been rightly said that the craving for colour is a natural necessity just as for water and fire. It is something indispensable to our life. At every era of our existence and history, we …
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 …
ITAT Visakhapatnam in a recent judgment has ruled that Assessing Officer cannot sit in the chair of the businessman and direct him to do business in a particular fashion. The ITAT deleted the notional interest charged by AO on sundry debtors based on the fact that assessee charged interest for the …
In a recent judgment, ITAT Chennai has held that when the amendment was made in the . of the society it related back to the date of original establishment and hence the society was entitled for registration u/s 12AA with effect from its date of establishment. Case Details: INCOME …