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Eligibility of Deduction: Donation by Charitable trust registered u/s 12A to another trust which is not registered

November 24, 2020 0 Comments

Eligibility of Deduction: Donation by Charitable trust registered u/s 12A to another trust which is not registered Charitable trust--Exemption under section 11--Money transferred to unregistered trust Short Overview Where the assessee transferred accumulated funds to unregistered trust then it was clear violation ...

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Profit on sale of agricultural land after conversion is Business income or Capital gains?

November 12, 2020 0 Comments

Profit on sale of agricultural land after conversion is Business income or Capital gains? Short Overview : Plotting of land by converting agricultural land into non-agricultural land without there being intention of assessee to trade for the land could not ...

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No denial of capital gain exemption u/s 54F merely for the reason that assessee had later on let out said new property for commercial purpose to run restaurant

November 12, 2020 0 Comments

No denial of capital gain exemption u/s 54F merely for the reason that assessee had later on let out said new property for commercial purpose to run restaurant The key observation by Madras High Court in the case of Where reopening ...

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Alleged unexplained creditors: Assessee is not expected to prove genuineness of cash deposited in bank account of those creditors

November 11, 2020 0 Comments

Alleged unexplained creditors: Assessee is not expected to prove genuineness of cash deposited in bank account of those creditors Short Overview : When assessee had primarily discharged the initial onus laid on him in terms of section 68 by providing ...

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No disallowance u/s 43B if the amount is not claimed as deduction

November 11, 2020 0 Comments

No disallowance u/s 43B if the amount is not claimed as deduction A reading of Section 43B makes it clear that if tax having become payable is not paid by the assessee then alone Section 43B comes into operation. The ...

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Remuneration or commission paid to employee is to be considered as part and parcel of salary

November 11, 2020 0 Comments

Remuneration or commission paid to employee is to be considered as part and parcel of salary Short Overview : Where directors of assessee-company were entitled to receive commission for rendering their services in terms of Board resolution and it also was ...

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Validity of Addition u/s 68 on receipt of unexplained gift if there is no relation between assessee and donor

November 11, 2020 0 Comments

Validity of Addition u/s 68 on receipt of unexplained gift if there is no relation between assessee and donor Short Overview When there was no relation between assessee and donors, question of love and affection did not arise meaning thereby ...

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Validity of Detention of goods alongwith vehicle for Minor error in e-way bill in entering distance

November 10, 2020 0 Comments

Validity of Detention of goods alongwith vehicle for Minor error in e-way bill in entering distance 2019 TaxPub(GST) 0265 (AAR-Ker) : (2019) 090 ITPJ (G) 0107 IN THE AUTHORITY FOR ADVANCE RULINGS, KERALA BENCH 1.ANIL KUMAR & B.S. THYAGARAJABABU, MEMBER Techno Tradings & ...

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Taxation if Income arising from sale of lease of property that was held as investment

November 10, 2020 0 Comments

Taxation if Income arising from sale of lease of property that was held as investment Short overview Where property in question was held by assessee as an investment, the assessee rightly disclosed the income from sale of lease of the ...

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Exemption under section 11: Income-tax payment made by assessee was an application of income

November 10, 2020 0 Comments

Exemption under section 11: Income-tax payment made by assessee was an application of income IN THE ITAT, VISAKHAPATNAM BENCH 1. DURGA RAO, J.M. & D.S. SUNDER SINGH, A.M. DCIT (E) v. Cargo Handling (P) Workers Pool Trust I.T.A. Nos. 312 to 314/VIZ/2018 9 June, ...

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Allowability of Set off of loss in respect of Sham and collusive transactions between the sister concerns

November 9, 2020 0 Comments

Allowability of Set off of loss in respect of Sham and collusive transactions between the sister concerns Short overview Loss on sham and collusive transactions entered between sister concerns could not be allowed to be set-off and carried forward. AO noticed ...

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The activity of preparation of development plans and to execute works in connection with supply of water, disposal of sewerage and provisions of other services, is a “charitable activities” eligible for exemption under section 11

November 9, 2020 0 Comments

The activity of preparation of development plans and to execute works in connection with supply of water, disposal of sewerage and provisions of other services, is a “charitable activities” eligible for exemption under section 11 [2020] 120 taxmann.com 407 (Gujarat) HIGH COURT OF ...

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CBDT condones of Delay in the filing of Form 10BB by Trusts and institutions

November 9, 2020 1 Comment

CBDT condones of Delay in the filing of Form 10BB by Trusts and institutions Under the provisions of section 10(23C) of Income-tax Act, 1961 where the total income, of the fund or trust or institution or any university or other ...

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If amenities charges in respect of leased building is forming an integral part of the building, it would be taxable as ‘Income from house property’

November 6, 2020 0 Comments

If amenities charges in respect of leased building is forming an integral part of the building, it would be taxable as 'Income from house property' Short Overview : Where amenities available in leased building, were part and parcel of the building, ...

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Eligibility of deduction under section 36(1)(ii) towards bonus or commission to directors

November 6, 2020 0 Comments

Eligibility of deduction under section 36(1)(ii) towards bonus or commission to directors Short Overview Where directors of assessee-company were entitled to receive commission for rendering their services in terms of Board resolution and it also was in terms of their employment ...

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If no addition is made on subject-matter for issue of reassessment notice under section 148, no addition could be sustained on other counts

November 6, 2020 0 Comments

If no addition is made on subject-matter for issue of reassessment notice under section 148, no addition could be sustained on other counts Short Overview: Where no addition was made on account of share application money being the basis for issuing ...

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If certain investments have not earned exempt income, no disallowance of expenditure having nexus with such investments can be done

November 4, 2020 0 Comments

If certain investments have not earned exempt income, no disallowance of expenditure having nexus with such investments can be done Ravi Mohan Gehi Vs DCIT ITA No. 6238/Mum/2016 Short overview of the case: AO observed that assessee has claimed interest expenses against the ...

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Cancellation of the registration of charitable trust since inception & interesting observation by Delhi ITAT

November 3, 2020 0 Comments

Cancellation of the registration of charitable trust since inception & interesting observation by Delhi ITAT Charitable trusts are on the radar of the income tax department and now the registrations of the charitable trusts are cancelled since inceptions. Here is ...

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