IT JudgementHC upheld additions as assessee failed to prove that sum deposited in bank was from unutilized cash withdrawal18 Sep 20180IT: Where assessee claimed that he withdrew certain amount from his bank account for construction of a building and surplus…
IT JudgementCompensation received by ‘Jackie Shroff’ for withdrawing criminal case was capital receipt; not taxable: Mumbai ITAT17 Sep 20180Compensation received by ‘Jackie Shroff’ for withdrawing criminal case was capital receipt; not taxable Facts: a) Shares held by Assessee-Jackie…
IT JudgementNo TDS on incentive paid by wholesale dealer to sub dealer of SIM card: Says Delhi ITAT.17 Sep 20180No TDS on incentive paid by wholesale dealer to sub dealer of SIM card: Says Delhi ITAT. Delhi ITAT…
IT JudgementPenalty imposed u/s 271(1)(c) cannot survive where the impugned quantum additions u/s 40 (a)(ia) have been deleted by the appellate authority.15 Sep 20180Penalty imposed u/s 271(1)(c) cannot survive where the impugned quantum additions u/s 40 (a)(ia) have been deleted by the appellate…
IT JudgementAddition u/s 68 cannot be made where the assessee satisfactorily explain genuineness of the transaction and creditworthiness of the parties.15 Sep 20180Addition u/s 68 cannot be made where the assessee satisfactorily explain genuineness of the transaction and creditworthiness of the parties.…
IT JudgementGujarat High Court quashed reopening of assessment on the allegation of cash deposit in Bank account post demonetisation15 Sep 20180Gujarat High Court quashed reopening of assessment on the allegation of cash deposit in Bank account post demonetisation Gujarat High…
IT JudgementBogus Capital Gains case from Penny Stocks deleted by Rajasthan HC10 Sep 20180Bogus Capital Gains case from Penny Stocks deleted by Rajasthan HC CIT vs. Pooja Agarwal (Rajasthan High Court) Bogus Capital…
DTAAIncome TaxIT JudgementArticle 13(4) of DTAA between India and Singapore is NOT an exemption provision.10 Sep 20180 Article 13(4) of DTAA between India and Singapore is NOT an exemption provision but it speaks of taxability of…
IT JudgementImportant judgement on Section 43CB & 145 for complex issue of taxation on real estate construction contracts – ‘completed contract’ vs. ‘percentage completion’ w.r.t AS-7, AS-9 & all important judgements.10 Sep 20180IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT…
IT JudgementNo deduction of finance charges if assessee was engaged in making investments just to earn dividend income: ITAT8 Sep 20180IT : Where assessee company made advances to its subsidiary companies out of borrowed funds who further gave said advances…
IT JudgementPaying Ransom to Kidnappers for Directors being Kidnapped on Business Tour Deductible?7 Sep 20180Paying Ransom to Kidnappers for Directors being Kidnapped on Business Tour Deductible? Issue: Any amount paid or any expenditure incurred…
IT JudgementPCIT vs. International Biotech Park Ltd (Bombay High Court)7 Sep 20180PCIT vs. International Biotech Park Ltd (Bombay High Court) The Revenue has been selective in its approach. It picks either…
IT JudgementGranting or refusing registration shall be passed before expiry of 6 months from the end of month in which the application received under section 12A: says Bangalore ITAT.7 Sep 20180Granting or refusing registration shall be passed before expiry of 6 months from the end of month in which the…
IT JudgementAdvance Ruling-Jurisdiction-Question involving examination of “place of supply”6 Sep 20180Advance Ruling-Jurisdiction-Question involving examination of “place of supply” Esprit India (P) Ltd. Decision: Matter remanded Advance Ruling-Jurisdiction-Question involving examination of “place…
IT JudgementWhere assessee had not closed its business permanently, depreciation could not be denied on account of closure of business5 Sep 20180IT : Where assessee had not closed its business permanently, rather, on account of stay from Court it could not…
IT JudgementNo TDS done on the audit fees provision for the reason that it is payable only after the signing of the report- Whether disallowable u/s 40(a)(ia) ?5 Sep 20180No TDS done on the audit fees provision for the reason that it is payable only after the signing of…
IT JudgementWhether additions under section 68 towards unexplained cash credit and 69 towards unexplained investments of Income Tax Act 1961 can be deleted if assessee gives proper explanation and produce evidence of transaction?5 Sep 20180Whether additions under section 68 towards unexplained cash credit and 69 towards unexplained investments of Income Tax Act 1961 can…
IT JudgementAssessment–Additions to income–Accrued interest on bad and doubtful debts/NPA’s.4 Sep 20180Assessment–Additions to income–Accrued interest on bad and doubtful debts/NPA’s. Dy. CIT v. Saurashtra Co-op. Bank Ltd. Decision: In assessee’s favour. Assessment–Additions…