Income Tax Judgements
Intt recd in MACT claim even after amendment in s. 56 not taxable – Bom HC
Surrender income on account of Stock , Construction of Factory Building , Trade Creditors is eligible to be set off with b/f business losses . Chandigarh – ITAT
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Read MoreIn challenge to section 263 , assessee , can challenge the validity of original assessment order . – Chandigarh ITAT
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Read MoreWhen the asset sold undisputedly is long term , assessee cannot be denied benefit of indexation – Chandigarh ITAT
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Read MoreIn absence of incriminating material , even CIT cannot revise assessment u/s 263
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Read MoreAmount paid to builder prior to more than 1 year from the date of sale of capital asset is eligible for deduction u/s 54 – Chandigarh ITAT
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Read MoreNo penalty u/s 271(1) ( c ) on addition on deemed dividend u/s 2(22)(e) – Chandigarh ITAT
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Read MoreExorbitant Profit earned by University, exists for profit, No 10(23C) exemption
For complete Text of Judgement, click here Visveswaraiah-University-1023C-Exemption The Visvesvraya Technological University (VTU) has been constituted under the Visveswaraiah Technological University Act, 1994. It discharges functions earlier performed by the Department of Technical Education, Government of Karnataka. The University exercises control over all Government and Private Engineering Colleges within Karnataka. The University claimed exemption under…
Read MoreNon Compete Fees received shall not be liable to Capital Gains and shall not be added to the book profits : Bom HC
In a recent decision, Hon’ble Bombay High Court held that: Section 55(2)(a) of the Act would have no application in the present circumstances, as it deals with the cost of acquisition in relation to a capital asset which includes a right to manufacture or carrying on business. In the present case, the Agreement prohibits the…
Read MoreKerala HC confirms penalty u/s 271C on non-deduction of TDS on interest paid by partner to the firm.
In a decision titled CIT vs. Thomas Muthoot, ITA No. 139 OF 2013, dtd. 03/07/2015, the Hon’ble Kerala HC has confirmed the levy of penalty u/s 271C for non- deduction of TDS in respect of interest paid by partner to the firm. For complete text of judgement, click here Thomas Muthoot
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