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The unsubstantiated loose sheets cannot be considered as a conclusive evidence to make any addition towards undisclosed income. Guess work is not possible in case of search assessment framed u/s. 143(3) or u/s. 153A of the Act.
DCIT vs Sri K Babu Rao
(2014) TaxCorp(LJ) 2559 (ITAT-HYDERABAD) · Income Tax Section 143(3), 153A
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S. 54F Deduction not allowable if assessee owns more than ne residential house on the date of transfer
The ITO Vs. Ms. Apsara Bhavana Sai
(2014) TaxCorp(LJ) 2547 (ITAT-HYDERABAD)
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S. 32(1) - Road constructed on Build-Operate-Transfer (“BOT”) terms is eligible for depreciation even though assessee is not the legal owner of the road
DCIT vs Swarna Tollway Pvt. Ltd
(2014) TaxCorp(LJ) 2525 (ITAT-HYDERABAD) · Income Tax Section 32(1)
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Capital Gain or Business Income – Assessee has not purchased any other land and has sold the property inherited by him which is itself was agricultural land for more than 20 years. The gain is to be considered as capital gain.
B VENU MADHAV vs ASSTT COMMISSIONER OF INCOME TAX
(2014) TaxCorp(LJ) 2489 (ITAT-HYDERABAD) · Income tax - Sections 45, 54EC
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Assessee is not entitled for exemption either u/s 11 or u/s 10(23C) in case it collected any money by whatever name it is called i.e., donation, building fund, auditorium fund etc. etc., over and above the prescribed fee for admission of students.
ADIT vs St. Augustin Educational Society
(2014) TaxCorp(LJ) 2487 (ITAT-HYDERABAD) · Income Tax Section 11, 10(23C)
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Joint Development Agreement –cum -GPA - Provisions of section 2(47)(v) and Section 53A of the Transfer of Property Act - Handing over of the possession of the property is only one of the condition u/s 53A of the Transfer of Property Act, but it is not the sole and isolated condition. 'Willingness to perform' has been specifically recognized as one of the essential ingredients to cover a transaction by the scope of Section 53A of the Transfer of Property Act.
Fibars Infratech Pvt. Ltd vs ITO
(2014) TaxCorp(LJ) 2472 (ITAT-HYDERABAD) · Income Tax S. 2(47)(v) and S. 53A of TPA
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Sections 49(1), 55(1)(b) - Cost of Acquisition - Succession or Inheritance - Cost of Improvement - Even if the assessee had discharged the liability by making payment, this cannot constitute a part of the cost of acquisition of the property transferred. Further on applicability of section 50C, ITAT bench rejected assessee submission that the transactions were entered into well before 01/04/2003 and, therefore, provisions of section 50C are not applicable. as assessee has not been substantiated with enough evidence and documents that the land has been sold by the an agreement of sale in the earlier years i.e. 2000 and 2001
Maniza Jumabhoy vs Asst. Commissioner of Income-tax
(2013) TaxCorp(LJ) 2471 (ITAT-HYDERABAD) · Income Tax Sections 49(1), 55(1)(b)
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Sections 49(1), 55(1)(b) - Cost of Acquisition - Succession or Inheritance - Cost of Improvement - Even if the assessee had discharged the liability by making payment, this cannot constitute a part of the cost of acquisition of the property transferred. Further on applicability of section 50C, ITAT bench rejected assessee submission that the transactions were entered into well before 01/04/2003 and, therefore, provisions of section 50C are not applicable. as assessee has not been substantiated with enough evidence and documents that the land has been sold by the an agreement of sale in the earlier years i.e. 2000 and 2001
Smt. Farida Alladin vs Asst. Commissioner of Income-tax
(2013) TaxCorp(LJ) 2461 (ITAT-HYDERABAD) · Income Tax Sections 49(1), 55(1)(b)
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Any right (including leasehold rights) which enables carrying on business effectively and profitably is an “intangible asset” & eligible for depreciation
Tirumala Music Centre (P) Ltd vs Asst. Commissioner of Income-tax
(2013) TaxCorp(LJ) 2453 (ITAT-HYDERABAD) · Income Tax Section 32(1)(ii)
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Leasehold Rights Are Eligible For Depreciation
M/s Tirumala Music Centre (P) Ltd Vs. Asst. Commissioner of Income-tax
(2013) TaxCorp(LJ) 2416 (ITAT-HYDERABAD)
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Section 10 - Agricultural income from the sale of Prosopis Juliflora crop.
KNR AGRO FARMING MUTUALLY AIDED COOPERATIVE SOCIETY LTD vs Addl CIT
(2013) TaxCorp(LJ) 2385 (ITAT-HYDERABAD) · Income Tax Section 10
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ITAT uphold the order of the CIT(A) in holding that the expenditure incurred towards internet charges and telephone charges for delivery of software should be excluded from the export turnover and from total turnover. On depreciation at 100% on library books, which comes to Rs. 3329/-, which is less than Rs.5,000/- held that since the cost of the books is less than Rs. 5,000/- 100% depreciation claimed by the assessee is to be allowed.
PERFORMICA SOFTWARE PVT LTD vs DCIT
(2013) TaxCorp(LJ) 2383 (ITAT-HYDERABAD) · Income Tax Section 10A, 32
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Application u/s. 254(2) - Power to rectify a mistake is not equivalent to a power to review or recall the order sought to be rectified. Even if on the basis of a wrong conclusion the Tribunal has not allowed a claim of the party it will not be a ground for moving an application under s. 254(2) of the Act.
Karvy Computer Share Pvt. Ltd vs Asst. CIT
(2013) TaxCorp(LJ) 2329 (ITAT-HYDERABAD) · Income Tax Section 254(2)
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A construction in inhabitable position cannot be equated with a residential house. If a person cannot live in a premises, then such premises cannot be considered as a residential house.
Smt Usharani Kalidindi, Sri K. Bala Vishnu Raju , Sri K. Bala Vishnu Raju vs ITO
(2013) TaxCorp(LJ) 2242 (ITAT-HYDERABAD) · Income Tax Section 54F
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Deduction U/s. 54F not allowable if constructed house are not habitable
Smt. Usharani Kalidindi vs. The Income Tax Officer
(2013) TaxCorp(LJ) 2237 (ITAT-HYDERABAD)
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ITO vs Zinger Investments (P) Ltd
(2013) TaxCorp(LJ) 2211 (ITAT-HYDERABAD) · Income Tax Section 2(47), 2(42C), 50B
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Deduction U/s. 54F allowable even if construction is not complete if Assessee invests the amount within stipulated time
Narasimha Raju Rudra Raju, V/s. Asst. Commissioner of Income tax
(2013) TaxCorp(LJ) 2195 (ITAT-HYDERABAD)
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ITO vs Zinger Investments (P) Ltd
(2013) TaxCorp(LJ) 2183 (ITAT-HYDERABAD) · Income Tax Section 50B, 2(42C)
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Income-tax Act, 1961, s 80IB
Income Tax Officer v Sigma Constructions
(2013) TaxCorp(LJ) 2162 (ITAT-HYDERABAD)
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Income-tax Act, 1961, s 2(42C), 50B
Income Tax Officer v Zinger Investments (P) Ltd
(2013) TaxCorp(LJ) 2132 (ITAT-HYDERABAD)
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