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Since funds contributed by society members for meeting their own expenses and interest earned on deposit of such funds attain the character of corpus fund, therefore principles of mutuality would apply and the interest income cannot be brought to tax.
Windsor Home Owners Welfare Association Vs ITO
(2019) TaxCorp(LJ) 19639 (ITAT-HYDERABAD)
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ITAT - The DTAA clearly provided that the taxes in India means the income tax including surcharge there as pointed out by the Learned Counsel for the Assessee. Clause 11 of the Finance Act 2018 clearly explains that the education cess is nothing but additional surcharge.
OC NL INVEST COOPERATIEF U.A, HYDERABAD VERSUS DCIT, INCOME TAX-2, INTERNATIONAL TAXATION, HYDERABAD.
(2019) TaxCorp(LJ) 19607 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=76226&Category=ITAT&CategoryType=Zip
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The charges paid to shipping companies were not taxable, they were not expected to come under TDS provision.
BGS SGS Soma Joint Venture Vs Dy. Commissioner of Income-tax
(2019) TaxCorp(LJ) 19463 (ITAT-HYDERABAD)
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S. 249(4): The power conferred upon the CIT(A) to condone the delay in filing of appeal is to alleviate genuine suffering of taxpayers. He has the power and corresponding duty to exercise the power when circumstances so warrant. U/s 14 of the Limitation Act, delay caused due to proceeding in a wrong forum has to be condoned. Article 2(1) of the India-UAE DTAA provides that the taxes covered shall include tax and surcharge thereon. Education cess is nothing but an additional surcharge & is also covered by the definition of taxes
R.A.K. Ceramics vs. DCIT
(2019) TaxCorp(LJ) 17965 (ITAT-HYDERABAD) · Section 249(4)
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ITAT - Foreign Tax Credit - AO to allow the credit to the extent of state taxes paid by the assessee along with the federal taxes paid. The Medicare and Disability taxes are not in the nature of income-tax, hence, this may be disallowed.
PRITESH RAJESH KOTAK VERSUS INCOME-TAX OFFICER, WARD –12 (2), HYDERABAD.
(2019) TaxCorp(LJ) 17952 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=72277&Category=ITAT&CategoryType=Zip
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ITAT - Purchase of IPL cricket match tickets for distribution to long standing customers is deductible u/s 37.
EPE Process Filters & Accumulators Pvt Ltd Vs Dy. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16747 (ITAT-HYDERABAD) · Section 37
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ITAT - Levy of penalty u/s. 271E - When the transactions are not for evasion of tax/concealment of income and bonafide belief of the assessee was that it could have made the payment in cash, penalty is not automatic and the penalty is not valid.
M/S. SATTAR SONS PACKAGING PRIVATE LIMITED VERSUS ADDITIONAL COMMISSIONER OF INCOME TAX, RANGE-3, HYDERABAD
(2019) TaxCorp(LJ) 16738 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=70675&Category=ITAT&CategoryType=Zip
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ITAT - Network rights is a 'goodwill' on which depreciation is allowable.
Apna Incable Broad Band Services Private Ltd Vs Dy. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16728 (ITAT-HYDERABAD)
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ITAT - Revision u/s 263 - No doubt, the assessment order is erroneous but not prejudicial to the revenue - revision order set aside.
PRAVARDHAN SEEDS PVT. LTD. VERSUS ASST. COMMISSIONER OF INCOME-TAX, CIRCLE – 16 (2), HYDERABAD.
(2019) TaxCorp(LJ) 16572 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=70098&Category=ITAT&CategoryType=Zip
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ITAT - Amount contributed to the National cooperative Union, New Delhi, is appropriation from the net profits - Not allowed as deduction u/s 37(1).
THE AP MAHESH COOPERATIVE URBAN BANK VERSUS ASST. COMMISSIONER OF INCOME-TAX, CIRCLE – 5 (1) , HYDERABAD
(2019) TaxCorp(LJ) 16466 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=69668&Category=ITAT&CategoryType=Zip
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S. 2(1A) Agricultural income: Mushroom is not a ‘vegetable’, ‘plant’, 'fruit' or ‘animal’ but is a ‘fungus’. Anything which is produced by performing basic operations on the soil is an "agricultural product" and the income therefrom is "agricultural income". The nature of the product and the fact that it is not a ‘plant’, ‘flower’, ‘vegetable’ or ‘fruit’ is irrelevant. The only relevant aspect is whether the production is by performing some basic operations on the soil (All judgements considered)
DCIT vs. Inventaa Industries Private Limited
(2018) TaxCorp(LJ) 15406 (ITAT-HYDERABAD) · Section. 2(1A)
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ITAT - As per tonnage tax scheme u/s. 115VN, income on sale of ships will fall under the head ‘capital gains’ and special provision u/s. 50 dealing with depreciable assets is attracted and not income from other sources.
Ocean Sparkle Ltd. Vs. DCIT
(2018) TaxCorp(LJ) 15178 (ITAT-HYDERABAD)
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Bogus Long-term capital gains: As neither the statement of Mukhesh Choksi was provided to the assessee nor cross-examination was allowed and it was not even placed on record, the action of the AO in treating the LTCG and STCG as income from other sources was not warranted
ITO. Vs. K. Ramakrishna Reddy
(2018) TaxCorp(LJ) 15150 (ITAT-HYDERABAD)
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ITAT - Concessional rate of tax of 10% u/s 115E on long term capital gains earned on sale of bonus shares is available since bonus shares acquire character of original shares.
Shashi Parvatha Reddy Vs. Dy. CIT
(2017) TaxCorp(LJ) 13744 (ITAT-HYDERABAD) · Section. 114E
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ITAT - No wealth tax liability in respect of seized cash pursuant to search and seizure operation u/s. 132 as the same is not 'cash in hand'.
B Rajeshwar Rao vs. ACIT
(2017) TaxCorp(LJ) 13650 (ITAT-HYDERABAD)
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ITAT - Exemption u/s 11 cannot be denied in toto with regard to the voluntary donations received by the assessee. Only donations, which are not voluntary can be disallowed.
Dy. Commissioner of Income Tax (E), Hyderabad Versus M/s. Vignana Jyothi And M/s. Vignana Jyothi Versus Asstt. Director of Income Tax (Exemptions) - III Hyderabad
(2017) TaxCorp(LJ) 13615 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58043&Category=ITAT&CategoryType=Zip
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ITAT - In case of pure reimbursement of expenses incurred and no service element is involved, the transaction to be treated at ALP and adjustment to be made at Rs. Nil.
M/s. Avineon India P. Ltd. Versus Dy. Commissioner of Income Tax, Circle 1 (1), Hyderabad And Vice-Versa
(2017) TaxCorp(LJ) 13603 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=57949&Category=ITAT&CategoryType=Zip
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ITAT - Levy of penalty u/s 271BA justified for failure to furnish report in form No. 3CEB as required u/s 92E r/w rule 10E since mere ignorance and bonafide belief is not reasonable cause to delete the penalty.
Karvy Computershare Pvt. Ltd. Versus Addl. Commissioner of Income-tax, Hyderabad
(2017) TaxCorp(LJ) 13602 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=57948&Category=ITAT&CategoryType=Zip
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ITAT - Compounding fine paid to Municipal Corporation for regularising the building plan is not for offence nor prohibition of any law hence allowable u/s 37(1).
Keerthi Estates (P) Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13560 (ITAT-HYDERABAD) · Section. 37
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ITAT - Where in case of transfer of rights in favour of the Developer (JDA), assessee contended that, in subsequent years he has paid the taxes and therefore, there was no loss to revenue or escapement of income. Re-assessment is void.
Asstt. Commissioner of Income Tax Versus Shri Y. Mohan Rao
(2017) TaxCorp(LJ) 13447 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=57525&Category=ITAT&CategoryType=Zip
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