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No amount was outstanding as per the recitals of the sale deed. There was no mention with regard to the fact that the Managing director has given promissory note towards part of sale consideration in the sale deed. As per CIT(A), there was no entry in the company’s books of accounts with regard to amounts received from Sri K.Mallesh for pending sale consideration. Therefore, we are unable to accept the contention of the assessee that the transactions were related to the company in respect of sale transaction of Agreement cum GPA dated 27.06.2001.
M. MALA KONDAIAH VERSUS ADDL. COMMISSIONER OF INCOME TAX CENTRAL RANGE VISAKHAPATNAM
(2019) TaxCorp(LJ) 19988 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=77372&Category=ITAT&CategoryType=Zip
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In our view, section 43A has no application considering the fact that the fixed assets were purchased in Indian currency and only the term loan was converted into FCNR and back to rupee loan.
SRI RAMADAS PAPER BOARDS (P) LTD., HYDERABAD. VERSUS DY. COMMISSIONER OF INCOME-TAX, CIRCLE – 3 (2), HYDERABAD.
(2019) TaxCorp(LJ) 19845 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=76939&Category=ITAT&CategoryType=Zip
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We do not agree with the TPO that ALP is ‘NIL’ and he analysed the management services on benefit test. There is no such method in the TP study. You cannot adopt a method which is not embedded in the study.
ADAMA INDIA PVT. LTD. VERSUS INCOME-TAX OFFICER, WARD – 1 (3), HYDERABAD
(2019) TaxCorp(LJ) 19755 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=76619&Category=ITAT&CategoryType=Zip
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Delay in construction due to the fault of the builder / promoter wherein the assessee has no control over the builder/promoter for such delay cannot be attributed to the assesse.
Sri Siva Ramakrishna Mulpuri Vs Asst. Commissioner of Income Tax
(2019) TaxCorp(LJ) 19711 (ITAT-HYDERABAD)
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We noticed that assessee has completed the registration on 07/03/2009 and the document indicates that it was prepared on 02/03/2009. The registration formalities were completed only on 07/03/2009 and suitably modifying the document in hand writing.
INCOME-TAX OFFICER, WARD – 2, KURNOOL VERSUS B. NAGA MAHESH, KURNOOL
(2019) TaxCorp(LJ) 19685 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=76456&Category=ITAT&CategoryType=Zip
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Client Code modification made by the broker are made by broker itself.
Canara Securities Ltd Vs DCIT
(2019) TaxCorp(LJ) 19642 (ITAT-HYDERABAD)
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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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