Judgements Uploaded By Users In Category: Income-Tax Act
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The Mumbai Tribunal has held that S. 37(1): Business expenditure - Scientific research expenditure – Expenditure not approved by DSIR for weighted deduction – Ordinary deduction allowable if expenditure incurred wholly and exclusively for business – Deduction allowed u/s 37(1).(S. 35(2AB) ] The assessee claimed weighted deduction under section 35(2AB) in respect of expenditure incurred on in-house research and development. Part… Read More ...
The Mumbai Tribunal has held that S. 37(1): Business expenditure – Rent paid to directors for farmhouse used for accommodation of foreign customers – Business purpose partly established – Personal use not ruled out – Disallowance restricted to 50 per cent. [ S.40A(2)(b) ] The assessee claimed rent paid for a farmhouse taken on leave and licence from directors and their… Read More ...
The Mumbai Tribunal has held that S. 14A : Disallowance of expenditure relating to exempt income-For the purpose of Rule 8D, only investments which have actually yielded exempt income during the year can be considered-No disallowance of interest where own funds exceed investments-Presumption that investments are made out of interest-free funds. [R. 8D(2)(ii), 8D(2)(iii)] The assessee-company earned exempt dividend income and… Read More ...
The Mumbai Tribunal has held that S. 69 : Unexplained investments-Property purchased in the name of daughter-Entire consideration paid directly by father from disclosed bank account out of natural love and affection-Identity of father, payment trail and source of funds established-Absence of formal gift deed cannot justify addition-Addition deleted. [S. 148A, 147, 115BBE] The assessee, a homemaker having no independent source… Read More ...
The Income Tax Appellate Tribunal (Delhi) has held that Aftermath of Checkmate Law as laid down by Hon'ble SC- Disallowance made by Income Tax Officer on account of delay in deposit of employees contribution to PF/ESI under Section 36(1)(va) of Income Tax Act, 1961 deleted when intimation order under section 143(1) were issued prior to the date of decision of Hon'ble SC in case… Read More ...
The ITAT Mumbai has held that Assessee was a SEBI-registered foreign portfolio investor (FPI) who invested in shares of International Conveyors Limited (ICL) in 2010 and sold the shares in 2018-19. The purchase and sale transactions are duly supported by contract notes, Demat statements and custodian records placed before the authorities. The assessee retained the said investment for nearly eight years,… Read More ...
The Income Tax appellate Tribunal F Bench Delhi has held that 10. In the present case before us, the reasons recorded by the AO nowhere connect with the escapement of income or quantify the same or give any reasonable or rational nexus, reasons cannot be sustained. Accordingly, we are of the view that the issued notice u/s. 148 of the Act is invalid and bad in… Read More ...
The ITAT Mumbai has held that If only a small portion of the consideration for the purchase of a property was paid during the year, the addition u/s 69 of the entire purchase consideration cannot be made in the assessment of that one year (Para 11). If the Assessee furnishes corroborative and supporting documentary evidences before the CIT (A) which substantiates… Read More ...
The Mumbai Tribunal has held that S. 69 : Unexplained investments-Addition to fixed assets recorded in books of account-No enquiry regarding source of investment made by Assessing Officer-Deeming provisions cannot be invoked merely because complete invoices were not furnished-Addition deleted-Cash credits-Unsecured loans from shareholders/directors-Assessee furnished confirmations and bank statements-Additional evidences in form of income-tax returns and bank statements of lenders admitted… Read More ...
The ITAT Mumbai has held that Registration under section 12AB or 80G cannot be denied merely because the trust gives a donation/ scholarship to an Indian student in India for higher education outside India. Read More ...