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Cessation of Trading liability u/s 41(1) (a) is not valid in the presence of details of Outstanding Creditors: Calcutta HC [Read Order]

The Calcutta High Court (HC) has held that the cessation of trading liability u/s 41(1) (a) is not valid in the presence of details of outstanding...

Receipt not in the Nature of Income cannot be included in Book Profit for Computation u/s 115JB,...

Appeal filed Electronically with in Stipulated Time, CIT(A) can’t reject the same: ITAT [Read Order]

Addition of income u/s 56(2)(viib) read with Rule 11UA (2) of the Income Tax Rules without verifying...

Exemption u/s. 11 of the Act is allowable When Income Tax Return filed within specified Time Limit:...

Sale of Prepaid Sim Cards / Recharge Vouchers to distributors cannot be treated as Commission to attract S.194H, No TDS: ITAT grants relief to Vi

As a relief to Vodafone Idea ltd, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the Sale of prepaid sim cards/recharge vouchers to distributors cannot be treated as...

An Amalgamated Company can claim Depreciation on Goodwill, No restriction u/s 32(1)(5): ITAT [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has held that an Amalgamated company can claim depreciation on goodwill and there is no restriction under section 32(1)(5) of the...

Addition u/s 43CA on absence of Evidence for Receipt of Money in addition to Sale Consideration is invalid: ITAT [Read Order]

Income Tax Appellate Tribunal (ITAT), New Delhi held that Addition u/s 43CA on absence of evidence for receipt of money in addition to sale consideration is invalid. The assessee Company, M/s....

ITAT quashes Assessment passed by the Officer in Lack of Jurisdiction [Read Order]

The Income Tax Appellate Tribunal (ITAT) Kolkata bench quash the assessment order passed by the Assessing Officer on the ground of lack of jurisdiction. Assessee Amiya Gopal Dutta filed income tax...

Interest expenses u/s 36(1)(iii) not allowable for Utilization of Funds for Investment in Shares of Subsidiary Company: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT), held that Interest expenses under Section 36(1)(iii) of the Income Tax Act, 1961 not allowable for utilization of funds for investment...

Interest received from FDR Taxable as ‘Other Income’: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the interest received from fixed deposit receipt (FDR) is taxable not as income from the business but as other income in...

Depreciation at 60% Allowable on Computer Softwares: ITAT [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) held to direct the Assessing Officer to restrict the depreciation on software expenses @60%. The assessee, Peninsula Land Ltd filed an...

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