Whether the Assessee can claim deduction under Section 35(2AB), without complying with all its conditions?

Case name: Phoneix Medical Systems Pvt. Ltd. v. ACIT Forum: Chennai ITAT Background The assessee manufactures engineering goods. While assessing the income for AY 2015-16, the AO, disallowed INR 3,01,754 under the head travelling expenses, INR 10,25,000 towards donation under the head other expenses u/S. 37 and INR 61,200 for penalty paid on sales tax. … Continue reading Whether the Assessee can claim deduction under Section 35(2AB), without complying with all its conditions?

Whether the CIT(A) erred in directing the AO/TPO to apply nil rate as arm’s length interest rate on outstanding receivables from Associated Enterprise?

Case: Addl. CIT v. Axis Risk Consulting Services Pvt. Ltd. Forum: Delhi ITAT Access all the links in this article by signing up for free with Riverus Research Map for income tax here. Background The assessee is an IT company which entered into international transactions with its Associated Enterprise. The assessee used the Transactional Net Margin … Continue reading Whether the CIT(A) erred in directing the AO/TPO to apply nil rate as arm’s length interest rate on outstanding receivables from Associated Enterprise?

Whether depreciation allowance of earlier years can be adjusted in the relevant assessment year if no business being carried out in the relevant assessment year?

Case: DCIT v. Liquidator, M/s Petrofils Cooperative Ltd. Forum: Ahmedabad ITAT Access all the links in this article by signing up for free with Riverus Research Map for income tax here. Background This appeal by the revenue to the ITAT clubs similar claims pertaining to the following Assessment Years: 2004-05, 2009-10, 2011-12 and 2012-13. For the … Continue reading Whether depreciation allowance of earlier years can be adjusted in the relevant assessment year if no business being carried out in the relevant assessment year?

Is it incumbent on the assessee to prove genuineness and creditworthiness of investors in investments received in cash?

Case Name: Deepak Petrochem Ltd. V. DCIT See Similar case: CIT v. Ajay Kumar Gupta Background The assessee filed its income tax return for the AY 2002-03, declaring total loss of INR 29,31,379. Authorities scrutinized the aforementioned return and it was revealed that the authorized share capital of the assessee had been increased to INR … Continue reading Is it incumbent on the assessee to prove genuineness and creditworthiness of investors in investments received in cash?

Whether expenses pertaining to brokerage incurred by a builder can be deductible as expenses?

Case: The PR Commissioner of Income Tax v. DLF Home Developers, Forum: Supreme Court Background: Supreme Court Dismisses Revenue’s Appeal [SLP(C)] to Disallow brokerage related expenses. Given below is the summary of the case when appealed in Delhi HC for reference along with all the related links. Case: The PR Commissioner of Income Tax v. … Continue reading Whether expenses pertaining to brokerage incurred by a builder can be deductible as expenses?

Can the principal payment which has been made towards the finance lease be considered as revenue expenditure?

Case: M/s NIIT Limited v. The DCIT, New Delhi Background Assessee is a public limited company engaged in the business of information technology education and knowledge solutions.The assessee filed returns of income for the year 2009-2010 declaring INR 25.81Cr as income and claimed a deduction of INR 50,09,835 in respect of payment of the principal … Continue reading Can the principal payment which has been made towards the finance lease be considered as revenue expenditure?

Whether the Assessee can claim an amount which was spent on giving gifts to medical practitioners as a deduction?

Case: Shine Pharmaceuticals v. DCIT (Ahmedabad ITAT) Background The assessee did not make employees’ contribution as mandated by the ESIC by the given due date.  The AO added INR 3,79,404 to the assessee’s income due to this non-compliance.The AO further disallowed the expenditure of INR 19,45,443 to be claimed as a deduction. The assessee had … Continue reading Whether the Assessee can claim an amount which was spent on giving gifts to medical practitioners as a deduction?

Bell ceramics (Orient Bell Limited) – Part 3

Case: Bell ceramics (Orient Bell Limited) – Part 3, ITAT Surat Note: This case contains some links to Riverus Research Map. To access these links please sign up or sign in. Forum: ITAT SURATMembers:O. P. MeenaAmarjit SinghLawyerBhavin MarfatiaApplicable SectionsSection 145,Section 145A,Section 27,Section 271,Section 271(1),Section 271(1)(c),Section 274,Section 36,Section 36(1)(iii),Section 36(1)(va),Section 36(1)(vii),Section 43B Some cases referred:C. I.T Central-iii Vs M-s Excel … Continue reading Bell ceramics (Orient Bell Limited) – Part 3

Madras High court decides if a writ can be filed if the ITAT has remanded a matter back to the AO, and the AO has exceeded the scope of the remand.

Case: Neetaa Suneel Shah v. Income Tax Officer Background Revenue reopened the assessment for the year 2010-2011 in 2015 for evasion of tax to the tune of about INR 25 lakhs through client code modification.After rejecting the objections of the assessee the AO added the money to income from Short Term Capital Gains.Assessee’s appeal to … Continue reading Madras High court decides if a writ can be filed if the ITAT has remanded a matter back to the AO, and the AO has exceeded the scope of the remand.

ITAT Delhi decides a case on when does assumption of jurisdiction under section 153C apply

Note: This case summary contains some links to Riverus Research Map. To access these links please sign up or sign in for Free. Forum: ITAT Delhi Case Name:  DCIT v. Prominent Realtech  (Clubbed with Sunway Realtech) Assessee Lawyer: K Sampath Related Section: 153C Background AO conducted search and seizure on the premises of Triveni Infrastructure Development … Continue reading ITAT Delhi decides a case on when does assumption of jurisdiction under section 153C apply