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?
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?
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?
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?
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
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.
Access all the links in this article by signing up for free with Riverus Research Map for income tax here. There are some heads of income which are considered tax-free or exempt for the purposes of the Income Tax Act (“Act”). On the other hand, the Act allows certain expenses incurred exclusively for earning income … Continue reading Disallowance under Section 14A: an Analysis
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
If you are an avid reader, you would in all probability have read the novel 1984 by George Orwell. And if you did, you would remember the concept of Newspeak – a controlled language with restricted grammar and limited vocabulary. In the dystopian reality of the world weaved by the author, Newspeak is a powerful concept. Judge … Continue reading The Riverus Advantage Part 3 – Judge Speak
Case: Bell ceramics (Orient Bell Limited) – Part 2, ITAT Surat Issue: If the raw material is measured in weight and the finished product is measured in volume, can the AO convert the product metric from volume to weight to check for excess usage of raw material? This case has multiple issues, and this case summary relates … Continue reading Bell ceramics (Orient Bell Limited) – Part 2