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Rulings

Jan 07,2019

Mumbai ITAT allows assessee-firm’s claim of remuneration paid to its partners during AY 2014-15, rejects Revenue’s stand that since the partnership deed did not specify the quantum of remuneration nor

Jan 07,2019

Jaipur ITAT deletes penalty u/s 271C for non-deduction of tax on leave travel payment to employees with respect to foreign leg of travel, accepts assessee’s ‘reasonable cause’ plea u/s 273B;

Jan 04,2019

Bangalore ITAT restores matter on taxability u/s. 56(2)(viib) for excess share premium received by assessee co. upon issue of Compulsory Convertible Preference Shares (CCPS) during AY 2015-16, directs CIT(A), “to

Jan 04,2019

Mumbai ITAT rules that the element of Service Tax and Research & Development Cess which is collected, paid and borne by the service recipient (i.e. Indian entities) cannot be considered

Jan 04,2019

SC urges Government to relook into the provision contained in Sec. 80DD of the Income-tax Act and explore the possibility of making suitable amendments taking into consideration various aspects/situations whereby

Jan 03,2019

Mumbai ITAT accepts assessee-Bank’s methodology for computation of interest on refund u/s. 244A for AY 1995-96, applying the ratio of co-ordinate bench ruling in Union Bank of India, ITAT directs

Jan 03,2019

Mumbai ITAT allows advances written off by Jackie Shroff (assessee) during AY 2009-10, treats it as business loss u/s. 28 as money advanced to wife for funding her production house

Jan 02,2019

Chandigarh ITAT rules that income tax computation sheet cannot be treated as an assessment order “unless and until it is preceded by an order computing the taxable income of the

Jan 02,2019

Chandigarh ITAT allows assessee-company’s claim of deduction u/s. 80-IC (available for undertaking in special area) vis-à-vis profits earned by its eligible undertakings without setting off the losses of the other eligible

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