In challenge to section 263 , assessee , can challenge the validity of original assessment order . – Chandigarh ITAT

View Judgement

When the asset sold undisputedly is long term , assessee cannot be denied benefit of indexation – Chandigarh ITAT

View Judgement

In absence of incriminating material , even CIT cannot revise assessment u/s 263

View Judgement

Amount paid to builder prior to more than 1 year from the date of sale of capital asset is eligible for deduction u/s 54 – Chandigarh ITAT

View Judgement

No penalty u/s 271(1) ( c ) on addition on deemed dividend u/s 2(22)(e) – Chandigarh ITAT

View Judgement

Exorbitant Profit earned by University, exists for profit, No 10(23C) exemption

For complete Text of Judgement, click here Visveswaraiah-University-1023C-Exemption   The Visvesvraya Technological University (VTU) has been constituted under the Visveswaraiah Technological University Act, 1994. It discharges functions earlier performed by the Department of Technical Education, Government of Karnataka. The University exercises control over all Government and Private Engineering Colleges within Karnataka. The University claimed exemption under […]

Non Compete Fees received shall not be liable to Capital Gains and shall not be added to the book profits : Bom HC

In a recent decision, Hon’ble Bombay High Court held that: Section 55(2)(a) of the Act would have no application in the present circumstances, as it deals with the cost of acquisition in relation to a capital asset which includes a right to manufacture or carrying on business. In the present case, the Agreement prohibits the […]

Kerala HC confirms penalty u/s 271C on non-deduction of TDS on interest paid by partner to the firm.

In a decision titled CIT vs. Thomas Muthoot, ITA No. 139 OF 2013, dtd. 03/07/2015, the Hon’ble Kerala HC has confirmed the levy of penalty u/s 271C for non- deduction of TDS in respect of interest paid by partner to the firm. For complete text of judgement, click here Thomas Muthoot

P&H HC dilutes impact of Abhishek Industries 286 ITR 1

The Hon’ble P&H in two decisions reported in July 2015 has diluted the impact of decision in case of Abhishek Industries vs. CIT 286 ITR 1 wherein the Hon’ble High Court had laid down that disallowance u/s 36(1)(iii) is warranted if interest free advance is given coupled with fact that assessee has outstanding interest bearing […]

Disallowance u/s 36(1)(iii) shall not be made if interest free loan is given to a relative out of free reserves : P&H HC

In a recent decision, Hon’ble Gujarat High Court held that: The appellant’s case is that an amount of 8.89 crores was advanced by the respondent/assessee to his son. The assessee on the other hand contends that during the AY in question 2008-2009, only about Rs. 2.14 crores was advanced by him to his son. It […]