INCOME TAX : Where assessee was a statutory body under provision of Karnataka Urban Development Authority Act, 1987 formed with, an object t...Read More
Assessee controlled by Govt. & not having profit as dominant objective is eligible for sec. 11 exemption
Reviewed by RR Agrawal
on
Friday, November 13, 2020
Rating: 5
INCOME TAX : mere presence of an inter-State Tribunal cannot be determinative of High Court's jurisdiction for an aggrieved party to cha...Read More
Appeal against ITAT’s order which has jurisdiction in two States to be filed in State from where first order emanates
Reviewed by RR Agrawal
on
Friday, November 13, 2020
Rating: 5
COMPETITION LAW : Where besides OP, there were number of other global players operating in market of safe rail system and OP did not appear ...Read More
No abuse of dominance by OP-company due to presence of other players in market : CCI
Reviewed by RR Agrawal
on
Friday, November 13, 2020
Rating: 5
INCOME TAX : Where unaccounted money found during search proceedings at premises of assessee-company, engaged in business of building and de...Read More
No denial of sec. 80-IB deduction if unaccounted money found during search was treated as business income: HC
Reviewed by RR Agrawal
on
Thursday, November 12, 2020
Rating: 5
INCOME TAX : Where Commissioner (Appeals)'s order did not record materials on basis of which satisfaction was arrived at that grounds ur...Read More
Matter remanded back as CIT(A) failed to record reasons for not considering condonation's grounds sufficient
Reviewed by RR Agrawal
on
Wednesday, November 11, 2020
Rating: 5
INCOME TAX : Commissioner (Exemption) was not justified in declining registration to assessee-society when there was nothing on record to sh...Read More
SCC 12AA registration couldn't be declined without any finding that trust wasn't working for achieving its objects
Reviewed by RR Agrawal
on
Wednesday, November 11, 2020
Rating: 5
INCOME TAX : Where revenue had provisionally attached fixed deposit receipts of two bank accounts of assessee, assessee's prayer to oper...Read More
Banks account to be made operational if revenue only attached fixed deposit maintained with banks: HC
Reviewed by RR Agrawal
on
Wednesday, November 11, 2020
Rating: 5
INCOME TAX : Loss on account of settlement of forward contracts for purchase of plant and machinery was allowable even in a case where payme...Read More
Loss on account of settlement of forward contracts allowable even if no actual payment was made
Reviewed by RR Agrawal
on
Wednesday, November 11, 2020
Rating: 5
COMPANY LAW : Where applicant purchased land from companies of JVG Group which at that time were likely to go under liquidation through ex-d...Read More
Transaction of sale of assets of co. carried out only to whisk away assets by co. wasn't allowed to be registered: HC
Reviewed by RR Agrawal
on
Tuesday, November 10, 2020
Rating: 5
INCOME TAX : Loss incurred on foreign exchange derivative cannot be disallowed holding it to be a speculative loss from https://bit.ly/2W4...Read More
Foreign exchange derivative loss incurred in respect of revenue item is allowable as deduction
Reviewed by RR Agrawal
on
Tuesday, November 10, 2020
Rating: 5
INCOME-TAX : Product development expenses are deductible even though said expenditure was to be amortized over a period of 3 years as per ac...Read More
Product development expenses deductible u/s. 37 irrespective of accounting practice adopted for its amortisation
Reviewed by RR Agrawal
on
Tuesday, November 10, 2020
Rating: 5
INCOME TAX : Where during search operation at premises of assessee, 288 paintings were found but Assessing Officer noted that description of...Read More
Guarantee Commission for TP purpose is chargeable to extent of actual exposure of facility availed
Reviewed by RR Agrawal
on
Tuesday, November 10, 2020
Rating: 5
INCOME TAX : Where Assessing Officer holding that cash sales of bullions were effected by assessee by quoting low rates as against sales eff...Read More
Sec. 36(1)(iii) disallowance couldn't be attracted in absence of any material to show diversion of loans
Reviewed by RR Agrawal
on
Tuesday, November 10, 2020
Rating: 5
INCOME TAX : Where petitioner had acted as a director of company for a short period and disclosed details of acting directors, acting direct...Read More
Notice couldn't be issued to person who acted as short term director if there were active directors in Co.
Reviewed by RR Agrawal
on
Tuesday, November 10, 2020
Rating: 5
INCOME TAX: Where Assessing Officer denied exemption under section 10AA to assessee-company on ground that relevant documents did not reveal...Read More
Suo motu disallowance of expenses u/s. 40(a)(ia) could not amount to disallowance u/s. 37
Reviewed by RR Agrawal
on
Monday, November 09, 2020
Rating: 5
INCOME TAX : Where there were no material available with authorities below so as to conclude that assessee had entered into any dubious or o...Read More
AO can't disallow loss in trading from stock option solely on basis of interim order of SEBI
Reviewed by RR Agrawal
on
Monday, November 09, 2020
Rating: 5
INCOME TAX : Where assessee charitable trust, engaged into health and human services for purpose of improving quality of life in society, ea...Read More
Proviso to sec. 2(15) not applicable as income generated by trust from 'Garba' event was utilised for its object
Reviewed by RR Agrawal
on
Monday, November 09, 2020
Rating: 5
INCOME TAX : Where income of petitioner was chargeable to tax and assessee paid self assessment tax which was admittedly payable, merely bec...Read More
No refund of tax on prior period income which is declared in subsequent year: HC
Reviewed by RR Agrawal
on
Saturday, November 07, 2020
Rating: 5
COMPANY LAW/RERA : Real Estate Appellate Tribunal should be made fully functional with financial autonomy; appropriate directions were issue...Read More
Real Estate Appellate Tribunal should be made full functional with financial autonomy, rules High Court Orissa
Reviewed by RR Agrawal
on
Saturday, November 07, 2020
Rating: 5
INCOME TAX : In respect of excisable goods manufactured and lying in stock, excise duty element is not to be included in valuation of closin...Read More
Excise duty couldn't be included while valuing closing stock of goods manufactured and lying in stock
Reviewed by RR Agrawal
on
Saturday, November 07, 2020
Rating: 5
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