If absence of exempt income disallowance u/s 14A not warranted Case Law Citation:– M/s Chhaganlal Khimji & Co. Vs. ACIT (ITAT MUMBAI), ITA No. 7629/Mum/2013, Date of Decision: 23.09.2015 Brief case of the case: In the case of M/s Chhaganlal Khimji & Co. Vs. ACIT Mumbai Bench of ITAT have held that that no disallowance […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Addition for low GP ratio cannot be made if it is consistent with previous Years without any change in factual position Case Law Citation: –Satish Agarwal vs. DCIT (ITAT Jaipur) , IT Appeal No.-969/2013, AY 2008-09 ,Date of Pronouncement -24.09.2015 Issue No.- 1 Addition on account of low GP declared by assessee: Assessee declared GP […]
Reason to believe that income has escaped assessment not sufficient to reopen assessments beyond 4 years Citation of the Case:- CIT vs. Vishishth Chay Vyapar Ltd. (Delhi High Court), Income Tax (Appeal) Nos. 1108, 1109 of 2010, Date of Judgment: 03/12/2015 Brief of the Case Delhi High Court held In the case of CIT vs. […]
No capital gain accrues until right to receive compensation confirmed in proceedings under Land Acquisition Act Citation of the Case:- CIT vs. Suman Dhamija (Delhi High Court), Income Tax Appeal Nos. 20 of 2003 & others, Date of Judgment: 08/12/2015 Brief of the Case Delhi High Court held In the case of: CIT vs. Suman […]
Reimbursement of salary cost of high level managerial personal can be treated as FTS Case Law Citation:- M/s Food world Supermarkets Ltd. vs. Deputy Director of Income Tax (ITAT Bangalore), ITA Nos.1356 & 1357/Bang/2013 Assessment year: 2008-09, Date of Decision – 28th October 2015. Brief Facts and Question of Law: Brief Facts of the Assessee: […]