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Income Tax : Amount recoverable given in advance cannot treat as income and depreciation can claim on all asset used for business

The revenue has questioned the first appellate order on the following grounds: “1. On the facts a

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Income Tax : Liability appearing in BS not attract section 41(1) and expenses on business promotion without supporting is disallowed subject to limit

The Learned CIT(A) has erred in law, on facts and circumstances of the case in assuming jurisdiction

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Income Tax : Interest on borrowed fund allowed only on the portion used in the business

The facts in brief. The assessee is a company engaged in the business of running of hospitals under

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Income Tax : Payment made to foreign company for service rendered in the nature of business not chargeable to tax in India in the absence of permanent establishment

We have carefully considered the submissions of the rival parties and perused the material available

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Income Tax : Non compete fees on transfer is chargeable to tax as business income and transfer of share at face value as part of family settlement cannot treat as transfer

The assessee companies in the present cases along with some other entities were promoters of a compa

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Income Tax : As per IT Act. amount written back out of the bad debts and miscellanious income are to be considered as business income

Briefly stated assessee is a Member of Stock Exchange, Mumbai. Vide order dated 4.4.2001 assessee wa

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Income Tax : Non compete fees received is assessable to tax under the head business income and section 28 is applied

At the time of hearing the learned counsel for the assessee fairly submitted that identical issue ha

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Income Tax : Sec 41(1) applies where deduction is allowed in earlier years in computing business income and assessee obtained benefit on the remession of the same in the next year

Section 41(1) has been incorporated in the Act to cover a particular facts situation. Section applie

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Income Tax : Exemption under sec 54G subject to the utilization of amount for the acquisition of asset for the purpose of the business witnin the prescribed time limit

Briefly stated, assessee filed return of income declaring total income at `1,57,02,407/- mainly cons

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Income Tax : Deduction under sec 36 (1) (iii) of the Act is allowed only after proving that the borrowed fund is utilized for business purpose

From the observation of the Judgment we can find the fact that the interest paid by the assessee on

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Income Tax : In case of concealment of income in return deduction under sec 80HHC is allowed appropriately and expenses related to business only allowable

Briefly stated, the facts of the case are that the assessee filed its return of income on 30.10.2002

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Income Tax : Expenses related to business can claime as deduction and show cause notice is not condition precedent for charging interest under sec 217

In paragraph 2 of the judgment, it was pointed out by this Court that the learned counsel for the as

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Income Tax : Expenses to maintain relationship in business is allowable and rent received by sub-lessor cannot be treated as income of first lessor

On the facts and circumstances of the case and in law, the learned CIT(A) erred in upholding the act

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Income Tax : Capital gain from transanction in the portfolio management cannot be treated as business income

At the outset, the learned counsel for the assessee submitted that the assessee had filed an appeal

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Income Tax : If an issue decided consistently in a particular manner for earlier assessment years than rental income from factory building is to be treated as business income

We have heard the submissions of both the parties and perused the material available on record and t

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Income Tax : Short term and long term capital gain from portfolio investment cannot be treated as business income

These two stay applications are connected and issues are similar. These stay applications are prefer

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Income Tax : .If a business closed or open but ceased with no intention to resume than assessee is responsible to proof his seriousness in reviving the business

JCIT (OSD)-1(1), Room No.533 & 579, Aayakar Bhavan, Mumbai-400 020 (Appellant) Vs. M/s. Good Value M

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Income Tax : Company engage in purchasing and selling of securities can be treated as business activity

From the observation we can find the following fact.. The assessee is a company engaged in manageme

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Income Tax : It is the burden of the assessee to proof that the expenditure related to the business and depreciation on computer can be claimed at 60%

We have carefully considered the arguments of both the sides and perused the material placed before

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Income Tax : Expenses not related to business or related to exempted income cannot be allowed under Sec 115WE subject to the condition subject to the condition under Rule 8D

The first issue in this appeal of assessee is against the order of CIT(A) confirming the disallowanc

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