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Income Tax : Exemption of Tax under the doctrine of mutuality

The facts necessary for the purpose of appreciating the controversy involved in the appeal are as fo

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Custom : Exemption to specified goods imported for production of goods for export

The appellant, an Export Oriented Unit (for short “EOU”), is engaged in the manufacture of all wool

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Income Tax : No disallowance under section 14A can be made if assessee has not incurred and claimed any expenditure on exempt income

Facts in brief:- The assessee is a Private Limited Company. It filed its return of income on 26.9.20

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Income Tax : Whether foreign traveling expenses is exempted under section 10B

The assessee has questioned first appellate order on several grounds involving two issues. Firstly a

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Income Tax : Rejection of application of renewal of exemption under section 80 cannot be made arbitrarily

The Learned Director of Income Tax - (Exemption) has passed the order of Rejection of Application of

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Income Tax : Nexus between exempted income and expenses on that income must be established to disallow

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

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VAT : Power of state govt. to grant exemption from CST subject to fulfill the condition under section 8(4) should not contrary to section 8(5)

By the aforesaid three trade circulars, the Commissioner has informed the trade that under Section 8

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Income Tax : Genuine gift cannot consider as unexplained cash credit and exemption under section 54 cannot be denied only on purchase of new house in joint name

Brief facts are: The assessee was an employee of Bill and Milinda Gates Foundation, USA (“BMGF” ), U

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Income Tax : All acesesories of computer cannot work in isolation allowed depreciation @60% and expenditure on exempt income cannot be allowed

There are several ground raised by Revenue as well as assessee please check the judgment to obtain t

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Income Tax : Exemption available to the depreciable asset under section 54E cannot be denied by referring to the fiction created under section 50

Briefly stated the facts of the case are that the assessee is a Private Limited Company engaged in m

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Income Tax : Exemption under section 54 is devoid on the basis that constructed houses and properties of members cannot be deemed to be purchased or constructed

Brief facts are that the assessee is a cooperative society engaged in the construction of about 476

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Excise : Whether manufacturer required to reverse amount of cenvate credit taken for clearing goods under exemption from excise of provision orf Rule 6(1)

Whether a manufacturer is required to reverse/pay the amount equivalent to the CENVET credit taken b

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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 : In case of no contrary view by superior and in the absence of supporting document exemption under sec 11 is allowed

In the facts and circumstances of the case and in law the learned CIT(A) has erred in directing the

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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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Income Tax : Sec 10B does not go to the matter of export turnover and 100% is exempted to EOU and CIT aught not to give to exclude the expenses to claim deduction

Facts of the case is that the assessee filed return of income for the relevant Assessment Year 2005-

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Income Tax : Sec 14A restrict the allowance of expenditure related to exempted income subject to the date of introduction of rule 8D

We have heard both the parties and gone through the facts of the case as also the aforesaid decision

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Income Tax : Disallowance under sec 14A for earning exempt dividend income restricted to 1% of the dividend

Brief facts are that the assessee is a private limited company carrying on business of dealing in sh

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Income Tax : Expenditure on exempted income cannot allowed but it can disallowed only to the extent claim by the assessee

At the time of hearing before us, it is stated by the learned counsel for the assessee that there ar

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Income Tax : Amount received from immovable property if invested within the time allowed under sec 139(4) is entitled for exemption under sec 54

Facts, in brief, as per relevant orders are that return declaring income of Rs.7,08,754/-filed on 04

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