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Income Tax :
Long term capital gain under section 50C of the Income Tax Act
That on the facts and in the circumstances of the case, the Assessing Officer had erred in invoking
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Income Tax :
Tax deposited on estimated income cannot be treated as disclosure of total income
The respondent-assessee is a firm which came into existence on 25th June, 1992. On 23rd February, 19
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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 :
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 :
Treatment of income from house property of director
The brief facts about the case are that assessee is an individual and she filed her return of income
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Income Tax :
Depreciation of asset of the institution under section 12A to be deducted to arrive at income available for charitable purposes
On the facts and in the circumstances of the case, the Ld. CIT(A) erred in allowing depreciation on
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Income Tax :
Is transfer constituted application of income under Section 11(1)(a) of 1961 Act subject to condition
Whether amounts transferred by the assessee to Mandi Parishad would constitute application of income
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Income Tax :
Allow ability of expenditure for Income tax assessment
The facts of the case of the appellant are very simple in the sense that the assessee firm has debit
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LAW :
Action taken u/s 147 of the Income Tax Act, is there being no escapement of any income, conditions of section 147 were not fulfilled
The brief facts of the case are that the assessee is a company which filed return on 22.10.2003 and
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Income Tax :
No concept of deferred revenue expenditure under the Income Tax Act and integral part of the computer entitled to depreciation at 60%
The grounds raised read as under:-
“1. Whether the Ld. Commissioner of Income Tax (A) was correct
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Income Tax :
Penalty u/s. 271(1)(c) cannot be levied where the tax as per regular Income tax proceedings is nil and tax is payable only as per MAT
The facts at the assessment stage show that the assessee declared total loss of Rs. 1,96,610/- for t
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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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Income Tax :
Income from interest is taxable under income from other source and chargeable under section 194A
Brief facts are: Survey proceedings u/s 133Awere conducted by Income-tax department on 29-1-2004 in
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Income Tax :
Penalty under section 271 can be imposed only on guilty of concealment and furnishing inaccurate particulars of income
Facts, in brief, as per relevant orders are that assessment in this case was completed u/s 143(3) of
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Income Tax :
Non compete fees cannot be taxed under the head income from salary
On the facts and circumstances of the case, Ld. CIT(A)- XXVIII, New Delhi erred in deleting the addi
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Income Tax :
Expenditure on income not forming part of taxable income
Facts, in brief, as per relevant orders are that return declaring loss of ``5,51,91,000/- filed on 2
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Income Tax :
Depreciation under section 32 when the cost had already been claimed in the preceding year by application of Income
Facts, in brief, as per the relevant orders are that return declaring income of `1,92,16,940/- filed
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Income Tax :
Computation of Income and disallowance of expenses relating to H.O cannot be made by invoking section 44C of IT Act
Briefly stated facts of the case are that the assessee is a commercial bank having its Head Office i
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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 :
If third person entitled to receive under obligation from assessee cannot be consider as diversion of income
Facts, in brief, as per relevant orders are that return declaring income of ``1,19,38,802/- filed on
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