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2013 (9) TMI 522 - ITAT, MUMBAI The Tribunal partly allowed the appeal, remitting numerous issues back to the AO for further examination. The Tribunal upheld the disallowance of certain expenses as capital in nature, while allowing depreciation on specific expenditures. Various disallowances under different sections were either upheld or remitted for reconsideration. The Tribunal directed the AO to follow specific guidelines and decisions in determining the tax treatment of different expenses, adjustments, and provisions.
2011 (10) TMI 610 - ITAT MUMBAI The appeals filed by both the assessee and the revenue were partly allowed. The disallowance of Rs. 90,00,000 for impending union settlement, Rs. 4,89,918 for gift articles as entertainment, and Rs. 1,67,768 for air fare and hotel expenses for foreign visitors were upheld. However, the disallowance of various other expenses was either partially allowed or set aside for reconsideration. The Tribunal directed adjustments in line with relevant case laws and precedents, ensuring a balanced outcome between the assessee and the revenue.
Finance Act, 2008 -Explanatory Notes on provisions relating to Direct Taxes The Finance Act, 2008, introduced several amendments related to direct taxes, effective from various dates. Key changes include revised income tax rates for different entities, expanded definitions of "agricultural income" and "charitable purpose," and tax exemptions for specific groups and entities like Sikkimese individuals and the Coir Board. The Act also extends the deduction period for export-oriented undertakings, introduces weighted deductions for scientific research, and revises provisions for tax deductions at source (TDS). Additionally, the Act addresses issues related to reverse mortgages, foreign currency exchangeable bonds, and fringe benefit tax, among others, with the aim of streamlining tax processes and closing loopholes.
APPLICATION FOR DRAWAL OF FOREIGN EXCHANGE The document is an application form (Form A2) for drawing foreign exchange under the Foreign Exchange Management Act (FEMA) for purposes other than imports and intermediary trade. It requires the applicant to provide personal details, the purpose of remittance, and authorize a bank to debit their account for the transaction. The form includes a declaration ensuring compliance with the Liberalised Remittance Scheme limits set by the Reserve Bank of India. It also includes a list of purpose codes for reporting under the Foreign Exchange Transactions Electronic Reporting System (FETERS), covering various categories like capital account transactions, travel, insurance, and more.
Finance Act, 2006 - Explanatory Notes on provisions relating to Direct Taxes The Finance Act, 2006, enacted as Act No. 21 of 2006, introduces several amendments and new provisions relating to direct taxes. It specifies income tax rates for the assessment year 2006-07 and amends numerous sections of the Income-tax Act, 1961, including sections on exemptions, deductions, and tax credits. Key changes include the introduction of new sections like 80AC and 115BBC, adjustments to tax rates for different entities, and modifications to the treatment of deductions and exemptions. The Act also addresses the taxation of anonymous donations, the carry-forward of MAT credit, and the rationalization of provisions related to fringe benefits, among other measures. These amendments aim to streamline tax processes, enhance compliance, and ensure clarity in tax regulations.
2000 (6) TMI 118 - ITAT AHMEDABAD-C The Tribunal allowed the deduction of interest paid on borrowings under section 36(1)(iii) and advertisement expenses as revenue expenditure. The Tribunal upheld the disallowance of various expenditures as capital expenditures and directed re-computation of deduction under section 35D considering a bridge loan. Disallowances under sections 40A(3) and 43B were deleted, and deductions under sections 80HH and 80-I on miscellaneous income were allowed. The appeal filed by the assessee was partly allowed, while the appeal filed by the revenue was dismissed.
Explanatory Notes on the provisions relating to direct taxes. The Finance Act, 1999, introduced several amendments to direct tax provisions, affecting the Income-tax Act, Wealth-tax Act, and Expenditure-tax Act. Key changes include expanded tax provisions for non-resident salaries, increased leave salary exemptions, and tax incentives for venture capital and infrastructure projects. The Act also introduced tax holidays for industries in the North-East and rationalized trust registration processes. Amendments were made to facilitate business reorganizations, such as amalgamations and demergers, and to simplify tax compliance, including the removal of certain transitory provisions. The Act also addressed tax deductions for medical expenses and donations, and introduced a uniform interest rate for tax defaults.
Finance Act, 1995 - Explanatory Notes on provisions relating to Direct Taxes The Finance Act, 1995, introduces various amendments and new provisions to the Income-tax Act, 1961, affecting direct taxes. Key changes include revised tax rates for 1995-96, enhanced exemptions for specific allowances, and new deductions for infrastructure development and venture capital funds. The Act also introduces a five-year tax holiday for infrastructure projects, modifies tax provisions for mutual funds, and simplifies capital gains computation for bonus shares. Enhanced powers for tax authorities in information gathering and surveys, along with procedural changes for tax audits and assessments, are also included. The Act aims to streamline tax processes, encourage savings, and support economic development through targeted fiscal incentives.
1994 (9) TMI 115 - ITAT BOMBAY-D The Tribunal dismissed the appeal regarding the disallowance of expenditure on a foreign tour for eye treatment, ruling that although eyes are essential for the profession, the expenditure had a personal element and was not solely for business purposes. However, the Tribunal allowed the appeal on the disallowance of interest on a borrowed amount used for professional purposes, specifically for paying counsel fees, holding that the interest on the borrowings was allowable.
Explanatory notes on the provisions relating to direct taxes The Finance Act of 1993, enacted as Act No. 38 of 1993, introduces amendments and new provisions to the Income-tax Act, Wealth-tax Act, and Gift-tax Act. Key changes include revised income tax rates and surcharges, tax concessions for non-resident Indian technicians, voluntary retirement schemes, and scientific research. The Act enhances deductions for rural bank branches, handicapped dependents, and senior citizens, while providing tax incentives for software exports, industrial undertakings in backward states, and the power sector. It also modifies provisions for wealth and gift tax exemptions, introduces advance rulings for non-residents, and adjusts procedures for tax appeals and pre-emptive property purchases.
FINANCE (NO. 2) ACT, 1991 The Finance (No. 2) Act, 1991, outlines various amendments and provisions related to income tax, wealth tax, gift tax, interest tax, and expenditure tax in India. Key changes include adjustments to income tax rates and surcharges for different categories of taxpayers, introduction of tax deductions for specific investments and contributions, and modifications to tax procedures and compliance requirements. The Act also introduces new provisions for tax incentives aimed at promoting exports, research, and development activities, and includes specific measures to streamline tax administration and enforcement. Additionally, the Act revives interest tax and extends expenditure tax to air-conditioned restaurants, among other updates.
1989 (8) TMI 58 - KERALA High Court The High Court ruled in favor of the Revenue and against the assessee, affirming the Tribunal's decision on capitalization of expenses during construction and the recomputation of capital under section 80J(1A). The judgment emphasized the importance of considering only essential expenses for capitalization and complying with the amended provisions for tax relief calculations. The Court directed a copy of the judgment to be forwarded to the Income-tax Appellate Tribunal for further action.
The Finance Act, 1981--Explanatory note on provisions relating to direct taxes The Finance Act, 1981, enacted on May 12, 1981, introduces several changes to direct taxes. Key provisions include setting income tax rates for the assessment year 1981-82, enhancing standard deductions for salaried individuals, and amending various tax acts to close loopholes and encourage foreign investment in mineral oil and natural gas sectors. The Act also extends the Compulsory Deposit Scheme for two more years and raises fees for appeals to the Appellate Tribunal. Additionally, it introduces tax holidays for industrial units in free trade zones and increases deductions for medical expenses on handicapped dependants. These changes aim to streamline tax processes and promote economic growth.
The Taxation Laws (Amendment) Act, 1970 introduces various amendments to streamline procedures and enhance compliance with tax laws. Key changes include modifications to the Income-tax Act, such as a new procedure for regular assessments allowing summary assessments with adjustments for errors, and a revised penalty framework for non-payment of taxes. The amendments also extend exemptions for foreign technicians, redefine "agricultural income," and provide tax reliefs, including those for the blind or physically handicapped. The Act introduces measures to counter tax evasion, such as addressing benami partnerships and conversion of individual property into joint family property. Additionally, it simplifies interest calculations and increases fees for appeals across various tax acts. These amendments aim to improve tax administration efficiency and ensure equitable tax compliance.
2024 (9) TMI 1120 - ITAT DELHI The Tribunal partially allowed the assessee's appeal and dismissed the revenue's appeal. It instructed the AO/TPO to adhere to higher authority decisions on AMP expenses, software services, depreciation on the Dharuhera Unit, and Section 10AA deductions. The Tribunal upheld the Special Bench's decision on the DDT issue, denying the assessee's refund claim.
2022 (3) TMI 1511 - ITAT BANGALORE The Tribunal's order addressed various transfer pricing adjustments, disallowances, and additions. It directed the Tax Authorities to re-examine certain issues with additional evidence provided by the Assessee. The Tribunal upheld the Dispute Resolution Panel's decisions on specific matters, granting relief to the Assessee. Several issues were remanded back to the Tax Authorities for further review, emphasizing the importance of thorough examination and consideration of all relevant details in tax assessments.
2021 (1) TMI 909 - ITAT DELHI The Tribunal invalidated the approval granted under section 153D of the Income Tax Act as it was found to be granted mechanically without due application of mind. Consequently, the assessment orders under section 153A were deemed vitiated and were quashed. The Tribunal highlighted the failure to properly examine incriminating material and appraisal reports, leading to double and triple additions in assessments without considering the source of funds. Additionally, the Tribunal refrained from issuing directions under section 150 against a party already under appeal, considering potential prejudice.
2019 (4) TMI 868 - ITAT AHMEDABAD The Tribunal allowed the appeal of the assessee and Revenue partly for statistical purposes and dismissed the Revenue's appeal in certain issues. The Tribunal directed the AO to adjudicate afresh on certain issues as per the direction of ITAT and deleted the additions made by the AO in other issues.
Explanatory Notes to the Provisions of the Finance Act, 2017 The Finance Act, 2017 introduces various amendments to the Income-tax Act, 1961, aimed at clarifying, rationalizing, and expanding tax provisions. Key changes include adjustments to tax rates and exemptions, measures to promote digital payments, and restrictions on cash transactions. The Act also introduces new sections to address specific tax scenarios, such as tax-neutral conversions of preference shares to equity shares and the inclusion of co-operative banks under certain provisions. Additionally, the Act emphasizes transparency in electoral funding and streamlines procedures for filing returns and assessments. These amendments are designed to enhance compliance, reduce litigation, and align with international tax practices.
2017 (7) TMI 1076 - RAJASTHAN HIGH COURT The case involved issues regarding tax withholding under Section 194H of the Income Tax Act, reliance on internal records over statutory books, interest levies under Sections 201(1A) and 220(2), penalty imposition under Section 271C, liability under Section 201, and TDS applicability under Section 194J. The Tribunal erred in its interpretations, leading to a ruling in favor of the assessee. It was held that no tax withholding was required, interest and penalty were unjustified, and TDS on roaming charges was deemed inapplicable. The appeals by the assessee were allowed, while those by the department were dismissed.
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