Income Tax – Deduction under section 80HHD, Interest earned on surplus funds deposited in fixed deposits – Appellant, an Indian company engaged in the hotel business and approved for the purposes of section 80HHD, received foreign exchange for services rendered to foreign tourists and claimed deduct...
Income Tax – Registration under section 12A(1)(ac)(iii), Non-profit company whose project has not commenced – Respondent (assessee), a company incorporated under Section 8 of the Companies Act, 2013, applied for registration under section 12A(1)(ac)(iii). CIT(E) rejected the application on the groun...
Income Tax - Additional claim of depreciation on realised foreign exchange fluctuation loss raised during assessment proceedings - Appellant did not make the claim in the return of income but raised it by a letter during assessment, which the AO did not deal with, and the CIT(A) refused to entertain...
Income Tax - Presumptive taxation under section 44AD or section 44ADA, Advisory, facilitation and coordination services to educational institutions for global rankings, Estimation of income at 70% of gross receipts under section 44ADA, Credit of tax deducted at source – Appellant, a partnership firm...
Income Tax – Assessment order not erroneous where AO made inquiries on purchases of capital assets – Appellant, a private limited company providing BPO services to its group company, was assessed under section 143(3). PCIT invoked section 263 alleging that AO failed to examine alleged bogus purchase...