Income Tax case laws update.

 

·         Mumbai ITAT held that to opt for concessional tax rate Form 10-1C has to be filed within the due date.

 

·         Expenses incurred to make the newly purchased house habitable can be claimed as a deduction U/S 54 as decided by Mumbai ITAT.

 

·         The ITAT, Delhi has held that the husband and wife will have equal shares in the house property purchased by them as joint owners, wherein, the sale deed had been executed and the shares of co-owners is not specified. Further, the assessee would be liable to pay tax on the 50% of the income from house property.

 

·         Amritsar ITAT in the case of Kohinoor India held that iPad is a communicating device and not a computer, hence, ineligible for higher rate of depreciation of 60 per cent & depreciable @ 15%.   

 

·         Delhi ITAT in the case of High-pitched Income tax demand direct CIT-A for personal hearing  

 

·         The Calcutta High court held that Sec 50C not applicable in the case of compulsory acquisition.

 

·         ITAT Jaipur held that Disallowance of PF/ESIC under section 143(1)(a) is not permissible (Paris Elysees).

 

·         Gujarat and Allahabad HCs hold reassessment notices for TYs 2012-13 and 2013-14 issued during April to June 2021 and revived earlier by SC, barred by limitation

 

·         Madras HC denies depreciation on toll road or toll bridge but allows amortization as per the CBDT Circular

 

·         Calcutta HC rules that deeming provision of substituting stamp duty value in computing capital gains tax levy not to apply to cases where transfer does not require stamp duty payment

 

·         ITAT Delhi held that Business Support Services are not FTS as per DTAA between India and Netherland

 

·         The ITAT Delhi Bench, has recently, in an appeal filed before it, held that disallowance cannot be made on dd-hoc basis without any specific allegation, merely on the basis of general remarks and observations.