Approval granted to charitable institution under sec. 10(23C) would remain in force till it is withdrawn
August 13, 2014[2014] 47 taxmann.com 267 (Allahabad)
IT: Where assessee was granted approval after 1-12-2006 by Chief Commissioner under section 10(23C), same would be a one time affair and continues to remain in force till it is withdrawn; hence, assessee's application for extention of approval would be redundant
Recovery proceedings couldn't be initiated if bank guarantee was already furnished by assessee
August 13, 2014[2014] 47 taxmann.com 294 (Karnataka)
IT: Where petitioner in response to notice of demand of tax had already produced to satisfaction of Additional Commissioner of Income-tax that bank guarantee for balance amount was still in force, no recovery proceedings could be enforced against petitioner
Retention money received by a contractor to be taxed in the year of completion of contract
August 13, 2014[2014] 47 taxmann.com 266 (Hyderabad - Trib.)/[2013] 27 ITR(T) 791 (Hyderabad - Trib.)
IT: Where assessee engaged in construction business, received certain amount as retention money, in such a case, irrespective of fact that assessee had adopted mercantile system of accounting, said amount was to be brought to tax in year in which contract was successfully completed
IT: Where assessee paid certain amount towards technical know how to a foreign company, in view of fact that two ingredients for grant of depreciation, viz., ownership and user of asset, were clearly fulfilled, assessee was entitled to claim depreciation on payment in question
IT : Expenditure incurred by assessee representing repayment of principle of assets taken on finance lease was an expenditure of capital nature which was not eligible for deduction under section 37(1)
IT: Where assessee made provision for warranty, it being in nature of unascertained liability, could not be allowed as deduction under section 37(1)
Donations made to political parties are allowable under IT Act subject to limit specified under Companies Act
August 13, 2014[2014] 47 taxmann.com 142 (Pune - Trib.)
IT : Where assessee's claim for set off of loss incurred in trading activities in commodities against other business income was rejected on ground that said transactions were sham, in view of fact that Assessing Officer did not furnish assessee any material of non-service of notice to various parties even when he had option for calling attendance of those parties in terms of section 131, impugned order was to be set aside and matter was to be remanded back for disposal afresh
IT : In terms of Explanation to section 80GGB, donation made by assessee-company to a political party was admissible as deduction subject to provisions of section 293A of Companies Act, 1956 which restricted quantum of such deduction equal to 5 per cent of average profits of three immediately preceding financial years of company
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