Amount Paid on Encashment of Bank Guarantee is Allowable as a Revenue Expenditure
In the matter of Principal Commissioner of Income Tax-4 v. Green Delhi BQS Ltd. [(2018) 99 taxmann.com 38 (Delhi) decided on 05.10.2018], the Hon’ble Delhi High Court (“Court”) held that where Assessee could not perform its part of concessionaire...
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Income from Letting Out Terrace for Installation of Mobile Tower is Income from House Property
In the matter of Kohinoor Industrial Premises Co-Operative Society Limited v. ITO [(2018) 98 taxmann.com 365 (Mumbai Trib.) decided on 05.10.2018], the Hon’ble ITAT Mumbai (‘ITAT’) held that Income earned by the Assessee from letting out space on terrace...
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Disallowance of Transitional Credit on Capital-Goods ‘In-Transit’ Constitutionally Valid
In the case of RSPL Ltd. vs. Union of India [(2018) 98 taxmann.com 441 (Gujarat) decided on 16.10.2018], the question before the Hon’ble High court of Gujarat (“Court”) was that whether not allowing the credit of excise duty paid...
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Home Buyer Ought Not to be Allowed to Reap Benefits of their Own Delay in Taking Possession
The Hon’ble Supreme Court of India (“SC”) in the case of M/s Suptertechv. RajniGoyal[Civil Appeal Nos. 6649-50 of 2018decided on 23.10.2018]has held that ‘purchaser ought not to be allowed to reap the benefits of her own delay in taking possession’....
Read moreConditional Gifts are Incomplete until Conditions are Complied With
The Hon’ble Supreme Court (“Court”), in arecent case of Sarojini Amma vs. Velayudhan Pillai Sreekumar [Civil Appeal No. 10785 of 2018, decided on 26.10.2018],examined as to whether a document styled as gift deed but admittedly executed for consideration, part...
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