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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