CASE LAWS
2016-TIOL-30-SC-IT
CIT Vs JYOTSNA HOLDINGS PVT LTD: SUPREME COURT OF INDIA (Dated: March 8, 2016)
Income Tax - Sections 143(3) & 244(1A).
Keywords: self tax assessment - immediate refund - interest - amount utilized.
Whether when the amount in question, though found refundable to the assessee, was utilized by the Department, the assessee can still be denied interest on such amount as per the provisions of section 244(1A) of the Income Tax Act - NO: SC
Revenue's appeal dismissed
2016-TIOL-388-ITAT-NAGPUR
I3 SPACE KITCHENS PVT LTD Vs ACIT: NAGPUR ITAT (Dated: February 25, 2016)
Income Tax - Sections 40(a)(ia), 143(3) & 194C
Keywords - Business Income - Reimbursement of expenses - TDS
Whether disallowance can only be made when an amount is claimed as a deduction in computing the business income and not in the case of reimbursement which is not routed through P & L account - YES : ITAT
Assessee's appeal allowed
