Long term capital gain under section 50C of the Income Tax Act

 11 May 2013

That on the facts and in the circumstances of the case, the Assessing Officer had erred in invoking provision of section 50C of the I.T. Act thereby computing the long term capital gain at Rs. 74,15,381/-. The Ld. Commissioner of Income Tax (A) is al

Posted in Taxation |    0 comments |   4599 hits


Absence without application for adjournment can treat the appeal dismisses

 10 May 2013

However at the time of hearing, no one was present on behalf of the assessee. The appeal was passed over twice. Despite the same, neither the assessee was present nor any request for adjournment has been placed before the Bench. The record shows that

Posted in Taxation |    0 comments |   1046 hits


Intimation u/s 143(1) cannot be disturbed subject to the reason recorded by AO

 09 May 2013

Brief facts of the case are that assessee was running a proprietary business as whole seller at Nainital. It had filed its return of income declaring total income of Rs. 1,90,000/-. The Assessing Officer, vide order sheet entry dated 19th August, 200

Posted in Taxation |    0 comments |   1415 hits


AO cannot make any addition without giving adequate opportunity to assessee

 08 May 2013

The assessee has raised various grounds in its appeal. However, at the time of hearing before us, the main contention of the learned counsel for the assessee was for setting aside the matter to the file of the Assessing Officer or the CIT(A). He subm

Posted in Taxation |    0 comments |   1091 hits


Reopening of the assessment under Section 148

 07 May 2013

On the facts and circumstances of the case the ld.CIT(A) erred in deleting the addition of Rs.2,26,248/- made on account of jewellery by ignoring that no investment in jewellery was disclosed and no wealth tax return was filed. On the facts and circu

Posted in Taxation |    0 comments |   888 hits


If issue set aside by ITAT further appeal on same subject is deemed to be set aside subject to the condition

 06 May 2013

However, at the time of hearing before us, it was pointed out by the learned counsel that the learned CIT(A) had allowed only part relief and, therefore, against the addition sustained at `3,45,914/-, the assessee had filed appeal before the ITAT. Th

Posted in Taxation |    0 comments |   1005 hits


Limit of Tax effect for filling appeal before Tribunal applicable for all pending appeal

 04 May 2013

We draw the attention of the ld. DR regarding the tax effect on the deletion of addition of Rs.9,05,643/- which is less than Rs. 3.00 lakh. This position is admitted by the ld. D.R. Therefore, as per the Instruction No. 3/2011 dated 09.02.2011 the re

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Whether Revenue’s appeal is general in nature and needs no adjudication

 03 May 2013

On the facts and in the circumstances of the case, the ld.CIT(A) has erred in law and facts in deleting the addition of Rs.4,070302/- made by the AO on account of disallowance of car maintenance expenses.”

Posted in Taxation |    0 comments |   737 hits


Absence of interest for prosecution may cause for dismissal

 02 May 2013

The appeal was fixed for hearing on 21.11.2011 when the case was adjourned at the request of the assessee’s counsel to 22.03.2012. Thereafter, the Bench did not function and the hearing was fixed on 25.07.2012. On 25.07.2012, the matter was adjourned

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Effect of mistake by CIT in confirming order passed under section 153C read with Sec 153A of IT Act.

 01 May 2013

At the time of hearing before us, the learned counsel for the assessee argued at length. He stated that there was search at Chaurasia Group of cases. However, there was no search operation at the premises of the assessee company. The Assessing Office

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Conviction for offence under section 302 and 392 read with section 34 IPC

 30 April 2013

The genesis of the case of the prosecution was that one Shama Parveen was living in House No.A-32/15, Main Road No.66, Maujpur, that while she was using the first floor as her residential premises she had her own shop in the ground floor where she wa

Posted in Criminal Law |    0 comments |   2245 hits


Exemption of Tax under the doctrine of mutuality

 27 April 2013

The facts necessary for the purpose of appreciating the controversy involved in the appeal are as follows: The Bangalore Club (hereinafter referred to as the “assessee”), the appellant herein, is an unincorporated Association of Persons, (AOP). I

Posted in Taxation |    0 comments |   2512 hits


Tax deposited on estimated income cannot be treated as disclosure of total income

 26 April 2013

The respondent-assessee is a firm which came into existence on 25th June, 1992. On 23rd February, 1996, a search operation under Section 132 of the Act was carried out at the premises of another concern, viz. M/s A.R. Mercantile Private Limited. Duri

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Depreciation on the vehicles financed by assessee and registered in the name of third party

 25 April 2013

The assessee is a public limited company, classified by the Reserve Bank of India (RBI) as a non-banking finance company. It is engaged in the business of hire purchase, leasing and real estate etc. The vehicles, on which depreciation was claimed, ar

Posted in Taxation 1 comments |   1158 hits


Non compliance can be a reason for rejection of claim

 24 April 2013

The appellant herein, Export Credit Guarantee Corporation of India Ltd., (hereinafter referred to as `the insurer’), is a government company, which is in the business of insuring exporters. Respondent, M/s Garg Sons International, on 23.3.1995 purcha

Posted in Corporate Law |    0 comments |   1279 hits


Exemption to specified goods imported for production of goods for export

 23 April 2013

The appellant, an Export Oriented Unit (for short “EOU”), is engaged in the manufacture of all wool and poly-wool worsted grey fabrics. It was granted the status of EOU by the Government of India, Ministry of Industry, Department of Industrial Develo

Posted in Taxation |    0 comments |   1524 hits


Impact of RBI's master circular on willful defaulter

 22 April 2013

The facts very briefly are that the appellant-bank sanctioned Derivatives/Forward Contracts facility to respondent no.1 upto a limit of Rs.2,00,00,000/- (rupees two crores) only for the purpose of hedging foreign currency exposures by its letter date

Posted in Corporate Law |    0 comments |   2514 hits


Whether manufacturing of goods without brand name decline assessee to avail the benefit of S.S.I notification

 13 April 2013

Briefly stated, the material facts giving rise to the appeal, are as follows: Pursuant to an inspection by the officials of the enforcement Commissionerate, Chennai-II at the sales outlet of the respondent (hereinafter referred as “the assessee”), re

Posted in Taxation |    0 comments |   987 hits


Rule 19(2) apply in the absence of prosecution

 24 January 2013

Having regard to Rule 19(2) of ITAT Rules, 1963 and following various decisions of the Tribunal including in the case of CIT vs. Multiplan India (P) Ltd., reported in 38 ITD 320 (Del.) and the judgment of Hon’ble Madhya Pradesh High Court in the case

Posted in Taxation |    0 comments |   3427 hits


Amount recoverable given in advance cannot treat as income and depreciation can claim on all asset used for business

 23 January 2013

The revenue has questioned the first appellate order on the following grounds: “1. On the facts and circumstances of the case and in law, the ld. CIT (A) has erred in deleting the addition of Rs.21,63,393/- being the amount receivable from M/s Adk

Posted in Taxation |    0 comments |   2634 hits










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