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Taxation Judgments and Orders

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..

Posted in Taxation |   1573 hits

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 |   1908 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 |   2257 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 |   2011 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 |   4368 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 |   3604 hits

Mobilization advance offered for Tax by acceptable method is enough

 19 January 2013

Assessee company in this case is engaged in the business of manufacturing, designing and fabrication of aluminum and architectural products. In this case it was noted that the assessee has shown ` 3,87,74,848/- as mobilization advance under the head ..

Posted in Taxation |   7342 hits

No disallowance under section 14A can be made if assessee has not incurred and claimed any expenditure on exempt income

 03 January 2013

Facts in brief:- The assessee is a Private Limited Company. It filed its return of income on 26.9.2009 declaring a loss of Rs.26,498/-. The assessee company had dividend income of Rs.41,82,220/-, which claimed as exempt under Section 10(34) of the In..

Posted in Taxation |   7372 hits

Order passed in violation of section 250 cannot be sustained

 02 January 2013

the facts and circumstances of the case and in law, the Ld. CIT(A) has grossly erred in rejecting the appeal filed by the appellant against the assessment order dated 23 December, 2009 by alleging non appearance of the appellant and assuming that the..

Posted in Taxation |   3889 hits

TDS on payment to transporter on hired buses

 30 November 2012

The brief facts of the case are that the assessee is a company engaged in the business of manufacture and trade in colour TVs, air-conditioners, refrigerators, microwave oven, washing machine, compressors, vacuum cleaners etc. It emerges out from the..

Posted in Taxation |   7782 hits

Opportunity to explain source after non responding to subsequent notices by AO

 30 November 2012

Facts, in brief, as per relevant orders are that return declaring income of ``1,12,277/- beside agricultural income of ``1,05,000/-,filed on 9th July, 2007 by the assessee, was selected for scrutiny with the service of a notice u/s 143(2) of the Inco..

Posted in Taxation |   3510 hits

Whether foreign traveling expenses is exempted under section 10B

 29 November 2012

The assessee has questioned first appellate order on several grounds involving two issues. Firstly as to whether the Ld. CIT(A) has erred in upholding the action of the AO in treating and apportioning the entire foreign traveling expenses of Rs. 19,4..

Posted in Taxation |   3961 hits

The notice not received back as unserved is enough to treat served and than non appearance cannot consider

 29 November 2012

Despite sending notice by the registered post AD sufficiently in advance, assessee did not appear nor any request for adjournment has been received. The notice has also not been received back unserved. Therefore, it is inferred that assessee is not i..

Posted in Taxation |   4644 hits

Once the asset merges in block of assets is entitled to get depreciation till the block of asset equals to zero or company is closed

 28 November 2012

Fact of the case is depreciation on block of asset...

Posted in Taxation |   3421 hits

On the basis of personal indisposition principle of opportunity of being heard cannot be denied

 28 November 2012

In support of ground No. 3 the Ld. AR submitted that the counsel of the assessee had been appearing before the Ld. CIT(A) to cooperate with the first appellate authority and only on 15.3.2010 the counsel of the assessee could not appear before the Ld..

Posted in Taxation |   1647 hits

Sending of submission of assessee to AO for remand report is enough to avoid contravention of rule 46A

 27 November 2012

During the year the assessee company had raised unsecured loans of ` 96,65,438/-, the source of which remains unverified in view of the facts that no details with regard to the same is available. Hence, the same are disallowed and added back to the i..

Posted in Taxation |   4247 hits

Non-mention in order does not mean that submission not considered

 27 November 2012

In the present application, the assessee has contended that in the aforesaid order, a typographical mistake has crept in inasmuch as in para 10 of our said order, we have wrongly extracted the portion of para 3 of the CIT (A)’s order, taking it to be..

Posted in Taxation |   1593 hits

Applicability of section 44AE is depend upon fulfillment of condition prescribed

 26 November 2012

the relevant facts as available from the concerned orders are that the assessee, during the year, was engaged in the business of plying of trucks/tankers to various oil companies and derived income from house property also. He declared income on nine..

Posted in Taxation |   2110 hits

Treatment of income from house property of director

 26 November 2012

The brief facts about the case are that assessee is an individual and she filed her return of income for the Assessment Year 2007-08 declaring total income of Rs.1,66,425/-. The income consisted of salary income from Shashi International Pvt. Ltd. in..

Posted in Taxation |   1378 hits

Claim made through invalid revised return can also be considered

 24 November 2012

The appellant has raised following grounds of appeal:- (1) “The learned CIT(A) has grossly erred on the facts of the case and in law upholding disallowance of actual incurred expenditure of Rs.3,20,514/- being the management fee paid to ICICI Prud..

Posted in Taxation |   1610 hits

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