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Himachal Pradesh HC

Interest Tax on interest on securities / head office investment a/c not applicable before 14.3.1995

CIT Vs M/s H.P. State Co-operative Bank Ltd (Himachal Pradesh High Court at Shimla)

Interest on securities and interest on head office investment account was made chargeable pursuant to Board’s instructions No. 1923 dated 14.3.1995 and as such, this Court sees no occasion for assessee Bank to declare same in its profit and loss account, wherein it had declared interest of Rs. 39.98 Crores, on approved securities for th...

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Sec 2(29BA) Process of drawing wire of thinner gauge from thicker gauge would amount to manufacture

Commissioner of Income Tax Vs Pawan Agarwal and others (Himachal Pradesh High Court)

Himachal Pradesh High Court in the case of CIT vs. Pawan Agarwal and others that the activity of drawing wires of thinner gauges from wires and rods of thicker gauges amount to manufacture as the paper insulated wires ...

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Rejection of books of accounts merely for inconsistent GP ratio is bad in law: HC

CIT Vs M/s Swastik Food Products (Himachal Pradesh High Court)

The Hon'ble Himachal Pradesh High Court in the case of CIT vs. Swastik Foods held that the rejection of basis by merely expressing a doubt about the correctness of profit declared taking inconsistent GP ratio as basis cannot be a said to be rejection of books for incompleteness or incorrectness....

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Execution of outsourced transportation work by third parties without assistance of outsourcer is sub-contract liable to TDS

M/s Palam Gas Service Vs Commissioner of Income Tax (Himachal Pradesh High Court)

Himachal Pradesh High Court in the case of M/s Palam Gas Service Vs. CIT held that execution of outsourced transportation work without any assistance from the outsourcer is a clear case of sub-contracting making the person outsourcing his contract liable to deduct tax on the payments made to sub-contractors u/s 194C....

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Merely having same partners or employees doesn't mean that a new entity is formed by splitting of existing business

CIT Vs M/s Yash International Inc (Himachal Pradesh High Court)

The Hon'ble Himachal Pradesh High Court in the case of CIT vs. M/s Yash International Inc. held that the fact that the new firm has almost the same partners and some workers of existing firm shifted to new firm’s unit cannot make the new entity arising as result of splitting up of the existing one....

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Reversal of excess provision for doubtful debts deductible in book profit calculation

CIT Vs M/s Himachal Pradesh State Industrial Development Corporation Ltd. (Himachal Pradesh High Court)

High Court in the case of CIT vs. M/s Himachal Pradesh State Industrial Development Corporation Ltd. held that the excess provision for bad and doubtful debts written back by way of credit to Profit and Loss A/c is deductible while arriving at the book profits....

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Sec 80IB- Workers need to be employed for substantial period of time to satisfy minimum workers criteria

CIT Vs M/s Indus Cosmeceuticals (Himachal Pradesh High Court)

Himachal Pradesh High Court in the case of CIT vs. M/s Indus Cosmeceuticals held that the condition of employing atleast 10 workers as required to be complied with for claiming deduction u/s 80IB cannot be deemed to have complied by employing workers for a small part of year. ...

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Non-disclosure of precise material relied on transferring the case from one jurisdiction to other is against principles of natural justice

Anand Chauhan & Others Vs CIT (Himachal Pradesh High Court)

Himachal Pradesh High Court in the case of Anand Chauhan & others held that not providing assessee with the precise reason for transfer of his case from one jurisdiction to other amounts to violating the principles of natural justice as non-disclosure take away his right of putting forward his objections effectively....

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Assessee cannot be compelled to claim depreciation as Exp. 5 to Sec 32(1)(ii) is not retrospective

CIT Vs M/s Shree Triveni Foods (Himachal Pradesh High Court)

Himachal Pradesh High Court in the case of CIT vs. M/s Shree Triveni Foods held that the claim of depreciation for assessment years under dispute was not mandatory and therefore, the assessee could not be compelled to exercise the option as an obligation....

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TDS non-deduction notification has an automatic effect and deductor is not under an obligation to specifically apply for claiming it

Commissioner of Income Tax (TDS) Vs State Bank of Patiala, IT (Himachal Pradesh High Courts)

Himachal Pradesh High Court in the case of CIT vs. State Bank of Patiala held that the exemption notification issued by Central Govt. allowing non-deduction of TDS in case of certain deductees has an automatic effect as soon as the same is issued and there is no such requirement in the act to obliging deductor to specifically apply for av...

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