careful consideration

On careful consideration of relevant facts, I am of the view that important fact stated by the assessee in his reply to penalty notice has not been considered in accordance with law. The revenue authority and the Tribunal in the quantum proceedings proceeded mainly on a presumption that the payment was made through account payee cheque, decided the issue against the assessee and the expenditure claimed was disallowed and added to the income of the assessee. In the penalt.. Full Article

The learned counsel for the assessee has vehemently argued that in this case interest from deposit was offered as business income and was also assessed as business income and therefore, automatically once it is assessed as business income then the same becomes eligible for deduction u/s.10B. Full Article

After careful consideration of1 above provisions and facts and circumstances of the case, I am unable to accept the stand of the Revenue. As noted above actual cost should ordinarily mean real cost or real worth of assets. If it is not market value, then what is it? Mechanism to take W.D.V as provided in Explanation 2 to Section 43(6)(c) is not available in Explanation 3 \o auction 43(1). Further, assets whose actual cost is to be determined under Explanation 3 are secon.. Full Article

CASE LAW DETAILS Decided by:. ITAT, MUMBAI BENCHES `G’ MUMBAI, In The case of: Glenmark Pharmaceuticals Ltd. v ITO (TDS),  Appeal No. : ITA NO. 935/Mum./2007, Decided on: March 5, 2009 SUMMARY OF CASE LAW Simply because the assessee monitors the manufacturing process it does not change the character of the transaction  RELEVENT PARAGRAPH 23. After careful [...] Full Article