taxation laws

Taxation of HUF & Family Arrangement

Income Tax - Basic requirements for the existence of an HUF are as follows :(i) Only one co-parcener or member cannot form an HUF Family is a group of people related by blood or marriage. A single person, male or female, does not constitute a family. However the property held by a single co-parcener does not lose its character of Joint Family propert...

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Irregularities in VAT department at Punjab

Income Tax - Since rules of natural justice are part of the fundamental rights provided by our constitution the same have to be followed while taking any quasi judicial or administrative action under every law and the taxation laws are no exception to it. Any authority whether appellate or not has to follow the rules of natural justice while making an...

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Radhakrishna Synthetics [2007 (214) ELT 213 (Tri.)] (Judicial “License, Quota, Permit Raj")

Income Tax - There was a demand against the company. The duty demand was confirmed against which the assessee filed appeal before the Commissioner (Appeal). In the meantime, the assessee deposited the amount vide debit entry in RG23A part-II. When the appeal was decided in the favour of the assessee, the assessee informed to the department and took cr...

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sec 80HHC – deductions when there is a loss – word 'or' has been used intentionally and it cannot be substituted with 'and' – ITAT

Income Tax - THE main point raised in this appeal is against the reduction in the claim of deduction u/s. 80HHC. The facts are that the return of income was filed claiming deduction u/s. 80HHC at Rs. 7,38,416/-. During the course of assessment proceedings the Assessing Officer noted that there was a net profit of Rs. 14,54,272/- on total export turnov...

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Ambiguous tax treaties could hit FDI inflows – Ruia

Income Tax - Leading industrialist and Essar Group chairman Shashi Ruia has warned of an adverse impact on FDI inflows in India if its taxation laws with various countries remain 'ambiguous'. The Government (of India) is signing a spate of treaties with other countries. But all this will come to nought if the treaties are ambiguous and open for depart...

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PWC asked for clarity on taxation rules regarding payments made for acquiring spectrum

Income Tax - “There is no specific provision in Indian tax laws governing the deductibility of the payments made for acquiring spectrum,” a PwC report on the telecom sector said. With the allocation of spectrum, especially 3G being an issue of concern, rules governing the same in the taxation laws also assume significance. “Since, substantial am...

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Assessee is entitled for depreciation on assets of a closed unit which are part of block of assets

Swati Synthetics Ltd. Vs. ITO (ITAT Mumbai) - The assets did not fall under any of the above exceptional three conditions. The said block of assets was used for the purpose of business during the year. Under the circumstances the assets of the said closed unit amounts to use for the purpose of business in the year under consideration ,...

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S. 220(2) Interest chargeable with reference to due date reckoned from original notice of demand

DCIT Vs. AS Krishna & Co. (P.) Ltd. (ITAT Visakhapatnam) - It is thus clear that the entire assessment order was not set aside to enable the Assessing Officer to reframe the assessment; the order passed by the first appellate authority was only to enable to the Assessing Officer to vary the assessment originally made and not to take a reiook at all the issu...

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Tribunal's power u/s 254(2) is not to review its earlier order but only to amend it with a view to rectify any mistake apparent from the record

Express Newspapers Ltd. Vs. Dy. CIT (Madras High Court) - . From the various judgments of the Supreme Court above referred to and other High Courts, it is clear that the Tribunal's power under Section 254(2) is not to review its earlier order but only to amend it with a view to rectify any mistake apparent from the record. What can be termed as "mistake ap...

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The depreciation cannot be taken as ‘notionally allowed’, but only as ‘actually allowed’

Padmavathi Srinivasa Cotton Ginning & Pressing Factory Vs DCIT (ITAT Vishakhapatnam) - The effect of omission of section 34 and Rule 5AA and consequential amendment in section 32 by omitting reference to section 34 makes it clear that one cannot taken support from the decision of the Hon'ble Apex Court in the case of Mahendra Mills, supra, after the amendment. Section 43(6) of the Act...

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Notional advantage will not form part of actual rent received

ITO Vs Pushya Properties (P.) Ltd. (ITAT Mumbai 'C' Bench) - 5.11 Now coming to the merits of the case. For this purposes, we are required to consider the scheme of taxation of income from house property. Section 22 says that the measure of income from house property is its annual value. The annual value is to be decided in accordance with section 23. Sub-sec...

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Recent Posts in "taxation laws"

Taxation of HUF & Family Arrangement

Basic requirements for the existence of an HUF are as follows :(i) Only one co-parcener or member cannot form an HUF Family is a group of people related by blood or marriage. A single person, male or female, does not constitute a family. However the property held by a single co-parcener does not lose its character of Joint Family propert...

Read More
Posted Under: Income Tax |

Ambiguous tax treaties could hit FDI inflows – Ruia

Leading industrialist and Essar Group chairman Shashi Ruia has warned of an adverse impact on FDI inflows in India if its taxation laws with various countries remain 'ambiguous'. The Government (of India) is signing a spate of treaties with other countries. But all this will come to nought if the treaties are ambiguous and open for depart...

Read More
Posted Under: Income Tax |

Irregularities in VAT department at Punjab

Since rules of natural justice are part of the fundamental rights provided by our constitution the same have to be followed while taking any quasi judicial or administrative action under every law and the taxation laws are no exception to it. Any authority whether appellate or not has to follow the rules of natural justice while making an...

Read More
Posted Under: Income Tax |

Assessee is entitled for depreciation on assets of a closed unit which are part of block of assets

Swati Synthetics Ltd. Vs. ITO (ITAT Mumbai)

The assets did not fall under any of the above exceptional three conditions. The said block of assets was used for the purpose of business during the year. Under the circumstances the assets of the said closed unit amounts to use for the purpose of business in the year under consideration ,...

Read More

S. 220(2) Interest chargeable with reference to due date reckoned from original notice of demand

DCIT Vs. AS Krishna & Co. (P.) Ltd. (ITAT Visakhapatnam)

It is thus clear that the entire assessment order was not set aside to enable the Assessing Officer to reframe the assessment; the order passed by the first appellate authority was only to enable to the Assessing Officer to vary the assessment originally made and not to take a reiook at all the issues which were considered in the original...

Read More

Tribunal's power u/s 254(2) is not to review its earlier order but only to amend it with a view to rectify any mistake apparent from the record

Express Newspapers Ltd. Vs. Dy. CIT (Madras High Court)

. From the various judgments of the Supreme Court above referred to and other High Courts, it is clear that the Tribunal's power under Section 254(2) is not to review its earlier order but only to amend it with a view to rectify any mistake apparent from the record. What can be termed as "mistake apparent?". "Mistake" in general means to ...

Read More

PWC asked for clarity on taxation rules regarding payments made for acquiring spectrum

“There is no specific provision in Indian tax laws governing the deductibility of the payments made for acquiring spectrum,” a PwC report on the telecom sector said. With the allocation of spectrum, especially 3G being an issue of concern, rules governing the same in the taxation laws also assume significance. “Since, substantial am...

Read More
Posted Under: Income Tax |

Radhakrishna Synthetics [2007 (214) ELT 213 (Tri.)] (Judicial “License, Quota, Permit Raj")

There was a demand against the company. The duty demand was confirmed against which the assessee filed appeal before the Commissioner (Appeal). In the meantime, the assessee deposited the amount vide debit entry in RG23A part-II. When the appeal was decided in the favour of the assessee, the assessee informed to the department and took cr...

Read More
Posted Under: Income Tax |

The depreciation cannot be taken as ‘notionally allowed’, but only as ‘actually allowed’

Padmavathi Srinivasa Cotton Ginning & Pressing Factory Vs DCIT (ITAT Vishakhapatnam)

The effect of omission of section 34 and Rule 5AA and consequential amendment in section 32 by omitting reference to section 34 makes it clear that one cannot taken support from the decision of the Hon'ble Apex Court in the case of Mahendra Mills, supra, after the amendment. Section 43(6) of the Act which defines the term "Written Down Va...

Read More

Notional advantage will not form part of actual rent received

ITO Vs Pushya Properties (P.) Ltd. (ITAT Mumbai 'C' Bench)

5.11 Now coming to the merits of the case. For this purposes, we are required to consider the scheme of taxation of income from house property. Section 22 says that the measure of income from house property is its annual value. The annual value is to be decided in accordance with section 23. Sub-section (1) of section 23, by virtue of the...

Read More
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