uttaranchal

The taxpayer was a company incorporated under Hong Kong laws. It filed its return of income declaring total income of INR196 million. AO noticed that the taxpayer had not offered for tax the amount received toward reimbursement of expenses, which included custom duty and accordingly the income was assessed at INR197.2 million. Aggrieved by the same, the taxpayer filed an appeal before the CIT(A). Full Article

13. Rectification of mistake or error.- After the issue of directions under rule 10, if nay mistake or error is apparent in such direction, the panel may, suo motu, or on an application from the eligible assessee or the assessing officer, rectify such mistake or error, and also direct the assessing officer to modify the assessment order accordingly.14. Appeal against Assessment Order, - Any appeal against the Assessment Order passed in pursuance of the directions of the .. Full Article

CIT vs Oil and Natural Gas Corpn. Ltd.- Business loss: Business expenditure - Notional Liability: Loss due to fluctuations in foreign exchange rates The assessee had borrowed funds in foreign exchange for the purpose of capital outlay. No liability for repayment of loan was quantified nor any payment was made. The notional liability on account of change in exchange rates could not be allowed on notional basis, nor this could be taken into account for determining actual .. Full Article