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Archive: 11 March 2009

Posts in 11 March 2009

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

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Classification of income received by a promoter from a developer for cancellation of a building project

March 11, 2009 391 Views 0 comment Print

7. It is the first contention of the appellant that the amount in issue is not an income within the definition of the term `income’ set out in section 2(24) of the said Act. We are unable to accept this contention of the appellant and we agree with the findings rendered in this regard by all the lower authorities, including the Income-tax Appellate Tribunal by its impugned order dated 26th July, 2006

Assessment of agent of non-resident, Option is with Income Tax Authorities: ITAT Mumbai

March 11, 2009 1890 Views 0 comment Print

19. We have given careful thought to the rival submissions of the parties and examined them in the light of material available on record, statutory provisions and case law cited at the Bar. At the very outset, we may state that the basic contention of the assessee that he is and should be considered as an agent under clauses (a), (b) & (c) u/s 163(1) of the Act, is misplaced

Section 54EC of IT Act is an independent provision not controlled by section 50

March 11, 2009 1646 Views 0 comment Print

6. Section 54EC provides that where the capital gain arises from the transfer of a long term capital asset and the assessee has at any time within a period of six months after the date of such transfer, invested the whole or any part of capital gains in the long term specified asset, the capital gain shall be dealt with in accordance with the provisions of this section, that is to say, if the cost of the long term specified asset

Specification of agricultural lands which fall outside scope of "capital asset"

March 11, 2009 1763 Views 0 comment Print

60. Consider that what sections 2(14)(iii)(a) and (b) of the Income tax Act obviously envisage is one single municipality and not two. When the land under consideration admittedly falls outside the Phagwara municipality, as notified by the Central Govt. in accordance with section 2(14)(iii)(b) of the Act. There is no question of it being considered within the limits of the Jalandhar City municipality

There is no separate identity given to "perquisites" for purpose of section 192 of IT Act, 1961

March 11, 2009 279 Views 0 comment Print

30. In our opinion, the assessee must succeed on his Ground. There is no dispute about the fact that the assessee being an employer made the valuation of the perquisite provided to Mr. Brian Brown at Rs. 90,40,880/-. The definition of the salary is given in section 17 of the Act and as per the said definition salary includes perquisites. The perquisites in its normal meaning means direct and indirect benefits

Allowability of provision for warranty liability claimed by a product seller

March 11, 2009 3723 Views 0 comment Print

6. On the issue as to whether the provisions for warranty liability is deductible for income-tax purposes, a useful reference may be made to a decision of the Hon’ble Kerala High Court in the case of CIT v. Indian Transformers Ltd. (2004) 270 ITR 259, where the Hon’ble Kerala High Court found that the provision for after sales services of transformers on the facts of that case was a reasonable one

There is no requirement that there has to be a registered Deed of conveyance for a person to be treated as an owner for the purpose of section 22

March 11, 2009 349 Views 0 comment Print

3. At the threshold on behalf of the appellant, the learned counsel submits that the concept of ownership considering the provisions of the Transfer of Property Act read with Registration Act is different in the context of the provisions of the Income-tax Act. What is to be considered for the purpose of Income Tax Act are the provisions of section.

Setting off of unabsorbed depreciation of earlier years against income of subsequent year under section 10A of IT Act is not admissable

March 11, 2009 393 Views 0 comment Print

14. It is relevant to state the provision of section 10A(4) as applicable to the assessment year, in which the assessee began production with effect from 01.02.1993 and became entitled to get deduction. The relevant section 10A(4) reads as under :- “Notwithstanding anything contained in any other provision of this Act, in computing the total income of the assessee

While computing Income from House Property only deductions as enumerated under section 24 is admissable

March 11, 2009 1022 Views 0 comment Print

5.1 The Act mandates a particular head for each type of income, so that the same has necessarily to be assessed under the said head and in the manner provided under the relevant Chapter. As such, the assessee’s contention of being contractually obliged to bear the said expenditure under the relevant (rent) agreement would be of no moment; the assessee being entitled to claim only the deductions as enumerated u/s. 24 of the Act in the computation of its income assessable u/s. 22.

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