"22 March 2009" Archive

Provision for a liability allowable if it can be estimated & if there is reasonable certainty

CIT Vs Insilco Limited (Delhi High Court)

5. Having heard the learned counsel for the Revenue as well as the assessee, we are of the view that no fault can be found with the reasoning of both the CIT(A) as well as the Tribunal. In our view, the issue raised by the Revenue before us that the liability under the "long service award" scheme of the assessee is contingent as the payme...

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The levy under section 234B is compensatory in nature and is not in the nature of penalty: HC Delhi

CIT Vs Anand Prakash (Delhi High Court)

RELEVENT PARAGRAPH 11. We have examined the decisions cited by the counsel on both sides and after considering the submissions made by them, we agree with the learned counsel for the Revenue that the levy under Section 234B of the said Act is compensatory in nature and is not in the nature of penalty. We […]...

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In case of gift from NRI not related to Assessee, onus is on the Assessee to substantiate the claim of genuine gifts: ITAT, Mumbai

ITO Vs Mukesh Bhanubhai Shah (ITAT Mumbai)

10. The scope of gifts and the existing areas of controversies in regard to them are relevant issues here. Generally, the gifts may involve biological relatives, sociologically connected or unconnected persons, politically or spiritually reverend individuals etc. In the cases, where the gifts involve the biological relatives, the giving g...

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Depreciation @ 60% is allowed on Computer peripherals & accessories

ACIT Vs Container Corporation of India Ltd. (ITAT Delhi)

40. The accessories and peripherals of computers provide input processing, storage and various output devices. The output devices such as printer, scanner etc. are computer peripherals and form essential parts of PC. These output devices cannot work in isolation and also working on computer system without an output device such as printer ...

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All types of wells and tube-wells would be included in the term building : ITAT Ahmedabad

ACIT Vs Niko Resources Ltd. (ITAT Ahmedabad)

56. To determine as to whether an asset is a `plant', the Supreme Court in the case of Scientific Engineering House Private Limited (supra) lays down certain tests. These are : "Does the article fulfill the function of a plant in the assessee's trading activity? Is it a tool of his trade with which he earned on his business? If this answe...

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Time limit prescribed for issuance of notice under section 143(2)(i) or 143(2)(ii) of IT Act

Bholanath R. Shukla Vs ITO (ITAT Mumbai)

8. We have considered he submissions made by both the sides, material on record and orders of the authorities below. We find that the question, before US, is whether limited scrutiny proceedings and regular scrutiny proceedings are independent of each other or not and, therefore, notice issued for limited scrutiny into a regular scrutiny ...

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Condition precedent for claiming exemption under section 54 of IT Act: ITAT, Hyderabad

ITO Vs Rohini Reddy (ITAT Hyderabad)

9. We have carefully considered the rival submissions and perused the record. Marginal heading of section 54 of the Act, which is relevant in this context, refers to "profit on sale of property used for residence". Main section speaks of transfer of a capital asset- being building or lands appurtenant thereto and being a residential house...

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Income Tax Department raid at Buldhana credit society

Buldhana Urban Co-operative Credit Society, the country's largest, has come under the taxman's scanner for suspected money-laundering. A team of Income Tax officials has conducted a search and seizure operation on around 15 premises that include the society's offices as well as those of its promoter Radheyshyam Chandak and other office-be...

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Posted Under: Income Tax |

IT department can now track down fraudulent electronic transactions

Tax evasion in Mumbai may now become more difficult as taxpayers will have to deal with a cyber-savvy income-tax department. The IT department has recently adopted a technology to track down fraudulent electronic transactions even after they are deleted from computers. The department has a Cyber Forensic Lab in Mumbai that consists of adv...

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Posted Under: Income Tax |

Swiss bank revealed Indian have more money then rest of the world

This is so shocking…. ….If black money deposits was an Olympics event…. India would have won a gold medal hands down. The second best Russia has 4 times lesser deposit. U.S. is not even there in the counting in top five! India has more money in Swiss banks than all the other countries combined! Recently, […]...

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Posted Under: Income Tax |

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