"10 May 2009" Archive

Prerequisite of section 12AA of IT Act for rejection of registration of a trust

Memorial Medical Association Vs CIT (ITAT Mumbai)

7. Under section 12AA1(a) of the Act, the CIT is empowered to call for information to satisfy himself about the genuineness of activities of trust /institution. The Commissioner may make such enquiries as he thinks fit for the purpose. Under section 12AA1(b) of the Act, after having satisfied about the objects of Trust/institution and gen...

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‘Non-compete right’ acquired by an assessee is eligible for depreciation under clause (ii) of section 32(1) of IT Act

ITO Vs Medicorp Technologies India Ltd (ITAT Chennai)

12.2 One can see very clearly that the clause (ii), introduced in section 32(1), w.e.f.01-04- 1999, not only extended the benefit of section 32 to the `intangible assets' but also gave therein an `inclusive' definition of the `intangible assets', for this purpose. 15.4 It becomes clear from the above discussion that capability to have a ...

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When information available in public domain is not sufficient to make the comparisons possible, then some approximations and reasonable assumptions are to be made

Skoda Auto India Pvt. Ltd. Vs ACIT (ITAT Pune)

19. One of the things which is clearly discernable from the facts of this case is that so far as the year before us is concerned, which was incidentally first full year of assessee's operations, the import content of the raw materials was as high at 98.95%. This is materially different from the import content of the raw material in the ca...

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AAR on Allowability of deduction U/s. 36(1)(viii) / 36(1)(viiia) of IT Act claimed by a Government company

In re Rural Electrification Corpn. Ltd. (Authority for Advance Rulings, New Delhi)

5. It would be appropriate to reproduce section 36(1)(viii) of the Act as it stood in the relevant assessment years i.e. A.Y.1997-98 in the following terms: - Section 36(1)(viii) : as it stood in the statute during the A.Y.(1997-98) 36(1) – The deductions provided for in the following clauses shall be allowed in respect of the matters ...

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Sharing of knowledge shall not be called as consulting engineering service when expertise acquired by a concern is also used for its own benefit along with others

Nyco S. A. Vs CST (CESTAT Delhi)

6. We have thoroughly gone through the averments of both the sides. To appreciate the case of the Revenue, Revenue should have brought to record that Nyco is a consulting engineering firm providing engineering service commercially having been manned by professional qualified engineers. But primary object appears to be sharing of know how ...

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Contract for sale of goods will not be covered within ambit of section 194C of Income Tax Act, 1961

Glenmark Pharmaceuticals Ltd. Vs ITO (TDS) [ITAT Mumbai]ITA NO. 935/Mum./2007, 01/01/1970

23. After careful consideration of the above circular it is clear that the contract for the sale of goods will not be covered within the ambit of sec. 194 C. In the present case we find that the assessee placed orders with the manufacturers for manufacturing of the medicines strictly according to its specifications but the property in suc...

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Allowability of loss to be carried forward and set off against future income U/s. 80 of IT Act

CIT Vs Nalwa Investment Ltd (Delhi High Court)

11. Having heard the learned counsel for the Revenue as well as the assessee we are of the view that the answers to the questions framed has to be found in favour of the assessee and against Revenue for the reasons given hereinafter. It is clear upon perusal of the facts and circumstances quoted by us hereinabove that if JISCO had to have...

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Mere fact of confirmation of addition cannot per se lead to confirmation of penalty U/s. 271(1)(c) of IT Act

ACIT Vs VIP Industries Ltd. (ITAT Mumbai)

8. We have heard the rival submissions and perused the relevant material on record. A great deal of emphasis had been laid by he Id. DR on the fact that since the addition has been upheld by the tribunal, then the penalty should also be confirmed. In our considered opinion the mere fact of confirmation of addition cannot per se lead to th...

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Limitation of time is not a determining factor in matters relating to remission or cessation of liabilities

DSA Engineers (Bombay) Vs ITO (ITAT Mumbai)

9. From the rival positions of both the parties as well as the provisions of section 41(1) and the legal propositions of various judicial fora, the following issues have emerged. They are: (a) the issue of limitation of period of three years; (b) the issue of discharge of onus, when the assessee has not unilaterally written them off; (c) ...

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CVC launches prosecution against 5 CBEC officers; imposes major penalty on 3 CBDT officials

THE general perception about vigilance cases among Government officials is that the launching of a vigilance case takes no time but closure becomes indefinite. Dispelling such a myth the Central Vigilance Commission (CVC) in its report for the month of March, has revealed that as many as 488 officers were exonerated and closure of their [...

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