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Archive: 16 August 2009

Posts in 16 August 2009

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 2253 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

If the expenses are of revenue nature, then the same are to be allowed and section 35D will not be applicable

August 16, 2009 4590 Views 0 comment Print

4.1 The Assessing Officer from the details filed noticed that the assessee has claimed a sum of Rs.3,24,91,003/- as deferred revenue expenditure. The assessee vide letter dated 15th December, 2005 submitted that a new call center was in the process of being completed, but was not completed during the year.

Unsigned return is a defective return but this defect can be cured

August 16, 2009 1482 Views 0 comment Print

In our opinion, once Section 140 of the Act mandates that the return has to be signed in the case of a company by the Managing Director and where Managing Director is not available by any Director thereof, it is not possible to hold that the signing of the return by the Company Secretary is merely an irregularity. When the law provides for a particular thing to be done in particular manner, it must be so

Interest earned on bank deposits received from clients is business income

August 16, 2009 1355 Views 0 comment Print

In this case it is not disputed that the assessee is a firm of Solicitors & Advocates. It would be necessary to first examine as to whether The Bombay High Court (Original Side Rules are applicable in the case of the solicitors and then to consider the obligations of the Solicitor firm under the said Rules, if found applicable. For this purpose, it will be relevant to refer to the decision of the Hon’ble Bombay High Court in the case of Manilal Kher Ambalal and Co. (supra). In this case the Hon’ble High Court, while examining the method of accounting followed by the appellant firm, has stated as under: –

Deduction to be allowed under any other provision of Chapter VI-A with the heading ‘C’ is to be reduced by amount of deduction allowed u/s. 80-IB/80-IA

August 16, 2009 7887 Views 0 comment Print

1. This Special Bench was constituted on the recommendation of the regular Bench which was hearing above appeals. The controversy relates to the computation of deduction u/s 80HHC to an assessee (industrial undertaking) after it has been allowed deduction u/s 80-IB of the Income Tax Act. In other words, the effect of provision of Section 80-IA(9) introduced w.e.f. 1.4.1999 is to be seen.

Sale of agricultural land does not attract capital gains tax

August 16, 2009 12837 Views 0 comment Print

It was contended by the assessee that their agricultural land is situated in the rural area outside the municipal limit and hence does not fall within the ambit of provisions of s. 2(14) of the Act and not liable to tax in the assessee’s hand. But the AO has not accepted the contention of the assessee and treated the sale consideration of assessee’s share as undisclosed income of the asses see and added to the income of the assessee.

Retirement savings will become taxable on withdrawal in new direct tax code

August 16, 2009 1157 Views 0 comment Print

The Direct Tax Code is a bit of a mixed bag for individuals, particularly the salaried class. Prima facie, the tax liability will reduce significantly as the draft code proposes to tax incomes up to Rs 10 lakh at 10%, that between Rs 10 lakh and Rs 25 lakh at 20% and sum in excess […]

I-T department carried out search at Bombay Rayon & related parties

August 16, 2009 528 Views 0 comment Print

Mumbai: Officials from the income-tax (I-T ) department on Wednesday and Thursday carried out searches at various offices of Bombay Rayon Fashion, a textile company promoted by Janardhan Agarwal. The company is into garments , textile and retail.

Two Mumbai policemen and a retired income tax official arrested when attempted to cheat a jeweller

August 16, 2009 655 Views 0 comment Print

Two Mumbai policemen and a retired income tax official, who attempted to extort money from a jeweller at Navsari near Surat in Gujarat, were caught in the act by residents on Thursday . The three were handed over to the Navsari police, who arrested them for forgery , cheating and extortion.

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