"September, 2009" Archive - Page 20

Renting of Immovable Property

The Division Bench of the Delhi High Court comprising of Justice Badar Durrez Ahmed and Justice Rajiv Shikader gave a milestone judgment on 18th April, 2009, in the case of Home Solution Retail India Ltd and Others Vs. UOI and Others (2009-TIOL-196-HC-DEL-ST). The issue involved in this case related, to a batch of Writ Pet...

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Posted Under: Service Tax |

No additions solely on the basis of material found in possession of third party

Kirti Chandulal Oswal Vs. DCIT (ITAT Pune 'A' Bench)

In the present case, admittedly, no incriminating material was found relating to the alleged unaccounted sales of jewellery by the assessee to M/s. Ranka Jewelers in the course of search carried out at the premises of the assessee. The material relied upon by the Assessing Officer was found during the search at the premises of the third ...

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Allowability of expenses towards penalty and damages in compensatory nature

ACIT Vs Khoday India Ltd. (ITAT Bangalore 'B" Bench)

what needs to be done by an assessing authority under the Income-tax Act, 1961, in examining the claim of an assessee that the payment made by such assessee was a deductible expenditure under $.37 of the Income-tax Act although called a penalty is to see whether the law or scheme under which the amount was paid required such payment to be...

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Deduction U/s. 80HHF available on sale not on Production or mere allotment

DCIT Vs Kas Movie Makers (P.) Ltd. (ITAT Delhi 'I' Bench)

In a nut-shell, it is held that the instance case is one of rendering multi-farious services for production of films by foreign companies in India and handing over the negatives to them in India. This does not involve export or transfer outside India by any means of any film software by the assessee. ...

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Liability can not be added to income just because they are old or not proved genuine

DCIT Vs. Allied Leather Finishers Pvt. Ltd. (ITAT Lucknow 'B' Bench)

Regarding the addition made u/s 41(1), we are of the view that the Assessing Officer has incorrectly invoked this provision. There is neither any remission nor cessation of the liability. The Assessing Officer has simply added all the credits appearing in the balance sheet which could not be hit by Section 41(1). ...

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Allowability of depreciation on non-compete fee u/s. 32 of the Income Tax Act, 1961

Srivatsan Surveyors Pvt. Ltd. Vs ITO (ITAT Chennai 'C' Bench)

We have heard the rival submissions in the light of the material placed before us and the precedents relied upon. The assessee company was carrying on the business as licensed surveyors and loss assessors under the Insurance Act, 1938. During the relevant year the assessee did claim depreciation amounting to Rs. 12,50,000/- in relation to...

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Principle of mutuality applicable when there is complete identity between the contributors and the participators

The Jai Hind Co-op Housing Society Ltd. Vs ITO (ITAT Mumbai 'A' Bench)

We have the rival submissions and perused the records. During the year under consideration the assessee society had claimed as exempt a sum or Rs. 10.00 Lakhs received on account of damages for wrongful proceedings against the society taken up before the Deputy Registrar of Co-operative Housing Society. Mr. Manojkumar Goswami & Mrs. Shash...

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Notice of Non-functioning ITAT Mumbai Benches for the period from 14.09.09 to 17.09.09

Notice of Non-functioning Benches from period of 14.09.09 to 17.09.09 The Following Benches will Not function during the period from 14.09.2009 to 17.09.2009 "H", "I", "K", & "WT"...

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Posted Under: Service Tax |

Empanelment with ROC for Technical Scrutiny of Balance Sheets & Format of Agreement

Circular Issued by: – Government of India, Ministry of Corporate Affairs, Office of Registrar of Companies. Issued to: Local Chapter, ICAI/ICSI/ICWAI Sub: – Panel for outsourcing of work of Technical Scrutiny of Balance Sheets. This office  (ROC Office) is in process of preparing  a panel of professionals for outsourcing ...

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Posted Under: Service Tax |

Amends Notification No.15/2002-Customs Duty (N.T.), Dated: 07.03.2002

Notification No. 141/2009–Customs (N.T.) (10/09/2009)

In the said notification, in the Table, against serial number 7, in the entry in column 2, for the words ‘Container Freight Stations at Sriperumbudur Taluk of Kancheepuram District’, the words ‘Container Freight Stations and Inland Container Depots at Sriperumbudur Taluk of Kancheepuram District’ shall be substituted....

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