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"October, 2009" Archive - Page 10

If the Assessing Officer has made the assessment by making such inquiries as he deemed fit, the order cannot be termed as erroneous

SICAL Logistics Ltd. Vs. Additional CIT (ITAT Chennai)

I have duly considered the rival contentions and the material en record. The perception of the CIT that the profit is low prompted him to issue show cause notice to the assessee. Profit before taxation of the company as a whole for the year under consideration...

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Circular on value for payment of excise duty if goods are manufactured on job work basis

Circular No. 902/22/2009-CX 20/10/2009

It has been brought to the notice of the Board that some manufacturers of Motor Vehicles are getting complete Motor Vehicles manufactured by sending the Chassis of the Motor Vehicles to independent body builders for building the body as per the design/specification of the manufacturer. The practice followed is that the Chassis is transfer...

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AAR on taxability of income from execution of contract in India by German company, having no PE in India

In re Pintsch Bamag (Authority for Advance Rulings)

The contention of the Revenue is that the sub-contractor is undertaking various activities which constitute the core of the contract work entrusted to the applicant. All the activities undertaken by the sub-contractor are on behalf of the applicant and in connection with the execution of the contract between the applicant and TPT. It is p...

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Satisfaction of the AO and determination of Expenditure in relation to income which is not includible in total income

PTC India Ltd. Vs. DCIT (ITAT Delhi)

A perusal of section 14A (2)(supra), evinces that the amount of expenditure incurred in relation to income not includible in the total income shall be determined by the AO if the AO is not satisfied with the correctness of the claim of the assessee in respect of such expenditure in relation to income not includible in the total income. ...

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Applicability of TDS on payment made to legal advisors at Hongkong

DIT (Int'l Taxation) Vs Tata Iron & Steel Co. Ltd. (ITAT Mumbai)

Admittedly there was no DTAA with Hongkong for the relevant year. As such we will restrict ourselves in examining the provisions of section 9(l)(vii) in order to ascertain the deductibility or otherwise of tax at source from the payment so made to the firm of legal advisors at Hongkong....

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Levy of penalty under section 158BFA (2) on undisclosed income returned for non-payment of tax thereon

DCIT Vs Heera Constructions Co. (P.) Ltd. (ITAT Cochin)

Provided further that the provisions of the preceding proviso shall not apply where the undisclosed income determined by the Assessing Officer is in excess of the income show in the return and in such cases the penalty shall be imposed on that portion of undisclosed income determined which is in excess of the amount of undisclosed income ...

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Undisclosed income of the partnership firm can not be assessed in the hand of the partners

ACIT Vs Shri K. T. Joseph (ITAT Cochin)

Whether, in the facts and circumstances of the case, the CIT(Appeals) is justified in holding that no addition can be made in the hands of the assessee towards undisclosed income from the liquor business carried on by the firms M/s. Malabar Associates....

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Leviability of Penalty under section 271D if Assessee have reasonable cause for borrowing in violation of section 269SS

Jitu Builders Pvt. Ltd. Vs. ACIT (ITAT Ahmedabad)

The facts leading up to the levy of penalty have been stated in the dissenting orders and there is no dispute regarding their accuracy. The only question is whether on these facts there was reasonable cause within the meaning of sec.273B preventing the assessee from accepting the sum of Rs. 15,00,000 from N.K. Chemist by account payee che...

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If assessee has no enforceable right to receive interest then there can not be accrual of income

ACIT Vs Travancore Titanium Products Ltd. (ITAT cochin)

I entirely agree that unless and until the terms and conditions of advance are known and agreed between the parties or through Government of Kerala, assessee will not acquire any right to receive interest on the advanced loan and no income would accrue by way of interest. This is well settled position....

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Change in method for Valuation of closing stock should be bona fide

Triveni Engineering & Industries Ltd. Vs. CIT (Delhi High Court)

As regards the issue raised with regard to rejecting the method in the change of valuation of closing stock, we find that the finding arrived at by the three authorities below that the change in the valuation of closing stock was not bona fide is a pure finding of fact and no question of law arises much less a substantial question of law...

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