"12 November 2009" Archive

Brand Name for Packing Industry: – All is well that ends well

SSI Exemption is granted subject to fulfillment of certain conditions which are prescribed in Notification no. 8/2003. One of the conditions prescribed is that the SSI exemption will not be applicable to specified goods bearing a brand name or trade name of another person, irrespective of the fact whether such brand name was registered or...

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Posted Under: Finance |

Validity of re-opening when no concealment of income and department applied higher tax rate of tax for framing re-assessment

ACIT Vs Hyundai Heavy Industries Co. Ltd. (ITAT Delhi)

In assessment years 1995-96 and 1996-97, the only identical reason recorded by the Assessing Officer for reopening the assessment, with variation in the amounts involved, is that the interest income under section 244 A has escaped assessment and to reassess the same under section 147 of the Act notice under section 148 of the Act was issu...

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Interest earned on margin money kept for providing bank guarantee is not exempt

Lanco Kondapalli Power Pvt. Ltd. Vs. DCIT (ITAT Hyderabad)

undisputedly, the assessing officer has not initiated proceedings under S.14S of the Act, to lax the interest income of Rs.25,83,848 earned on margin money. In fact, the assessing officer has initiated the proceedings under S.148 to bring to tax the reimbursement of income-tax from APTRANSCO. However, during the course of re-assessment p...

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Only simple interest on refund of TDS/Advance tax if refund is paid along with interest within the prescribed time period

The Motor & General Finance Ltd. Vs CIT (Delhi High Court)

When we examine the facts of the present case, we feel that the aforesaid judgment of the Supreme Court would not come to the aid of the assessee and permit the assessee to claim interest on interest in the given situation. As far as the appeals at hands are concerned, it is not in dispute that on filing the return by the assessee and pro...

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Deductibility of TDS on demurrage charges payable to a foreign shipping company

CIT Vs Orient (Goa) Pvt. Ltd. [Bombay High Court]

Section 172 of the Act 1961 is carefully Title of Section 172 is Shipping business of non-residents. For bringing a case under Chapter XV, H of the Act 1961, one has to establish a case of profits of non-residents from occasional shipping business Non-resident is defined under section 2(30), as a person who is not a resident and for the ...

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Construction activity is not manufacturing u/s. 35D of the Income Tax Act, 1961

Ansal Housing & Construction Ltd. Vs CIT (Delhi High Court)

In the absence of any definition provided under the Income Tax Act, it would be admissible to find out the scope of this expression by resorting to its meaning in common parlance as understood by common persons or its natural and grammatical manner. Law Lexicon, the Encyclopedia Law Dictionary (1997 Edition), provides the following meani...

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VVF Ltd. Versus Union of India (Gujarat High Court)

VVF Ltd. & 1 Vs Union of India & 1 (Gujarat High Court)

The petitioners ‘Kutch Chamber of Commerce and Industry, a Voluntary Association of Industrial Units, and other Industrial Units operating in the Kutch District of State of Gujarat, have challenged the Notifications issued by respondent No. 1 bearing No. 16/2008-C.E dated 27.3.2008 as well as Notification No. 33/2008-C.E dated 10.6.2008...

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Section 14A of IT Act applicable in respect of share of profit from partnership firm

Mr Dharmasingh M Popat Vs ACIT 11(2) (ITAT Mumbai)

A partnership firm is a separate entity than that of its partners under the Income-tax Act and therefore, partners vis-à-vis partnership firm would stand on the same footing of shareholders vis-à-vis company; accordingly , income charged in the hands of partnership firm cannot be treated as being a non-exempt income in the hands of a pa...

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Power of AO to extend period for completion of special audit u/s 142(2A) of IT Act, 1961

Bishan Saroop Ram Kishan Agro Pvt. Ltd. Vs. DCIT (ITAT Delhi)

, A perusal of the provisions pf Section 142(2A) shows that at any stage of the proceedings before the A.O. if the A.O. is of the view that there is complexity in the accounts of the assessee, then, in the interest of justice, he may with the prior approval of the Chief Commission ^or the Commissioner...

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Determination of charge U/s. 115JB of Income Tax Act, 1961 for Zero tax companies

DCW Ltd. Vs DCIT (ITAT Mumbai)

The rule of construction of a charging section is that before taxing any person, it must be shown that he falls within the ambit of the charging section by clear words used in the section. No one can be taxed by implication. A charging section has to be construed strictly. If a person has not been brought within the ambit of the charging ...

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