"10 January 2010" Archive

If a trust fulfills all conditions of section 12A/12AA, registration cannot be denied on ground that some conditions of section 11 and 12 not fulfilled

CIT Vs Krishi Utpadan Handi Samiti (Allahabad High Court)

Assessees who fulfill all the conditions are entitled to registration cannot be faulted. The contention of the Revenue that the assessees are not registered as an institution and hence not entitled for registration is also without any merit, because, there is no requirement under the Act that an institution...

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Payment of compensation for obtaining vacant & peaceful possession of premises cannot be allowed as revenue expenditure

ITO Vs. Pritam Juice (ITAT Mumbai)

We have heard the rival submission and perused the relevant material on record in the light of precedents relied upon. The factual position has been elaborately noted in the foregoing paragraphs. To sum-up the facts, it is noted that Shri Kulwant Singh Kohli was the original owner of the three shops which...

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Tribunal, in no circumstances whatsoever, can be led to take a different view on same facts and law on which Jurisdictional High Court has already taken a view

ACIT Vs G. Srinivasan (ITAT Chennai)

n this decision, vide order dated 15.9.2008, the Hon'ble Apex Court had held that even a decision of Apex Court or Jurisdictional High Court rendered subsequent to the Tribunal decision can render the said Tribunal decision liable of rectification of mistake apparent from record. In view of the aforesaid discussion and precedent, we are i...

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After Settlement Commission Order, no power vests in the assessing authority or any other authority in respect of period and income covered under the order

Neeru Agarwal Vs. Union of India (Allahabad High Court)

After passing of order by Settlement Commission, no power vests in Assessing Authority or any other authority to issue notice in r/o period and income covered under order of Settlement Commission....

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NBFCs not entitled to deduction of any provision created for bad and doubtful debts

Art Leasing Ltd. Vs CIT (Kerala High Court)

Unfortunately, for the appellant NBFCs. are not covered by Section 36(l)(viia) of the I.T Act and so much so, explanation to section 36(l)(vii) squarely applies or in other words, the appellant-N. B.F.Cs. are not entitled to deduction of any Provision created for bad and doubtful debts, no matter such provision...

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S.271(1)(b) Penalty not for mere technical non-compliance but for actual or habitual defaulters

Swarnaben M. Khanna Vs DCIT (ITAT Ahmedabad)

It shows that these assessees had really intended to comply with the notices and therefore it should not be inferred that there was a default which could invite penalty u/s 271(l)(b). The ITAT Delhi Bench-G in the case of Akhil Bhartiya Prathmik Shikshak Sangh Bhawan Trust vs. Assistant Director of Income-tax (2008) 115 TTJ (Delhi) 419...

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TDS liability of a builder for sub-contracting of main contract is 1% u/s 194C

Kent Constructions Pvt. Ltd. Vs. DCIT (TDS) [ITAT Cochin]

We have heard rival submissions and perused the orders of the authorities below. Copies of Registration Certificate under Kerala Value Added Tax and Form ST-2 under Service Tax Act placed at pages 20 and 21 clearly mentions that assessee has been registered as a works contractor doing construction of residential complex...

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Bank interest is not eligible for deduction U/s. 80-IB/80HHC

Arvind Fashions Ltd. Vs. ACIT (ITAT Ahmedabad)

The next two items are penal charges of Rs.5,11,688/ - and Rs. 10,970/-. These amounts have already been held to be business income while discussing the issues of section 80IB. Accordingly, we direct the AO to treat these two amounts as part of business income for computation under section 80HHC....

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Assessee is entitled for depreciation on assets of a closed unit which are part of block of assets

Swati Synthetics Ltd. Vs. ITO (ITAT Mumbai)

The assets did not fall under any of the above exceptional three conditions. The said block of assets was used for the purpose of business during the year. Under the circumstances the assets of the said closed unit amounts to use for the purpose of business in the year under consideration ,...

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If AO assume concealment without considering the actual payments made in the subsequent years, such attempt would be premature

Surrel Enterprise Pvt. Ltd. Vs. ACIT (ITAT Ahmedabad)

We have heard both the sides in detail. Thrust given by the C1T(A) on the mens rea reflected in the conduct of the assessee does not survive with usual force, since the judgment of the Hon'ble Supreme Court in the case of Union of India & Others Vs. Dharmendra Textiles Processors & Ors., 306 1TR 277. ...

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