"23 January 2011" Archive

The percentage of female and male candidates passed in PE-II, PCE and IPCE and list of toppers

Chartered Accountants Professional Education Examination-II(PEE-II), Professional Competence Examination (PCE) & Integrated Professional Competence Examinations(IPCE) held in May-2010 The details of percentage of female candidates passed in the above said examinations are given below: EX...

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Posted Under: CA, CS, CMA |

No substantial question of law would arise especially in a situation where a finding of fact is not demonstrated to be contrary to the evidence on the record

CIT Vs Scindia Investment Pvt. Ltd. (Bombay High Court)

Where it has not been established before the Court that there has been any failure on the part of the Commissioner(Appeals) or the Tribunal to take into consideration relevant and germane circumstances; consequently, it would not be appropriate or proper for this Court to substitute its own conclusion of fact for a conclusion which has be...

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It is not permissible for the Assessing Officer to place himself in the position of the management of the assessee and take it upon himself to decide how much would be a reasonable expenditure for a particular business purpose

CIT Vs. Micromatic Machine Tools P. Ltd. (Delhi High Court)

While dismissing the appeal filed by the Revenue, it was noted by the Tribunal that nothing had been brought on record, by the Assessing Officer, to suggest that the expenditure was not incurred for the business purpose of the assessee. In the opinion of the Tribunal, if somebody, other than the assessee, benefited from the expenditure in...

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Merely by carrying out processing which result into same commodity, there will not be any manufacturing or production for purpose of section 10B

Tonira Pharma Ltd. Vs. ACIT (ITAT Ahemdabad)

The undisputed fact now is that assessee has imported ascorbic acid FCC grade-iv and after undergoing some processing has made ascorbic acid IP. In the processing the assessee is using certain other chemicals, such as methanol and sulphuric acid for the purpose of cleaning and removing iron and lead contents, if any. The fine grade of asc...

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Notice u/s 143(2) served after the expiry of limitation of time not valid

Servite Sisters Society Vs. ACIT (ITAT Indore)

The notice u/s 143(2) served after the expiry of limitation of time is not valid and the assessment passed in pursuance of an invalid notice is illegal and void. Section 143(2)(ii) clearly stipulates service of notice and not issuance of notice....

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If a Municipality is not notified by the Central Government, the agricultural land falling therein cannot be treated as capital asset by taking the distance from the limits of other Municipality

Srinivas Pandit (HUF) Vs. ITO (ITAT Hyderabad)

Since Rajendra Nagar Municipality is not notified by the Central Government, the agricultural land falling therein cannot be treated as capital asset by taking the distance from the limits of Hyderabad Municipality....

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Indian Retail – Reason behind fall of Subhiksha and Vishal!

The Indian retail industry has been riding a wave for the last couple of years. According to a latest report, retail sales are expected to rise from US$ 343 billion currently to US$ 543 billion. Reliance Fresh, Subhiksha, Vishal Retail, Spencer’s, More, Big Bazaar and many more have entered India since the modern format retail concept ...

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Posted Under: CA, CS, CMA |

Renting of Immovable Property-There shall be no recovery of service tax from the service provider in respect of renting of immovable property alone

Home Solutions Retails Ltd. Vs. UOI (Delhi High Court)

In this writ petition there is a challenge to section 65(105)(zzzz) of the Finance Act, 1994 inasmuch as it purports to levy service tax on the renting of immovable property to be used for commercial / business purposes. This provision has been recently amended by the Finance Act, 2010 with retrospective effect from 1-6-2007....

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If book results are not rejected, AO has no alternative except to accept the book results

Jai Pulse Mills VS. ITO (ITAT Ahemdabad)

We find that at the time of survey the sample processing was carried out and according to the sample processing, the bi-products consists of chuni, dust, waste, etc. which comes to 8.46% and the books of account reflected the waste and bi-products at 10%. We find from the facts that out of 100 kg. of mug the production of mugdal is 90 kg....

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Mere disclosure of any income or loss without disclosing particulars of income or loss cannot be said to be a full and true disclosure of facts for determining total income under IT Act

Survidhi Financial Services Ltd. Vs. ACIT (ITAT Delhi)

Merely because the assessee is not required to disclose the particulars of sale and purchase of units in audit report obtained under the Companies Act, it cannot be a bona fide reason or an excuse for not disclosing the same in the statement of accounts or any annexure filed along with the return of income for the purpose of determining t...

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