"06 February 2011" Archive

There is nothing in language of section 13(1)(b) to suggest that an institution of mixed objects is precluded from getting registration under section 12AA

Rehoboth Mission Vs. DIT (Exemp) (ITAT Hyderabad)

Only a trust which is for religious purpose is excluded and debarred from registration under section 12AA; a trust whose object is charitable as well as religious is not debarred from registration....

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Depreciation cannot be allowed on membership card of Stock Exchange

Madhur Shares & Stock Pvt. Ltd. Vs. ACIT (ITAT Ahemdabad)

The onus lying on the assessee to prove the nature and source of the credit is not discharged if the creditors in whose names amount is standing in the books of the assessee denied to have any knowledge of such credits. It is for the assessee to bring to the A.O. Shri R.N. Parikh and furnish necessary evidence that in fact, it was he who...

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Assessment beyond a period of four years can not be re-opened where there is full and true disclosure of all material facts by assessee

Hindustan Petroleum Corporation Ltd. Vs. DCIT (Bombay High Court)

No action can be taken under the section 147 after the expiry of four years from the end of the relevant assessment year unless the income chargeable to tax has escaped assessment by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment for that assessment year...

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If assessee has made a full and true disclosure of all material facts for his assessment, action of re-opening assessment beyond a period of four years would stand barred

3i Info tech Ltd. Vs. ACIT (Bombay High Court)

Where the revenue has failed to establish before the Court that there was a failure on the part of the assessee to disclose fully and truly all the material facts necessary for the assessment, the exercise of the power to re-open the assessment beyond a period of four years of the end of the relevant assessment year would fail to fulfill ...

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A dress designer is an artist for purposes of section 80RR

CIT Vs. Tarun R. Tahiliani (Bombay High Court)

The work that the respondents perform is in the nature of a creative art and their work is neither subject to an order required from the Art Director nor from any of the artists. In performing their work, they have to bring to their work, their artistic ability, talent and a sense of perception for the purpose of production of drama invol...

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Donations out of 15 Percent accumulation permitted under section 11(1)(a) are not to be restricted by Explanation to section 11(2)

DIT (Exemption) Vs. Bagri Foundation (Delhi High Court)

The Assessee for the relevant year filed return declaring "Nil" income. He case though processed under Section 143(1) was selected for scrutiny. The Assessee had shown the gross total income for the relevant year as Rs.6,92,453/- and deducted therefrom the amount applied for charitable purposes to the extent of Rs.27,28,001/-. The Assesse...

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Determination of ALP- TNM Method requires comparison of net profit margins and not operating margins of enterprises

ACIT Vs. Wockhardt Ltd. (ITAT Mumbai)

For arriving at the above conclusion, strength is drawn from the decision of Mumbai `L' Bench of the Tribunal in the case of UCB India P. Ltd. v. ACIT [121 ITD 131 (Mum.)] where it was held that section 92C read with Rule 10B(1)(e) deals with Transactions Net Margins Method (TNMM) and it refers to only net profit margin realized by an ent...

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Ingredient about a bona fide claim is that assessee should be able to show or prove some intermediate steps in whole process of transaction

Goyal Industries Ltd. Vs. Dy. CIT (ITAT Ahemdabad)

Ingredient about a bona fide claim is that assessee should be able to show or prove some intermediate steps in whole process of transaction; if it is not able to give evidence in respect of any step in whole process of transaction then it can be said that explanation furnished by assessee is not bona fide and is nothing but a bald claim f...

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If assessee had claimed certain depreciation to which it was not entitled, recognition under section 80G cannot be denied

Shri Lalita Ashram Trust Vs. CIT (ITAT Delhi)

If the facts of the case are tested on the ratio of aforesaid decisions, in our considered opinion, the Id. Commissioner cannot deny renewal of registration on the ground that the assessee had claimed double deduction in respect of depreciation as well as capital expenditure i or had not applied the requisite income for the objects. If th...

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Mere making a claim which is incorrect in law not amounts to giving inaccurate particulars

Gujarat State Financial Services Ltd. Vs. ACIT (ITAT Ahemdabad)

Penalty proceedings- Mere submitting a claim which is incorrect in law would not amount to giving inaccurate particulars of income of assessee, but if claim besides being incorrect in law is malafide, Explanation 1 to section 271(1)(c) comes into play and work to disadvantage of assessee....

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