"July, 2011" Archive - Page 3

When deductions claimed by the assessee are debatable, rectification order u/s 154 cannot be passed

Transpek Si-lox Industry Ltd Vs Dy. CIT (ITAT Ahemdabad)

Transpek Si-lox Industry Ltd Vs Dy. CIT (ITAT Ahemdabad)- Mistake apparent from record must be obviously and patent and not something which can be established by a long drawn process of reasoning on points on which there may conceivably be two opinions. A decision on a debatable point of law is not a mistake apparent from the record as he...

Read More

When assessee has made surrenders in the previous years, then AO can not make addition by treating the cash deposited in banks as undisclosed

Mother son Jones Limited Vs Income Tax Officer (ITAT Delhi)

Mother son Jones Limited Vs ITO (ITAT Delhi)- Since the assessee has already surrendered Rs.30 lacs in the four assessment years, three of which are preceding assessment years and during relevant assessment year, the assessee has disclosed Rs. 6,30,000/-. ...

Read More

Derivative transaction entered prior to notification defining Recognised Exchanges is also eligible to be treated as non speculative transaction

ACIT Vs Hiren Jaswantrai Shah (ITAT Ahmedabad)

ACIT Vs Hiren Jaswantrai Shah (ITAT Ahmedabad)- Derivative transactions carried out through stock exchanges from 1 April 2005 to 25 January 2006, which are recognised by the notification issued by the CBDT on 25 January 2006, would be eligible for being treated as non-speculative transactions within the meaning of clause (d) of proviso to...

Read More

Rectification of an order does not mean deletion of the order originally passed and its substitution by a new order

Faridabad Investment Company Limited Vs CIT (Calcutta High Court)

Faridabad Investment Company Limited Vs CIT (Calcutta High Court)- Rectification of an order does not mean obliteration of the order originally passed and its substitution by a new order. In The present case, we are of the firm opinion that there was no scope of rectification in the case on the ground of error apparent on the face of the ...

Read More

Blending of different types of tea comes within the purview of the word ‘processed’ within the meaning of s 80HHC(3)(a) of the Act

Stewart Holl (India) Ltd. Vs CIT (Calcutta High Court)

Stewart Holl (India) Ltd. Vs CIT (High Court of Calcutta)- Court held that the different brands of tea which were mixed by the assessee in Nilgiri's case for the purpose of producing a tea mixture of a different kind and quality according to the formula evolved by them, there was plainly and indubitably processing of different brands of t...

Read More

Reasons are required to be recorded by the AO on valid material and an assessment cannot be reopened on mere assumptions

Weizmann Capital Ltd. Vs Asst. Commissioner of Income Tax (ITAT Mumbai)

Weizmann Capital Ltd. Vs ACIT (ITAT Mumbai)- The income, which the Assessing Officer initially formed a reason to believe had escaped assessment, has as a matter of fact, not escaped assessment, it is not open to the Assessing Officer independently to assess some other income....

Read More

For the levy of FBT, the application of s 115WC(2)(b) cannot be restricted only to the business relating to civil construction and it will cover the business activity of the assessee carried on

Innovative Steals Pvt. Ltd. Vs ITO (ITAT Delhi)

Innovative Steals Pvt. Ltd. Vs ITO (ITAT Delhi)- The word “construction” though mainly connected to the building but it includes within its ambit a bridge under construction building, erection, elevation, establishment, assembly, manufacture, fabrication. It also includes an impressive construction structure, building, edifice, assemb...

Read More

Depreciation on pre-operative expenses allocated to fixed assets is allowable under s 32 since expenses were incurred for setting up of fixed assets during the trial run

Cosmic Kitchen Pvt. Ltd. Vs ACIT (ITAT Delhi)

Cosmic Kitchen Pvt. Ltd. Vs ACIT (ITAT Delhi)- The only ground taken in this appeal, filed by the assessee, is that the learned CIT(A) erred in disallowing depreciation of Rs. 2,70,744/- in respect of pre-operative expenses allocated to fixed assets. It is also mentioned that he erred in holding that the expenses were revenue in nature an...

Read More

Only profit on the sale of the licence should be chargeable to tax under s 28(iiia) and not the profit which may come in the future on the sale of the licence

GKW Limited Vs Commissioner of Income Tax (Calcutta High Court)

GKW Limited Vs CIT (Calcutta High Court)- Only profit on the sale of the licence should be chargeable to tax under s 28(iiia) and not the profit which may come in the future on the sale of the licence....

Read More

Lokpal Bill government’s top priority,will be introduced in Lok Sabha by 3rd August 2011

The Union Parliamentary Affairs Minister Shri P K Bansal has said that The Lokpal Bill 2011 will be introduced in Lok Sabha by Aug.3. Speaking to the Media at the Parliament house the Minister said that the government has prepared a comprehensive Lokpal bill for the consideration and passing by both houses of Parliament. The Monsoon Ses...

Read More
Posted Under: Income Tax |

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031