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Archive: 05 August 2011

Posts in 05 August 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6459 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

RBI’s Monetary Policy Stance Aims to Maintain an interest Rate Environment that Moderates Inflation and Anchors Inflationary Expectation

August 5, 2011 420 Views 0 comment Print

The RBI’s monetary policy stance aims to maintain an interest rate environment that moderates inflation and anchors inflationary expectation. While cost of borrowing goes up, on balance lower levels of inflation would provide greater relief to the common man. On an ongoing basis, Government has been providing interest subventions for key sectors of economy and sections of the society.

Whether when assessee files loss return, Revenue’s appeal is not sustainable on the ground of tax effect being Nil or lower than the monetary limit fixed by the Board ?

August 5, 2011 550 Views 0 comment Print

CIT Vs B D Patel Quarry Works Private Limited (Gujrat High Court)- Appeal filed by the revenue would not be barred by the Board’s circular even if the assessee files a loss in the return on the ground of the tax effect being “Nil” or lower than the monetary limit fixed by the Board and, in such cases, the notional tax effect should be taken into account.

While invoking the provisions of s 40A(2), the reasonableness of expenditure for the purposes of business has to be judged from the point of view of a businessman and not that of the revenue and after considering the nature of the business

August 5, 2011 913 Views 0 comment Print

Hive Communications Pvt. Ltd. Vs CIT (Delhi High Court) – It is not for the Assessing Officer to dictate what the business needs of the company should be and he is only to judge the legitimacy of the business needs of the company from the point of view of a prudent businessman. The benefit derived or accruing to the company must also be considered from the angle of a prudent businessman.

dditional Director of Income Tax (Investigation) is duly authorised to issue warrants of search in view of the retrospective amendment of s 132(1)

August 5, 2011 474 Views 0 comment Print

CIT Vs Prem Gandhi (Delhi High Court) – In view of the amendment to section 132(1) of the Income Tax Act which has retrospective effect from 1.6.1994, Additional Director of Income Tax (Investigation) is duly authorised to issue warrants of search. Thus, the impugned order passed by the Tribunal is set aside and the matter is remitted back to the Tribunal to decide the appeal of the respondent herein on merits.

Deduction U/s. 36(1)(vii) allowable if amount was advanced in the ordinary course of business

August 5, 2011 681 Views 0 comment Print

All Grow Finance and Investment Pvt Ltd v CIT (Delhi HC) If the debt is not advanced in the ordinary course of business, it would not qualify for deduction as a bad debt. We are of the view that the only condition laid down in second part of sub-section (2) of Section 36 of the Act is that the amount should be advanced in the ordinary course of business which by itself proves its revenue nature and no further conditions are required to be satisfied which are only applicable with regard to debt qualifying as bad debt in the first part of sub-section (2).

Collecting jewellery of 906.900 grams by a woman in a married life of 25-30 years could not be treated as excessive

August 5, 2011 2983 Views 0 comment Print

Whether the order of the Ld. ITAT is perverse in holding that the entire jewellery found during the search belonged to the appellant and not his wife and was undisclosed income of AY 2006- 07 without any evidence?

Whether issue of notice u/s 143(2) is mandatory for assessment u/s 153A?

August 5, 2011 4866 Views 0 comment Print

Ashok Chaddha Vs ITO (Delhi High Court)- The words “so far as may be” in clause (a) of sub section (1) of Section 153A could not be interpreted that the issue of notice under Section 143(2) was mandatory in case of assessment under Section 153A. The use of the words, “so far as may be” cannot be stretched to the extent of mandatory issue of notice under Section 143(2).

Notification No. 70/2011-Customs, Dated-5th August, 2011

August 5, 2011 441 Views 0 comment Print

Notification No. 70/2011-Customs The anti-dumping duty imposed shall remain in force for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of this notification in the Official Gazette and shall be payable in Indian currency.

Online transmission of DES (Advance Authorization), EPCG and DEPB at Air Cargo Complex, Cochin location w.e.f. 08.08.2011

August 5, 2011 796 Views 0 comment Print

As and when Customs (CBEC) have conveyed their readiness to implement on-line message exchange between Customs and DGFT, Policy Circulars have been issued from time to time by DGFT indicating the names and Port Codes of such Customs Ports where EDI facility would be available. Such Policy Circulars are listed below.

Standing Committee on Commerce Invites Suggestions of Public on 'Performance of Plantation Sector – Tea and Coffee Industry'

August 5, 2011 441 Views 0 comment Print

The Department Related Parliamentary Standing Committee on Commerce, headed by Shri Shanta Kumar, M.P. has taken up the subject of Performance of Plantation Sector – Tea and Coffee Industry for examination and report. For wider consultations, the Committee invites views/suggestions/comments from experts/institutions/organisations interested in the subject matter.

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