"05 August 2011" Archive

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

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 ke...

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Posted Under: Fema / RBI |

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 ?

CIT Vs B D Patel Quarry Works Private Limited (Gujarat High Court)

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 ...

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Depreciation to be allowed on assets even if cost fully allowed as application of income under section 11

CIT Vs Market Committee, Tohona (Punjab and Haryana High Court)

Depreciation on the capital assets was allowable even when capital expenditure on the acquisition of the corresponding assets had already been allowed as ‘application of income’for the purpose of allowing the exemption under s 11....

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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

Hive Communications Pvt. Ltd. Vs CIT (Delhi High Court)

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 c...

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

CIT Vs Prem Gandhi (Delhi High Court)

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 bac...

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

All Grow Finance and Investment Pvt. Ltd. Vs CIT (Delhi High Court)

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 co...

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

Ashok Chaddha Vs ITO (Delhi High Court)

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?...

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

Ashok Chaddha Vs ITO (Delhi High Court)

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 ...

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Renting of Mobile Towers liable to VAT, not service tax

Essar Telecom Infrastructure (P.) Ltd. Vs Union Of India (Karnataka High Court)

Essar Telecom Infrastructure (P.) Ltd. Vs Union Of India (Karnataka High Court)- Facility of providing mobile telephone towers for various service provider - Referring to various judgements of the Apex Court and other courts, petitioner's counsel contended that petitioner has already remitted the entire service tax due to the Centre. ...

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

Notification No. 70/2011-Customs 05/08/2011

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....

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