The Union Finance Minister Shri Pranab Mukherjee will leave for five days visit to US on the early morning of 21st September, 2011. On the first leg of his visit he will reach New York in the morning of 21st September and will address 8th Annual India Investment Forum Meeting where he will deliver the key note address on the theme of India’s Continuing Growth Story.
Inter-state sale or purchase of goods made in pursuance of a per-existing works contract and executed in such works contract, shall be deemed as sale or purchase in the course of inter-state trade and there cannot be any local deemed sales in such case, hence the deduction of such sale or purchase should be allowed while calculating local deemed sales.
Anjani Synthetics Ltd Vs Dy CIT (ITAT Ahemdabad)- The assessee’s Counsel did not dispute the Directors’ Report which states that the installed capacity of current and previous year is not ascertainable. It would, therefore, show that the management was aware of the fact that the installed capacity has not been enhanced even if some plant and machinery were purchased.
DCIT Vs M/s Intel Technology India Ltd. (ITAT Bangalore)- Assessing Officer has by referring to clause (iv) of Explanation 2 to section 10A of the Act, reduced telecommunication expenses/ lease lines charges from the export turnover but did not reduced such charges from the total turnover.
The Indian Hume Pipe Co. Ltd. Vs DCIT (ITAT Mumbai)- Composite water supply which includes manufacturing, supplying, laying, joining of pipeline and includes construction of pump house, delivery, commissioning of turbine pump sets, installation of booster mains, branch mains and elevator reservoirs cannot be termed as development of infrastructure facility as defined in explanation (c) to Section 80IA(4).
Synthetic Colour Chem Industries Vs DCIT (ITAT Mumbai)- The survey was conducted on 18.2.2005 when the loose papers being the pages 26, 27, 28, 29, 30 were found which had been duly signed by the partner of the assessee firm based on entries and based on the said papers the partner of the assessee had declared undisclosed income of Rs.1.05 crores.
Mrs. Asha Bharat Shah Vs ITO (ITAT Mumbai)- The Ld. Counsel submitted that the DVO has determined the fair market value of the property as on 1.4.1981 at 29.62 lakhs as against the value declared by the assessee at 43.10 lakhs.
Saraf Chemicals Ltd. Vs DCIT (ITAT Mumbai)- If the expenditure is made for the initial outlay or for the expansion of the business or a substantial replacement of the equipment, then it would fall under the capital expenditure.
The State Government has issued a Government Resolution referred above by which the waiver has been provided in respect of interest and penalty levied on the turnover of sales of soap except detergent not exceeding Rs.20 lacs made by handmade soap manufacturing units certified by KVIC or KVIB or the case may be for the period of 1st April 2005 to 31st March 2010.
Insilco Limited Vs CIT (Delhi High Court)- Honourable Tribunal has rightly given the aforesaid directions, which are nothing but pointing out what the AO was required to do under the law.
