"15 October 2011" Archive

Nature of expense not changes due to treatment of same in books of account

ACIT Vs. Parablic Drugs Ltd. (ITAT Delhi)

ACIT Vs. Parablic Drugs Ltd. (ITAT Delhi) - It has to be held that all of these expenditure were incurred by the assessee in the course of its business and none of the expenditure can be classified as expenditure in the nature of capital. The case law relied upon by the ld. AR supports the case of the assessee. Therefore, we found no inf...

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Payment of statutory liabilities/miscellaneous expenses, etc made by the assessee to the C & F agency not covered u/s 194C

The Assistant Commissioner Vs. M/s. P.P. Overseas (ITAT Mumbai)

ACIT Vs M/s P P Overseas (ITAT Mumbai) - Statutory liabilities such as customs duty, DEPB licence etc. which is actually the liability of the assessee and the receipt for the payment is issued by the concerned authority only in the name of the assessee. The C & F agents merely collected the payments from the assessee for payment to the c...

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HC rules on the meaning of full value when assets attached with liabilities are received by shareholders as proceeds from liquidation

Commissioner of Income Tax Vs Shri Nayan Arvind Shah (Bombay High Court)

CIT Vs Shri Nayan Arvind Shah (Bombay High Court)- Whether the value of the assets, for the purpose of computation of capital gains in the hands of the shareholders in respect of assets received from the liquidator of a company, should be taken at the fair market value (FMV) or at the FMV as reduced by the liabilities attached to it. It w...

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Section 40 (a) (ia) applies even in respect of amount paid & not merely payable to contractors

Valibhai Khanbhai Mankad Vs DCIT (ITAT Ahmedabad)

Valibhai Khanbhai Mankad vs DCIT (ITAT Ahmedabad) -Whether CIT(A) has erred in confirming the dis-allowance of Rs. 7,93,34,193/- u/s 40(a)(ia) on the ground that the assessee has filed Form No. 15J with CIT on 26.02.2009 instead of on or before 30th June, 2006 in as much the there is no failure to deduct tax at source under section 194C s...

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Stamp duty paid during the course of amalgamation and compensation paid to employees under VRS scheme is deductible as revenue expense

National Organic Chemical Industries Ltd. Vs Additional CIT (ITAT Mumbai)

These cross appeals are directed against separate orders of the CIT(A) relating to the assessment years 1998-99 and 1999-2000, respectively. The appeals arise out of the assessments made under section 143(3) of the Income tax Act, 1961. As they involve some common issues, they were heard together and are being disposed of by this common o...

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Disallowance u/s. 14A cannot exceed exempt income, No S. 14A Disallowance in the absence of nexus between exempt Income and Interest Cost

A.C.I.T. Vs. Punjab State Coop & Marketing Fed. Ltd. (ITAT Chandigarh)

ACIT Vs. Punjab State Coop & Marketing (ITAT Chandigarh)- The assessee has placed on record the details of investment along with the amount of investment in shares in five companies made by the assessee. On perusal of the said details reveal that majority of the investments were made prior to 1994 and on the said investments ...

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Assessee not eligible for deduction u/s. 80RRA if the technical services provided by the assessee are not approved by the Govt.

P.A. Chacko Muthalaly Vs ACIT (ITAT Mumbai)

P A Chacko Muthalaly Vs ACIT (ITAT Mumbai)- If the approvals of the technical services have not been granted, obviously then assessee is not entitled for deduction u/s. 80RRA. The Tribunal cannot go beyond its scope to hold that CBDT was not correct in refusing the permission for which assessee could have taken appropriate steps before th...

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Payment made by the assessee to the society as society maintenance expenses are not covered under section 194C

Mitsutor Shipping Agency Pvt. Ltd. Vs. DCIT (ITAT Mumbai)

Mitsutor Shipping Agency Pvt Ltd Vs DCIT (ITAT Mumbai)- The assessee was owner of the premises in which it was carrying on business. The assessee paid maintenance charges to the society of Apartment Owners. According to the AO the assessee ought to have deducted tax at source on the payment of maintenance charges to the society as the pay...

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Assessee not eligible for deduction u/s 80IB on the amount disallowed by AO due to delayed payment of employee’s contribution of P.F

ITO Vs Millennium Writing Products Pvt Ltd. (ITAT Kolkata)

ITO Vs Millenium Writing Products Pvt Ltd. (ITAT Kolkata) Deduction u/s. 80IB of the Act is available to an assessee whose gross total income includes any profits and gains derived from eligible business as specified in the section. Here the assessee is claiming deduction on an item of disallowance made by the Assessing Officer on accoun...

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When assessee has given his address in the e-return and the AO has also given TDS credit on the same, AO is not right in serving notice u/s 143(2) by affixting the same on some other address

DCIT Vs. Mascomptel (India) Ltd. (ITAT Delhi)

The revenue is in appeal against the order dated 03.09.2009 passed by ld. CIT(A) in the matter of assessment made by the Assessing Officer u/s 144 of the Income Tax Act, 1961 for the A.Y. 2006-07....

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