"16 October 2011" Archive

Penalty can be levied for Non Furnishing of correct particulars of income

Shri Pankaj Rathi Vs Commissioner of Income Tax (Appeals), XXXVII (Calcutta High Court)

Shri Pankaj Rathi Vs CIT (Calcutta High Court) - It is obvious that it must be shown that the conditions under Section 271 (1)(c) must exist before the penalty is imposed. There can be no dispute that everything would depend upon the Return filed because that is the only document, where the assessee can furnish the particulars of his inco...

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Assessee is entitled to deduction for society charges for the property given on rent

Shri Saif Ali Khan Vs. Asst. Commissioner. of Income Tax (ITAT Mumbai)

Saif Ali Khan Vs ACIT (ITAT Mumbai) -With regard to the deduction of Society charges, we find that it has also been disallowed by the AO on the ground that since a flat amount of 30% of annual value is allowed, no other deduction is allowable. However, we find that sec. 24(a) reads as under B...

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Revisional power under Section 263 of the Act cannot be exercised even if there is inadequate enquiry on the part of AO

Vodafone Essar South Ltd. Vs. Commissioner of Income Tax (ITAT Delhi)

Vodafone Essar South Ltd. Vs. Commissioner of Income Tax ITAT Delhi I.T.A. No. 3238/Del/2009 A.Y. : 2004- 05 ORDER This appeal by the Assessee is directed against the order of the Ld. Commissioner of Income Tax (Appeals) dated 30.3.2009 pertaining to assessment year 2004-05. 2.  The grounds raised read as under:- “On the facts and ...

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Scrap not generated out of manufacturing activities carried out by assessee-Whether tax deductible under section 206C

Navine Fluorine International Ltd. Vs. ACIT (ITAT Ahemdabad)

Navine Fluorine International Ltd. Vs. ACIT (ITAT Ahemdabad)- The assessee was engaged in the manufacture of fluorine and other refrigerant gases. During the survey operation under section 133A it was noticed that the assessee had received payments on account of sale of scrap. The assessee company had not collected tax (TCS) at the time ...

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Loss of investment not allowable as business loss and for claiming an amount as bad debt conditions specified in section 36(2)(i) are required to be fulfilled

The Joint Commissioner of Income Tax Vs. M/s Video con Industries Ltd. (ITAT Mumbai)

JCIT Vs M/s Videocon Industries (ITAT Mumbai) - It is seen on perusal of the assessment records of assessment year 1999-2000 that the loss on sale of shares on SMS Pharmaceuticals has been declared as long term capital loss. This shows that the transaction in respect of the purchase and sale of shares of SMS Pharmaceuticals are nothing ...

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AO based on the report of the Inspector without giving an opportunity to the assessee to explain the alleged information, is not correct

S. K. Bothra & Sons, HUF Vs Income Tax Officer, Ward-46(3)

S K Bothra & Sons, HUF Vs ITO (Calcutta High Court) - When the assessee has discharged the initial burden to prove the loan transaction, the addition made by the AO based on the report of the Inspector without giving an opportunity to the assessee to explain the alleged information, is not correct.- In our view, equity and justice demand ...

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Disallowance for diverting interest bearing funds into tax-free income

Weikfield Products Co. (I) Pvt. Ltd. Vs. DCIT (ITAT Pune)

Dis-allowance on the ground that the assessee has diverted interest bearing funds into tax-free income can not be made where the assessee owes ample interest free funds on the date of investment....

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Interest under section 234C not leviable where the cheques were deposited in time but encashed after due dates

The Deputy Commissioner of Income Tax, LTU Vs Toyoto Boshoku Automotive (I) P. Ltd. (ITAT Bangalore)

DCIT Vs M/s Toyoto Boshoku Automotive (I) Pvt Ltd. (ITAT Bangalore)- By virtue of Board Circular No.261 dt.8.8.79 and the decision of the Supreme Court in the case of UCO Bank in 238 ITR 889, we find that it is a settled law that the date of presentation of the cheque should be treated as the date of payment of tax, inspite of the fact th...

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Retraction of statement cannot be made even without any strong supporting evidence and mere mention of ill health not sufficient to disprove the contents of nine month old statement

Shri Kantilal C. Shah Vs. The Asst. CIT Circle- 3 (ITAT Ahemdabad)

This is an appeal at the behest of the Assessee which has emanated from an assessment order passed u/s. 158BC/143(3) r.w.s.254 of the I.T. Act, 1961 dated 24.12.2008 and the grounds which have been argued before us are as follows:-...

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Govt committed to make RTI more effective – PM

The Prime Minister has asserted that the government is committed to making Right to Information more effective instrument for ensuring transparency and accountability in administration. Elaborating the need to strike a balance between request for information and limited time and resources available with public authorities, Dr. Manmohan Si...

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