"01 March 2012" Archive

While rejecting registration u/s. 12A If CIT founds objects in MOA as non charitable he has to mention which objects he found non charitable

M/s Ganeshee Lal Education Society V/s. Commissioner of Income Tax (ITAT Delhi)

In the instant case, indisputably the society is running a school since 2003 and has been continuously allowed exemption u/s 10(23C)(iiiad) of the Act. Ignoring these aspects, the ld. CIT in the impugned order rejected the request for registration while observing that the society did not place before him or the Addl. CIT, original instrum...

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Unless a non-resident earns income from business operations carried out in India, such income cannot be deemed as accruing or arising in India

M/s. UPS SCS (Asia) Limited Vs. The Asstt. Director of Income Tax (ITAT Mumbai)

Explanation below section 9(2), as relied on by the ld DR, requiring inclusion of income in the total income of the non-resident whether or not the non-resident has a residence or place of business or business-connection in India or the non-resident has rendered services in India, is applicable only in respect of clauses (v) to (vii). Cla...

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S. 80HHC -Sale value less face value of the DEPB will represent profit on transfer of DEPB

Assistant Commissioner of Income Tax V/s M/s Mayfair International (ITAT Mumbai)

Issue involved in the present case is no more res integra and is covered by the decision of the Hon’ble Apex Court in the case of Topman Exports V/s CIT (supra) wherein it has been held that not the entire amount received by the assessee on sale of DEPB, but the sale value less the face value of the DEPB will represent profit on transfe...

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Share Application money cannot be regarded as undisclosed income under S.68

Income Tax Officer Vs. M/s. Pacific Apparels Limited (ITAT Kolkata)

Hon’ble Supreme Court’s decision in the case of CIT Vs. Lovely Exports [216 CTR 195] wherein their Lordships observed Can the amount of share money be regarded as undisclosed income under Sec. 68 of I.T. Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by ...

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CIT(A) should admit and examine additional evidence submitted by the Assessee

Anita S. Katara Vs Income Tax Officer (ITAT Mumbai)

The contention that the provisions of section 56(1)(v) regarding the amount received from the relative was not there before Revenue authorities. Moreover it is to be established that the person who gifted money is assessee’s sister as claimed. It was also to be established that the said sister is working as Dentist in U.K. The audit cer...

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CIT(A) has no power to set aside any matter to the file of A.O.

Visura Trading & Investment (I) Ltd. Vs. Income Tax Officer, Wd-9(2) (ITAT Kolkata)

There is no dispute to the fact that as per sec. 251(1) of the Act, the ld. C.I.T.(A) has no power to set aside any matter to the file of ld. A.O. for fresh verification and adjudication. Therefore, considering the fact that some additional evidence was admitted by the ld. C.I.T.(A) and he has set aside some issues to the file of ld. A.O....

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MVAT Circular 4T of 2012 – Special measures for revival of sick/closed co-operative sugar factories in the state

VAT Circular 4 T of 2012 01/03/2012

VAT Circular 4T of 2012 - Special measures for revival of sick/closed co-operative sugar factories in the state - Download Notification...

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Revenue Intelligence Dept. unearthed duty evasion of Rs 50 crore

The revenue Intelligence department has detected duty evasion of 50 crore rupees in the imports of iron ore pellets at Kandla port. Officials said, seven leading Kutch-based steel manufacturing units are involved in the tax evasion....

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Posted Under: Income Tax |

Offence out of a failure comply with statutory rule and liability will continue until requirement is complied

Jiyuan Li Vs Registrar Of Companies (Delhi High Court)

Jiyuan Li Vs Registrar Of Companies (Delhi HC) Continuing offence is one which is susceptible of continuance and is distinguishable from the one which is committed once and for all. It is one of those offences which arises out of a failure to obey or comply with a rule or its requirement and which involves a penalty, the liability for whi...

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Income from installation of towers/antennas on building roof, display of hoardings on building top and parking space rent not income from House property

JMD Realtors (P.) Ltd. Vs. Deputy Commissioner of Income Tax (ITAT Delhi)

In the case of Mukherjee Estate P. Ltd. reported in 244 ITR 1, the Hon'ble Calcutta High Court has held that income on account of display of hoardings on the top of the building for advertisement purposes to display the advertisement is not an income from house property as hoardings do not form part of the building which is income from th...

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