"23 March 2012" Archive

4th Corrigendum to Notification No.12/2012-Cus dated 17th March, 2012

F.No.334/1/2012-TRU (23/03/2012)

CORRIGENDUM New Delhi, the 23rd March, 2012 In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Customs, dated the 17th March, 2012 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 185 (E), dated the 17th March, 2012, in t...

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Assessee entitled to deduction u/s.801C on amount disallowed u/s.40(a)(ia)

M/s. Meha Medicure Vs ITO (ITAT Mumbai)

It is undisputed fact that the appellant is an undertaking and is engaged in the manufacturing of article specified in Fourteenth schedule and in a specified category of states for which it is eligible for deduction u/s.80IC. Such an exemption has been allowed in the earlier years by the Assessing 0fficer himself i.e. for the Assessment Y...

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If liabilities are outstanding provisions of sec.41(1) not attracted

Income Tax Officer Vs M/s Surekha International (ITAT Mumbai)

We find that it is clear from letter dated 19-12-2009 that assessee has explained the position regarding liabilities in respect of three parties and even confirmation of M/s Surekha Overseas was filed. This reply clearly shows that the liabilities were still outstanding. Therefore, in our opinion, ld. CIT(A) has rightly held that since th...

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Terrace Letting Income is income from house property

M/s. Mahalaxmi Sheela Premises CHS Ltd. Vs Income Tax Officer (ITAT Mumbai)

On Appeal ITAT held that that the letting out of terrace has to be assessed under the head Income From House Property as against Income From Other Sources assessed by the Assessing Officer and also allow deduction provided under section 24 of the Act....

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Merely on the ground that local purchase bill or custom clearance receipt not produced, genuineness of gift cannot be disputed

Asst. CIT Vs Smt. Samina H. Khorakiwala (ITAT Mumbai)

In regard to jewellery found on person and in the bedroom of Smt. S.H. Khorakiwala, it was stated before the Assessing Officer that the same was received at the time of her marriage. The Assessing Officer accepted the confirmation of mother but the confirmation of NRI gifts from relatives was not accepted. He observed that whether they ha...

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Section 89(1) Salary Arrear Tax Relief Calculator

We have uploaded Calculator to calculate relief Under section 89(1) of the Income Tax Act, 1961 in respect of Arrears of salary received during the financial year 2011-12. The Calculator will calculate relief if any which Assessee can claim U/s. 89(1) in respect of salary received in Financial Year 2011-12 pertaining to years prior to th...

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Budget 2012 – Not Much for Capital Market

Union Budget 2012-13 could not lift the sentiment of the capital markets in India as the markets do not seem to be influenced or moved by the budget proposals, which are otherwise also not directly in favour of capital market. ...

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Posted Under: Custom Duty |

2nd Corrigendum to Notification No. 12/2012-CE dated 17th March, 2012

2nd Corrigendum to Notification No. 12/2012 (23/03/2012)

2nd CORRIGENDUM  New Delhi, the 23rd March, 2012       G.S.R.  (E).- In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 12/2012-Central Excise, dated the 17th March, 2012 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 163 (...

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Stay Application – AO should pass reasoned orders

M/s. Tata Toyo Radiators Private Limited Vs Union of India, Ministry of law and others (Bombay High Court)

In KEC International Ltd. v. B.R. Balakrishnan (2001) 251 ITR 158., the Division Bench emphasised the importance of reasoned orders being passed on the applications for stay. The Assessing Officers consistently refuse to follow the law laid down in the judgment of the Division Bench of this Court. The Assessing Officers and the Appellate ...

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While deciding stay Application AO Has To Be Fair To Assessee

Nishith Madanlal Desai. Vs. Commissioner of Income Tax (Bombay High Court)

Nishith Madanlal Desai vs. CIT (Bombay High Court) It was held that The power which is vested in the Assessing Officer under Section 220(6) and for that matter that which is conferred upon the CIT (Appeals) to grant a stay of demand is a judicial power. It is necessary for both the Assessing Officer as well as the Appellate Authorities ...

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