"April, 2012" Archive - Page 4

Despite Last Chance appeal should be adjourned if there is sufficient cause

M/s Mehru Electrical & Engg.(P) limited Vs The Commissioner of Income Tax, Alwar & Ors.. (Rajasthan High Court)

Ordinarily, it is not incumbent on the part of the Tribunal to adjourn the case again when a last opportunity had already been granted to the Counsel for assessee, however, there may be number of circumstances where adjournment becomes necessary, in the interest of justice. ...

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Whether Registration of Lease Hold Property in Family Member Considered as Benami Property

Sri Marcel Martins Vs M. Printer & Ors. (Supreme Court of India)

Sri Marcel Martins Vs M. Printer & Ors. (Supreme Court of India) SEVERAL MEMBERS OF FAMILY PROVIDING CONSIDERATION TO CONVERT LEASE PROPERTY INTO FREEOLD BUT REGISTRATION OF PROPERTY HELD ON THE NAME OF ONE PERSON’S NAME-WHETHER CONSIDERED AS BENAMI PROPERTY? BRIEF FACTS: Ms. SM was a tenant (Lessee) of a residential house owned by ...

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If recipient of services is required to pay service tax than provider of services not required to pay

Raj Ratan Castings Pvt. Ltd Vs Commissioner Cus. & C. Ex, Kanpur (CESTAT Delhi)

The appellant/assessee is a distributor of mutual fund units and receives commission from mutual fund companies or asset management companies. The commission received by the appellants from the said companies stand taxed by the authorities below on the ground that they have provided Business auxiliary services to the mutual fund company. ...

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Monetary Policy Statement 2012-13 – Exposure to Housing, Real Estate and Commercial Real Estate – Primary (Urban) Co-operative Banks

RBI/2011-12/525 UBD.BPD. (PCB). Cir. No.31/13.05.000/2011-12 26/04/2012

Please refer to our Circular UBD.BPD.(PCB). Cir. No.47/13.05.000/2010-11 dated May 11, 2011, on the above subject, advising UCBs that their exposure to housing, real estate and commercial real estate loans should be limited to 10 percent of their total assets which could be exceeded by an additional 5 percent of total assets for housing l...

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S. 80-IB – Deduction allowed for manufacturing not for processing

Venkateswara Feeds & Feeds Vs ACIT (ITAT Hyderabad)

One has to examine the stages through which the mash feed is converted into pellet feed. In deciding the issue whether there had been any manufacture of pellet feed. It was to be held that there had been only processing while the production of pellet feed was done by following various stages, namely, (i) batch weighing, (ii) grinding, (ii...

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Whether section 127(2) transfer order is invalid for want of reasons referred to Full Bench

Millennium Houseware Vs Commissioner of Inome Tax (Gujarat High Court at Ahmedabad)

Whether the decision of the three-judge-bench of the Supreme Court in the case of Ajantha Industries reported in [1976] 102 ITR 281 so far as it lays down the law that the requirement of recording reasons under section 127(1) of the Income tax Act is a mandatory direction under the law and non-communication thereof is not saved by showing...

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Section 10A / 10B deduction allowable without set off of losses of non-eligible units

The Commissioner of Income Vs Black & Veatch Consulting Pvt.Ltd. (Bombay High Court)

Section 10A is a provision which is in the nature of a deduction and not an exemption. This was emphasised in a judgment of a Division Bench of this Court while construing the provisions of Section 10B in Hindustan Unilever Ltd Vs. Deputy Commissioner of Income Tax 2. (2010) 325 ITR 102 at para 24. ...

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Till 6-7-2009 refund would be governed by conditions under the Notification No. 41/2007, dated 6-10-2007

Internation Agriculature Processing (P) Ltd Vs Commr. of C. EX. (S.T.), MADURAI (CESTAT Chennai)

In respect of exports made from 14-5-2009 till 6-7-2009, the grant of the refund would be governed by the conditions under the previous Notification No. 41/2007, dated 6-10-2007. For the remaining period, refund would be governed by the new Notification No. 17/2009, dated 7-7-2009. The conditions prescribed in the two notifications are s...

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Related Party Transactions & Legal Provisions

In this article an attempt has been made to make a analysis of provisions under different laws relating to Related Party Transactions. An awareness of various provisions is very much required so as to take adequate care while entering into related party transaction and disclosing the same in the Financial Statements....

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Posted Under: Income Tax |

Ordinary profits’ referred to in Section 80IA is different from ‘ALP’

Weston Knowledge Systems & Solutions (India) Pvt. Ltd., Vs The Income Tax Officer (ITAT Hyderabad)

The Tribunal placed reliance on the Chennai Tribunal ruling in the case of Tweezerman (India) Private Limited v. Addl. CIT, [2010] 4 ITR (Trib.) 130 (Chennai) which ruled that provisions of Section 80-IA(10) of the Act do not give an arbitrary power to the AO to determine the profits of the taxpayer. It is incumbent on the AO to show how ...

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