"16 May 2012" Archive

If Section 263 order not survive then assessment order in pursuance to such order cannot survive too

Deputy Commissioner of Income Tax Vs. M/s Eastern India Powertech Ltd. (ITAT Delhi)

Hon’ble Jurisdictional High Court modified the order of the ITAT and, instead of order under Section 263 having been quashed by the ITAT, set aside the matter back to the file of the CIT for passing the fresh order under Section 263. However, the fact remains that at present the order under Section 263 passed by the CIT dated 31.12.2009...

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Rent to be charged as ‘Income from other sources’ if not chargeable to income tax as profit and gains of business or profession

M/s. Dolphin Adventure Sports Ltd. Vs. The Income Tax Officer (ITAT Mumbai)

Major source of income credited by the assessee company in the profit and loss account is Other Income of Rs. 3,00,000/- and Rent of Rs. 1,49,000/-. The assessee had not carried out any business activity in the current year nor the assessee has produced any evidences in support of its argument that it has actively pursuing its business ac...

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Depreciation allowed on capital expenditure on account of payment of customs duty

Assistant Commissioner of Income Tax Vs. Orient Ceramics & Industries Ltd. (ITAT Delhi)

Directions issued by the Customs Department, the payment of customs duty has been made though the same has been shown as advance or a note has been appended in the accounts for contingent liability. Therefore, in our view the Assessee has made the payment of customs duty only when the liability has accrued on it. Since the customs duty ha...

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Section 205A & 205C of Companies Act 1956 are not violative of Article 14 of Constitution

Nivedita Sharma Vs Ministry of Corporate Affairs & Ors. (Delhi High Court)

Reading of the judgment dated 07.7.2011 rendered in the earlier writ petition, it becomes clear that the petitioner had challenged the vires of Section 205A and 205C on the ground that these provisions were arbitrary and violative of Article 14 of the Constitution. It was also argued that these provisions could not be given retrospective ...

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Stay against Income Tax Demand if Assessee not produced his Present financial position?

Mr. Nalin P. Shah Vs. Addl. Commissioner of Income Tax (ITAT Mumbai)

These two stay applications are connected and issues are similar. These stay applications are preferred by assessees on the issue whether the long term capital gains and short term capital gains offered should be treated as business income or profession....

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Confession of co-accused u/s. 108 Customs Act not admissible if he is not jointly tried with Petitioner

Krishan Vs R.K Virmani, Air Customs Office (Delhi High Court)

A confession of the co-accused is admissible only under Section 30 of the Evidence Act. One of the essential requirements of the said provision is that the two accused should be tried jointly. Since the confession of the co-accused is not admissible as he is not being jointly tried with the Petitioner and besides this piece of evidence th...

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Appeal dismissed for Non-Prosecution can be recalled on pray for recall

Ms. Sangeeta Singh Vs. Income tax Officer (ITAT Delhi)

There was no communication or information as to why the revenue chose to remain absent on that date. The Tribunal on the basis of inherent powers, treated the appeal filed by the revenue as un-admitted in view of the provisions of Rule 19 of the Appellate Tribunal Rules, 1963. The assessee, if so desired, shall be free to move this Trib...

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In the absence of cooperation from Assessee CIT (A) can adjudicate appeal on merits

Fine Properties Pvt. Ltd. Vs. ITO (ITAT Delhi)

We have carefully considered the rival submissions in the light of the material placed before us. We have also gone through the order passed by the learned CIT (A). It is observed that learned CIT (A) has dismissed the appeal filed by the assessee in limine without considering the merits of the issues raised in the appeal filed by the ass...

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Assessee entitled to depreciation @ 60% on the computer & computer peripherals

DCIT Vs. Easy Bills Ltd. (ITAT Delhi)

The return of income in the present case was filed at a loss of Rs.19,03,733/-. The only addition made to that loss is regarding depreciation claimed on computers which is granted by the Assessing Officer @15% as against the claim of the assessee of 60% and excess depreciation claimed by the assessee has been computed at Rs.66,15,933/-. L...

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NSE byelaws, rules and regulations would prevail over the Limitation Act, 1963

Debjyoti Gupta Vs Indiabulls Securities Ltd & Anr (Delhi High Court)

NSE byelaws, rules and regulations would have statutory force. These statutory byelaws were brought into effect with the approval of the Securities Exchange Board of India (‘SEBI’) under Section 9 of the Securities Contract (Regulation) Act, 1956. The said bye-laws would prevail over the Limitation Act, 1963....

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ITO to Undergo 3 Years Imprisonment in Disproportionate Assets Case

The Special Judge for CBI Cases, Bhopal has convicted Shri S.K.Soni, the then Income Tax Officer, Bhopal U/s 13(2) r/w 13(1)(e) of PC Act and sentenced him to undergo three years Rigorous Imprisonment with a fine of Rs.35 lakh in disproportionate assets case. A case was registered on 13/09/1999 against Shri S.K.Soni, the then Income Tax O...

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Posted Under: Income Tax |

Return is only document where assessee can furnish his income details

PEL Holdings Pvt. Ltd. Vs Income Tax Officer (ITAT Mumbai)

Hon’ble Supreme Court in the case of CIT vs Reliance Petro Products Pvt. Ltd reported in 322 ITR 0158(SC). has clearly held that the return of income is the only document where the assessee can furnish his particulars of income, where as in the instant appeal, the appellant company has not disclosed the receipt of premium received on re...

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Increase in Number of Tax Payers

The number of effective income tax assesses as well as the number of registered Central Excise and Service Tax assesses during the years 2006-07 to 2010-11 are as under:...

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Posted Under: Income Tax |

Preventive Measures to Control Crime Against Women

Ministry of Home Affairs has sent a detailed advisory to all State Governments/UTs, wherein they have been, inter-alia, advised to adopt appropriate measures for swift and salutary punishment to the persons found guilty of violence against women and children, improve the quality of investigations, minimize delays in investigations of crim...

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Posted Under: Income Tax |

FTP – Port Codes allotted to 58 SEZs

Policy Circular No.64 (RE-2010) /2009-14 (16/05/2012)

Policy Circular No.64 (RE-2010) /2009-14 Director General (Systems) have accorded SEZ port codes to the following 58 SEZs which have been uploaded on DGFT’s website...

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FTP – Export of Sugar – DGFT Modifies Circular within 2 days

Policy Circular No. 63 (RE-2010)/2009-14 (16/05/2012)

Policy Circular No. 63 (RE-2010)/2009-14 (i) The application for issue of RC can be for an amount upto a maximum quantity of 25,000 MT (Twenty five thousand metric tons). Earlier this limit was 10,000 MT per RC. [Please refer Para 3 of Policy Circular No. 62(RE-2010)/2009-14 dated 14.05.2012]....

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Extension Of Time Limit To Process Application For Recognition Of EPF Organisation

Rule 4 in Part A of the Fourth Schedule provides for conditions which are required to be satisfied by a Provident Fund for receiving or retaining the status of "recognized provident fund". One of the requirements of rule 4 [clause (ea)] is that the establishment shall obtain exemption under section 17 of the Employees' Provident Funds and...

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Posted Under: Income Tax |

Professionals to Pay Service Tax @ 12% for Invoice Raised before 01.04.2012

Up to 31.03.2012, if the following 8 services provided by individuals or proprietary firms or partnership firms then these services shall be deemed to have been provided on the date on which payment is received:...

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Posted Under: Income Tax | ,

Amendments Proposed in Provisions Relating to GAAR

The following government amendments have been proposed in the provisions relating to General Anti-Avoidance Rules (GAAR) contained in the Finance Bill 2012. i) To remove the onus of proof from the tax-payers to the Revenue Department before any action can be initiated under GAAR. ii) To introduce an independent member, not below the rank ...

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Posted Under: Income Tax |

Conversion of EEFC balances into rupee balances will only be applicable to available balances in EEFC account

RBI/2011-12/564 A.P. (DIR Series) Circular No. 128 (16/05/2012)

Based on various queries received from Authorised Dealers, it is clarified that the conversion of the EEFC balances into rupee balances will only be applicable to available balances in the EEFC account which may be arrived at by netting off earmarked amounts on account of outstanding forward / option contracts booked before May 10, 2012. ...

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Handling of Cargo in Customs Areas Regulations, 2009 – Amended

Notification No. 43/2012-Customs (N.T.) (16/05/2015)

Notification No. 43/ 2012-Customs (N.T.) 1. (1) These regulations may be called the Handling of Cargo in Customs Areas (Amendment) Regulations, 2012. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Handling of Cargo in Customs Areas Regulations, 2009, (hereinafter refer...

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MVAT Notification for Schedule D, Entry 5 and 10

Notification No. VAT. 1511/C.R. 142(1)/Taxation-l (16/05/2012)

In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends Schedule 'D' appended to the said Act, with effect from the 1st June 2012, as follows, namely :— ....

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MVAT – Schedule Appended to Schedule Entry D-5 & D-10

Notification No. VAT. 1511/C.R.142(2)/Taxation-1 (16/05/2012)

In pursuance of the powers conferred by clause (a) of entry 5 of Schedule ‘D’ appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby notifies with effect from the 1st June 2012, the areas and the period as shown in column (2) and column (3), respectively of the SCHEDULE appended h...

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Transfers of ITAT Members (May 2012)

ORDER [NO. F-46-AD(AT)2012] (11/05/2012)

Vide Order dated 11.5.2012 passed in Pursuance of the consultations of the collegiums of the Income tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Income Tax Appellate Tribunal have been transferred,...

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Amendment to Scheme of Authority For Advance Ruling In Case of GAAR

The Finance Bill, 2012 as passed by the Lok Sabha amends Sections 245N and 245R wef April 1, 2013. After the amendment any person (resident or non-resident) may make an application to AAR for determination by it whether an arrangement, which is proposed to be undertaken by him/it, is an impermissible avoidance agreement as referred to in ...

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Posted Under: Income Tax |

If facts are same then ITAT has to its follow its earlier decision

DCIT Vs. Dynamic Consultant Pvt. Ltd (ITAT Delhi)

The assessee is a company engaged in management consultancy, implementation of internal controls, system audits, arranging finance from financial institutions and financing and advisory services in the capital markets. It is also doing NBFC business and is a Non-banking Finance Company registered with the Reserve Bank of India and is enga...

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CA student Commit Suicide on failure in Exam

A girl student allegedly committed suicide by hanging herself with a ceiling fan after she remained unsuccessful in Chartered Accountant (CA) exams in Kathua district of Jammu and Kashmir. ...

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Posted Under: Income Tax |

Merely because there was no evidence of denial or rebuttal, the plaintiff’s case could not be held to have been proved

C.N. Ramappa Gowda Vs C.C. Chandregowda (Dead) by LRs. ANR. (Supreme Court of India)

High Court was legally justified in setting aside the judgement and decree of the trial court and allowing the appeal to the limited extent of remanding the matter to the trial court for a de-novo trial after permitting the defendant-respondent to file the written statement. The appeal consequently stands dismissed....

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