"17 May 2012" Archive

Deduction u/s 80HHC under provisions of S.115JB will be limited to relief certified by CA

ACIT Vs. Flex Foods Ltd. (ITAT Delhi)

If the dichotomy between eligibility of profit and deductibility of profit is not kept in mind then section 115JB will cease to be a self-contained code. In Section 115JB, as in section 115JA, it has been clearly stated that relief will be computed u/s 80HHC (3)/(3A), subject to the conditions under sub-sections (4) and (4A) of that Secti...

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Rule 8D prospective and applicable on and from the A.Y. 2008-09

M/s. Global Aviation Services P. Ltd. Vs. The Asstt. Commissioner of Income-Tax (ITAT Mumbai)

A.O. has applied Rule 8D holding that Rule 8D is retrospective in nature. It is now settled that Rule 8D is prospective and is applicable on and from the A.Y. 2008-09. We direct the A.O. to recalculate the disallowance, if any, without applying Rule 8D on the dividend income shown at Rs..4,00,039/-. The A.O. is further directed to verify ...

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80G approval to be valid in perpetuity even if assessee files an application for renewal

Vishav Namdhari Sangat Vs CIT (ITAT Chandigarh)

Approval u/s. 80G once granted shall continue to be valid in perpetuity unless and until a show-cause notice is issued by the concerned CIT showing his intention to withdraw already granted such approval. ...

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Due Date for payment of Employee Provident Fund (EPF)

Due date for payment of Provident Fund contributions is 15 days from the end of month in which wages are paid (plus grace period of 5 days). Thus, if wages pertaining to April' 2012 is paid on, say, 7th May' 2012, due date for payment of Provident Fund contribution is 20th June' 2012 [i.e. 15th June' 2012 as increased by grace period of 5...

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Posted Under: Income Tax | ,

Expense on Foreign Tours not out of business exigency not allowable

Peerless General Finance & Investment Co. Ltd. Vs Commissioner of Income-tax (Calcutta High Court)

In order to claim deduction the assessee has to prove by adducing cogent evidence that it was incurred on account of business activities of the company. It appears as rightly pointed out by the respondent that despite opportunity being given, it could not produce any materials that such foreign tour was undertaken in relation to the busin...

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Baba Ramdev’s trust to Pay Tax on manufacture and sale of medicines

Yoga guru Baba Ramdev's trusts have been told they owe the government Rs. 58 crore in taxes against their income, largely from the sale of ayurvedic medicines. The Income Tax Department has calculated the taxes against an income of Rs. 120 crore from commercial activities. ...

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Posted Under: Income Tax |

Provisions of Section 14A & Rule 8D constitutionally valid

Centrum Capital Limited Vs. The ACIT (ITAT Mumbai)

Disallowance under section 14A has to be made in accordance with the principle laid down by the Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg.Co.Ltd. Mumbai. Vs. Dy. Commissioner of Income . Rule 8D should not be applied and the AO has to adopt a reasonable basis or method consistent with all relevant facts and circumstanc...

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CS Students Can Download Admit Card For June 2012 Examination after 19th May 2012

Attention Students: Please Download Your Admit Card For June 2012 Session Of Examination after 19th May 2012...

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Posted Under: Income Tax |

Mere Disallowance of Expense not a ground to proceed u/s 271(1)(c)

Tara Jewels Export Pvt. Ltd. Vs. Deputy Commissioner of Income Tax (ITAT Mumbai)

The law stands very well settled by the Hon’ble Apex Court in the case of CIT vs. Reliance Petroproducts (P.) Ltd., (supra) that merely disallowing a claim of deduction raised by the assessee is not a ground to proceed u/s 271(1)(c). For penalty, it has to be either a case of furnishing of inaccurate particulars, concealment of income o...

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Reporting by the Statutory Auditors on Accounting for Liabilities Arising on Dismantling of Indian Motor Third Party Insurance Pool

As the members are aware, the Insurance Regulatory and Development Authority (IRDA) had vide its Order No. IRDA/NL/ORD/MPL/277/12/2011 dated 23rd December 2011 had directed the dismantling of the Indian Motor Third Party Insurance Pool (IMTPIP) with effect from 31st March 2012....

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Posted Under: Income Tax |

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