"30 May 2012" Archive

Disallowance u/s 36(1)(iii)(proviso) applicable to extension of existing business and not to setting up altogether different or new business

Sheetal Drape (India) Ltd. Vs Additional Commissioner of Income-tax-4(3) (ITAT Mumbai)

The ld. counsel for the assessee contended that the ld. CIT(A) was not justified in sustaining the disallowance of interest for the reason that the assessee was already doing its business from a rented premises. The new office premises and godown were stated to have been added in the current year to carry on the same business. It has thus...

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Unused urban land held by assessee for industrial purposes not assessable to Wealth Tax for a period of two years from the date of acquisition

Mars Hotels & Resorts (P.) Ltd. Vs Deputy Commissioner of Wealth Tax (ITAT Mumbai)

Notification has permitted the development of the land only for hotel; therefore, after the said notification, the land in question cannot be developed other than hotel and there is no dispute on this point that the land was finally developed by constructing the hotel by the assessee. Even, the MCGB vide its letter dated 10.6.1994 has ack...

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Where assessee is payee and not payer, no question of its defaulting in TDS deduction u/s 194J arises

Piramal Healthcare Ltd. Vs Assistant Commissioner of Income-tax (TDS)(ITAT Mumbai)

It is necessary that the assessee or the person concerned liable to deduct and pay the TDS must be responsible for paying to a resident any sum, by way of fees for professional services, fees for technical services, royalty or any sum referred to in clause (va) of sec. 28. Whereas just contrary to the said conditions, in the instant case...

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Penalty Us/ 271D applies only when Assessee accepts cash Loan Exceeding Rs. 20,000/- from a person

Gopal Sarkar Vs Additional Commissioner of Income-tax (ITAT Kolkata)

Secs. 271C, 271D and 271E, which were inserted in the I T Act w.e.f. 1st April, 1989, by the Direct Tax Laws (Amendment) Act, 1987, provided for the levy of penalties for certain defaults. Penalty under s. 271C was levied for failure to deduct tax at source. Penalty under s. 271D may be levied for failure to comply with the provisions of ...

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Providing sports facilities to general public without restriction to any caste, creed, religion or profession eligible for exemption U/S. 11

Director of Income-tax (Exemption) Vs Goregaon Sports Club (Bombay High Court)

This Court had the occasion to consider similar issues in a Judgment delivered in the case of DIT (Exemption) v. Chembur Gymkhana [Income Tax Appeal No. 5568 of 2010, dated 13-2-2012]. This Court, following the law laid down by the Supreme Court, has held that the fact that the membership of the club is open to a section of the community ...

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Identity of donor & voluntary nature be established for treating a donation as corpus donation

Income-tax Officer, Ward-2, Sri Ganganagar Vs Smt. Vidyawanti Labhuram Foundation for Science Research & Social Welfare (ITAT Jodhpur)

To avail exemption under section 11(1)(d) in respect of Voluntary contributions made with a specific direction that they shall form part of the corpus of the trust/institution, identity of donor(s) must be established- If identity of donors not established, there is no question of the donations having been received with such a direction s...

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Claim of Assessee that he never received Notice not tenable if he attends on date fixed for hearing

Commissioner of Income-tax Vs Vision Inc. (Delhi High Court)

The only question that arises for our consideration is whether the notice issued on 30.12.2004 under Section 143(2) of the Act was validly served upon the assessee-firm on 31.12.2004 as claimed by the Assessing Officer. We proceed on the assumption that the notice was not served on either of the two partners of the assessee-firm and that ...

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SEBI – Exit Policy for De-recognized/ Non-operational Stock Exchanges

Circular No. CIR/MRD/DSA/14/2012 (30/05/2012)

EBI vide circular dated December 29, 2008 issued guidelines in respect of exit option to stock exchanges. The exit policy of aforesaid exchanges has been reviewed by the Board and the said Circular stands revised/modified to the extent as under....

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DGFT – Exemption for export of pulses to the Republic of Maldives

Notification No. 118 (RE-2010)/2009-2014 (30/05/2012)

Notification No. 118 (RE-2010)/2009-2014 73 MTs of pulses for the year 2012-13 and 80 MTs of pulses for the year 2013-14 to the Republic of Maldives would be permitted to be exported through MMTC Ltd....

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RBI- Uniformity in Risk weight for assets covering PPP and post COD projects

RBI/2011-12/581 DNBS.PD.CC.No.276/03.02.089/2011-12 (30/05/2012)

The Reserve Bank, vide its notification No.DNBS.233/CGM(US)-2011 dated November 21, 2011 viz; Infrastructure Debt Fund-Non-Banking Financial Companies (Reserve Bank) Directions, 2011 issued detailed guidelines with regard to regulation of IDF-NBFCs.In terms of the Guidelines,for the purpose of computing capital adequacy, IDF-NBFCs are per...

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Discounting Charges are Not Interest – SC

CIT Vs Cargil Global Trading I. P. Ltd (Supreme Court of India)

CIT V/s. CARGIL GLOBAL TRADING I. P. LTD. Payment of ‘interest’ presupposes borrowing of money or incurring of debt. Discounting of Bill of Exchange does not involve borrowing of money or incurring of debt. The Bill of Exchange were acquired by the purchaser at a discounted price and there was no debt or obligation incurred by the Ta...

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Expenditure on fully convertible debentures deductible

Commissioner of Income Tax Vs Havells India Pvt. Ltd. (Delhi High Court)

Expenditure on fully convertible debentures deductible, Export Sales Income Source cannot be said to be located or situated outside India . It is well settled that expenditure incurred in connection with the issue of debentures or obtaining loan is revenue expenditure. Reference in this connection may be made to the leading judgment of th...

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TDS deductor only liable for Interest & Penalty not for TDS

Jagran Prakashan Ltd. Vs DCIT (TDS) (Allahabad High Court)

Sec. 194H - Ad agencies are not agent of newspaper; hence TDS is not required to be deducted on commission paid to such agencies. Where tax has not been deducted at source, the short deducted tax cannot be realised from the deductor and the liability to pay such tax shall continue to be with the assessee direct, whose income is to be ch...

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CBDT launches Internship Programme in Foreign Tax

Internship Programme of Foreign Tax & Tax Research Division, Department of Revenue - The CBDT has launched an internship programme in the Foreign Tax & Tax Research Division. The objective of the programme is to enable the department to critically analyze various aspects of International Taxation, Transfer Pricing, Advance Pricing Agreem...

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Posted Under: Income Tax |

MVAT Notification for Extension of date for Entry 59 of Schedule A

Notification No. VAT. 1512/C.R. 62/Taxation-l (30/05/2012)

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 A appended to the said Act, as follows, namely:—...

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No Reassessment u/s 147/148 for Legal Error / Illegality in Original Assessment Order

Munjal Showa Ltd. Vs Deputy Commissioner of Income Tax (Delhi High Court)

The assessee had filed and furnished all details and particulars relating to the royalty payment including agreements, calculation and the approval before the Ld. AO during assessment proceedings. There was no failure on the part of the assessee to furnish true and correct all material facts. The facts were available before and were withi...

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HC allowed Migration of Student despite non payment of Fees

Rakesh Kumar Gupta Vs Registrar, University of Delhi and ANR (Delhi High Court)

In the counter affidavit filed by the respondent No.2/SOL, it is stated that the student is not entitled to any relief in the present petition for the reason that as per the rules of the respondent No.2/SOL contained in the prospectus, only a bonafide student of a college is entitled to migration to SOL and admittedly, the student had pai...

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Waste not, want not – New Rules to regulate e-Waste

NA (30/05/2012)

The Ministry of Environment and Forests (“MoEF”) has taken the first step towards reducing the alarmingly growing menace of pollutants from the information age. The E –Waste (Management and Handling) Rules, 2011 framed under the Environment Protection, Act 1986 were published on May 30, 2011 and have come into effect on 1st May 201...

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Networking Equipments Eliigible for Depreciation @ 60%

Dy. Commissioner of Income-tax Vs. M/s. Microsoft Corporation India Pvt. Ltd. (ITAT Delhi)

From the above note, it is clear that the above equipment primarily include the routers, switches, modems, etc. which are in the nature of input and output support devices which performs the functions including communication and control and, thus, they are computer hardware when they are used along with computer and when their functions a...

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Validity of Reopening u/s.147/148 on the basis of statement obtained during survey & retracted later?

Smt. M. Maheswari Vs. The Asst. Commissioner of Income Tax (ITAT Chennai)

When the statements made by the assessees here, later retracted, do not have any evidentiary value, there is no basis in holding that there are materials available before the Assessing Officer to make out cases of escapement of income. A reason must be formed by the Assessing Officer to reopen an assessment on the basis of material or in...

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Seeks to rescind Notfns. 09/2012, 10/2012, 11/2012, 18/2012 and 23/2012 – C.E

Notification No. 27/2012-Central Excise [G.S.R. 409(E).] (30/05/2012)

G.S.R. 409 (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby rescinds the following notifications of the Government of India in the Ministry of Finance (Department of...

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