"24 June 2012" Archive

Commission to working director-shareholder cannot be disallowed merely because assessee-company did not declare dividend

Coil Company (P.) Ltd. Vs ACIT (ITAT Delhi)

The plain reading of sec. 36(1)(ii) contemplates two situations. According to the first situation, any sum paid to an employee as a bonus or commission for services rendered would be allowed to the assessee. The second part exhibits the other condition that the deduction mentioned in the first situation could be allowed, if such sum would...

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No TDS u/s.194C in absence of contract between contractor & sub-contractor

Ratnakar Sawant, Dinesh N. Shah & Co. Vs ITO (ITAT Mumbai)

The assessee is solely responsible for executing the contract with the persons to whom he has given forklift vehicles on hire and it was only for fulfilment of this contract that he has also engaged the forklift vehicles from the outside parties. In case of hiring from outside parties the responsibility and the risk involved for performin...

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S. 80-IB(10) – Exemption cannot be denied if Assessee complied with conditions

CIT Vs Mystic Investments (Karnataka High Court)

Assessee owned only 38 guntas of land when he started the construction, he acquired an extent of 1,440 sq. ft. of land adjoining the said land, thus making the total land in which the project was put up, to 44,470 sq.ft. more than 43,480 sq.ft. which is prescribed under the law. The modified housing project was approved in the year 2001 a...

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Small service provider exemption under Not. No. 6/2005-ST is a statutory benefit & cannot be disregarded

Jay Travels Vs Commissioner of Service Tax (CESTAT Ahmedabad)

There being no dispute to the services rendered by the appellant under the category of Travel Agent Services, the benefit of notification which are there in the statute, should have been automatically be given to the assessee. Even in the absence of any such claim the benefit should have been granted to them. Be that as it may, the specif...

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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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Sec. 40A(2)(a) – Onus lies on department to prove excessive or unreasonable expense

DCIT Vs Spark Hotels (P.) Ltd. (ITAT Delhi)

In the instant case, there is nothing to suggest that the AO found the payment of remuneration to director excessive having regard to either (a) fair market value of the services or facilities; or (b) the legitimate needs of the business of the assessee; or (c) the benefits derived by or accruing to the assessee on receipt of such service...

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Company not eligible to bring rights issue till prohibitory orders against promoter group is in force

SRM Energy Ltd. Vs SEBI (Securities Appellate Tribunal Mumbai)

Regulation 4 appears under Chapter II providing common conditions for public issues and rights issues. It prescribes general conditions meaning thereby that unless the requirements laid down in these general conditions are satisfied, the Board will not proceed with granting its clearance for the issue of capital. These conditions must be ...

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Posted Under: Income Tax |

In case of Multiple Appeal for an A.Y. tax effect of all appeals to be considered to Compute Appeal Filing Limit

CIT Vs Manekbaug Co-operative Housing Society Ltd. (Gujarat High Court)

After taking into consideration the Instruction No. 5 of 2008, it is found that by virtue of the said Instruction, the revenue was prohibited from pre...

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Volatility Transmission in the Exchange Rate of India Rupee

In an environment of growing integration among the financial markets, volatility in the exchange rate of a currency could not only be attributed to domestic macroeconomic and global factors but also attributed to spillover effects emanating from other volatile markets due to market microstructure in terms of differences in timing of tradi...

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Posted Under: Income Tax |

All About eFiling on LLP

In order to carry out e-filing on LLP you have facility to download the eform and fill it in an offline mode. Every form has the facility to pre-fill the data available in LLP system. Once the e-form is filled you would need to validate the e-form using Pre-scrutiny button. You would then have to affix the relevant digital signatures and ...

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Posted Under: Income Tax |
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