"15 July 2012" Archive

Series of orders – Limitation Period commences from original order date

Precot Meridian Ltd. Vs Assistant Commissioner of Income-tax (ITAT Chennai)

Hon'ble Supreme Court in the case of CIT v. Alagendran Finance Ltd. [2007] 293 ITR 1/162 Taxman 465, has considered the period of limitation for the purpose of section 263 in a case where a series of orders were passed by the assessing authority in the case of that assessee. The Hon'ble Supreme Court held that the period of limitation com...

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WT- Mere letting of office premises cannot put them in the category of commercial establishment or complex

Naturell (India) (P.) Ltd. Vs Assistant Commissioner of Wealth Tax (ITAT Mumbai)

When the assessee is not in the business of leasing out of the property and the intention of letting out the premises in question was not to exploit the business assets in relation to the business of the assessee then the said property would not fall under the exception as provided u/s 2(ea)(i)(5) of the W T Act being commercial establish...

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Profits earned by charitable trust from construction projects not exempt u/s.11, but deductible u/s. 80-IB(10)

India Heritage Foundation Vs Deputy Director of Income-tax (Exemptions) (ITAT Bangalore)

The Assessee's claim for deduction u/s.80-IB(10) of the Act for AY 2009-10, in so far as it relates to the profit derived from developing housing project, cannot be regarded as income of a charitable trust or institution within the meaning of Sec.11(1)(a) of the Act, because carrying on of the housing project was not a charitable purpose ...

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S. 132A Validity of Issue of warrant of authorization

Patel Rajesh Kumar Amrutlal & Co. Vs Director of Income-tax (Investigation) (Madhya Pradesh High Court)

In the instant case, Amish Kumar Patel in his statement under Section 131 of the IT Act has nowhere said that the money in question belonged to the petitioner's firm or was to be delivered to it. Instead, he has stated that the money in question was handed over to him by Praveen Bhai who was found untraceable at the address provided by Am...

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Notification issued u/s. 90A(3) cannot interpret terms used in DTAA

Apollo Hospital Enterprises Ltd. Vs Deputy Commissioner of Income-tax (ITAT Chennai)

When a notification is issued exercising the powers conferred under sub-section (3) of Section 90A of the Act, it can have effect only on those types of agreement mentioned in sub-section (1) thereof. If such a notification goes beyond that mandate, it will have to be ignored to the extent it goes overboard. Even if the term may be taxed ...

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Taxability of Fee for technical services rendered in connection with prospecting for or extraction or production of mineral oil

Western Geco International Ltd. Vs Additional Director of Income-tax, International Taxation (ITAT Delhi)

From decision in case of CGG Veritas Services, SA (supra) it is clear that (i) fee for technical services having business PE or fixed place of profession will be assessable under section 44DA, (ii) fee for technical services without having business PE or fixed place of profession will be assessable under section 115A. The Tribunal has fur...

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If material/evidence not enclosed with return but disclosed original assessment proceeding, reopening not justified

Mitsubishi Corporation Vs Deputy Director of Income-tax (Delhi High Court)

We may also notice that the proviso to Section 147 of the Act is fully applicable as the assessee had disclosed all the materials facts at the time of original assessment. Even if the materials/evidence was not enclosed with the return, full and true details/material was disclosed during the course of the original proceedings. The turnove...

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A.O. cannot ask Assessee to prove source of source if he do not have any material to prove non-genuineness

Dwarikadhish Sugar Industries Vs Income-tax Officer (ITAT Lucknow)

The fact that the Assessing Officer had accepted part of the loans indicates that the Assessing Officer not only accepted the identity and genuineness of the creditors but also the creditworthiness of the creditors. However, he chose to disallow a part of the loan without bringing on record any material to show that the assessee had any o...

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Expense cannot be disallowed if TDS paid before I.T. Return Filing

Punjab State Cooperative Federation of Housing Building Societies Ltd. Vs Deputy Commissioner of Income-tax (ITAT Chandigarh)

In the facts of the present case, the assessee had deducted tax at source out of payments made to contractor totalling Rs. 1,21,75,828 which was deposited on 8-7-2008. The due date for filing return of income of the assessee was 30-9-2008. Following the ratio laid down by the Calcutta High Court in Virgin Creations (supra) and various Ben...

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Jurisdictional Commissioner of assessee not to be nominated as member of DRP

Huntsman International (India) (P.) Ltd. Vs Additional Commissioner of Income-tax (ITAT Mumbai)

In the case of Hyundai Heavy Industries Ltd. v. Union of India [2011] 12 taxmann.com 309/201 Taxman 237 of Uttarakhand High Court (Uttarakhand), it has been observed that a jurisdictional Commissioner is not to be nominated as a member of the DRP under rule 3(2) of the Rules. By doing this, the principle that justice must not only be done...

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Reporting Under Clause 4 (iii) & (v) OF CARO, 2003

Under the provisions of Section 299 of the Companies Act, 1956, every director of a company, whether directly or indirectly, who is concerned or interested in a contract or arrangement entered or to be entered, is required to disclose the nature of his concern or interest at the meeting of Board of Directors. A general notice given to the...

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Posted Under: Income Tax |

XBRL Filing For The Financial Year 2011-2012

XBRL (eXtensible Business Reporting Language) is a language for the electronic communication of business and financial data that has revolutionized business reporting around the world. Its major benefits include ease in preparation, analysis and communication of business information by the corporates. It offers cost savings, greater effic...

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Posted Under: Income Tax |

Direct Investments Outside India

(1) Overseas investments in Joint Ventures (JV) and Wholly Owned Subsidiaries (WOS) have been recognised as important avenues for promoting global business by Indian entrepreneurs. Joint Ventures are perceived as a medium of economic and business co-operation between India and other countries. Transfer of technology and skill, sharing of ...

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Posted Under: Income Tax |

Winding up petition cannot be rejected on the ground that net worth of respondent-company is positive

SBI Global Factors Ltd. Vs Suryachakra Power Corporation Ltd. (Andhra Pradesh High Court)

If there is no dispute as to the company's liability, it is difficult to hold that the company should be able to pay its debts merely by proving that it is able to pay the debts. If the debt is an undisputedly owing, then it should be paid. If the company refuses to pay, without good reason, it should not be able to avoid the statutory de...

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In the absence of any valid agreement appellant cannot seek a direction to Official Liquidator

National Instt. of Technology Trust Vs Official Liquidator (Delhi High Court)

If the argument of the appellant were to be accepted, it would make the provisions of compulsory registration under the Registration Act redundant and otiose. Thus the appellant, in the absence of any valid agreement can neither seek a direction to the Official Liquidator nor will any purpose be served in granting permission to the appe...

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Chemist association held guilty of taking anti-competitive measure

Varca Druggist & Chemist Vs Chemists & Druggists Association, Goa (Competition Commission of India)

a. In the appointment of stockists by way of issue of 'NOC' and regulating the number of stockists in contravention of Section 3(3)(b) of the Competition Act, 2002. b. In preventing and restricting the retailers from allowing discounts to the consumers in contravention of Section 3(3)(a) of the Competition Act, 2002. As mentioned earlie...

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Posted Under: Income Tax |

Refusal to convert warrants into equity shares cannot constitute ingredients of complaint u/s. 397/398 of Companies Act

Orissa Sponge Iron & Steel Ltd. Vs Bhushan Energy Ltd. (Orissa High Court)

The refusal of OSIL to convert 35,00,000 warrants held by Bhushan Energy Limited into equal number of equity shares may amount to a breach of contract but such breach of contract cannot constitute the ingredients of a complaint under Sections 397, 398, 402 and 403 of the Companies Act. As decided in the case of Incable Net (Andhra) Ltd. (...

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