"08 August 2012" Archive

Mere fact that the asset purchased had been leased back & vendor had undertaken to pay lease charges can not per se lead to the conclusion that transaction is sham

Deputy Commissioner of Income-tax Vs Prithvi Prakashan (P.) Ltd. (ITAT Mumbai)

High Court of Madras in the case of CIT v. M/s. High Energy Batteries (India) Ltd. (supra), which in our view is distinguishable. In that case the Hon'ble Court held that the mere fact that the asset purchased had been leased back and vendor had undertaken to pay lease charges can not per se lead to the conclusion that the transaction is ...

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Striking off of a company can only be done on companies own admission that it is defunct

Basanti Cotton Mills (1998) (P.) Ltd. Vs Registrar of Companies, West Bengal (Calcutta High Court)

On reading sub-sections (1), (2), (3) and (5) of Section 560, it does seem to me that a company can only be defunct, if it does not reply to the notice or says in reply that it does not carry on any business or is not in operation. If it asserts to the contrary, it cannot be struck off at all. Hence striking off is on the admission by the...

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Non compete fees for giving up right to carry on business is taxable as business income

Sterling Re-rolling Mills Pvt. Ltd. & Others Vs Asst. Commissioner of Income-tax-2(3) (ITAT Mumbai)

As regard the provisions of sec.28(va), the Tribunal held that with the insertion of the said provisions w.e.f. 01.40.2003, receipts on account of giving up right to carry on business even if it is capital receipt would now be charged to tax as ‘income from business’. It was held that if the compensation is paid for ‘not carrying ou...

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Notification No. 68/2012-Customs (N.T.), Dated: 08.08.2012

Notification No. 68/2012-Customs (N.T.) 08/08/2012

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (ii)] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 68/2012-CUSTOMS (N. T.) New Delhi, 8th August, 2012 17 Shravana, 1934 (SAKA) S. O... (E).- In ex...

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Exemption to CA Intermediate Qualified Students from appearing in Foundation Course Examination of CMA exams

In view of grant of exemption by the Institute of Chartered Accountants of India to the Intermediate qualified candidates of the Institute of Cost Accountants of India from passing their Common Proficiency Test, the Institute of Cost Accountants of India has granted exemption on reciprocal basis to the Intermediate Examination (by whateve...

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Posted Under: Income Tax |

Entire unaccounted sales cannot be undisclosed income of assessee if Purchase is duly accounted

Shri Hariram Bhambhani Vs. ACIT (ITAT Mumbai)

We have considered submissions of ld representatives of parties and orders of authorities below. We agree that ld CIT(A) is justified to hold that the entire sales which are unaccounted cannot be the undisclosed income of the assessee. It is a fact that department has not disputed that there is unaccounted purchases. Therefore, all the pu...

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Custom Notification No. 68 to 73/2012-Customs (N.T.) – Appointing Common Adjudicating Authority

Notification No. 68/2012-Cus. 08/08/2012

Notification No. 68/2012-Cus. In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint Commissioner or Additional Commissioner of Customs, Custom House, Near Akashvani, Navrangpura, Ahmedabad...

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Reopening U/s. 147 on mere Audit Opinion is not valid

ICICI Home Finance Co. Ltd. Vs The Assistant Commissioner of Income Tax (Bombay High Court)

Whether an assessment has escaped assessment or not must be determined by the Assessing Officer himself. The Assessing Officer cannot blindly follow the opinion of an audit authority for the purpose of arriving at a belief that income has escaped assessment. ...

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TDS not deductible by Individual & HUF if Turnover not exceeded Tax Audit Limit in preceding Financial year

Harshadbhai Naranbhai Bagadia Vs Assistant Commissioner of Income-tax (Gujarat High Court)

Sub-section (2) of Section 194C under ordinary circumstances does not cover an individual or Hindu Undivided family for the liability of deducting tax at source on the payments credited or made to the sub-contractor. However, proviso brings such individual or HUF within the fold of sub-section (2) if in the financial year immediately prec...

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Taxability of interest on Income Tax Refund

Commissioner of Income Tax-I V Vs M/s Delhi State Industrial & Infrastructure Development Corporation Ltd. (Delhi High Court)

Unless there is an exact indication in the Income Tax Act itself, that interest payable on income tax refund amounts fulfill the basic character as income (defined under Section 2(24) of the Income Tax Act) cannot be ignored. It is no doubt true that this amount cannot be treated as interest income since the assessee did not earn it thro...

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