"10 September 2012" Archive - Page 2

To claim bad debts,assessee need not prove that debt actually become bad

Additional Commissioner of Income Tax Vs M/s Pyarelal Coir Products Ltd. (ITAT Delhi)

Thus, as per the decision of Hon’ble Apex Court, for claiming the deduction of bad debts, the assessee need not prove that the debt has actually become bad. Mere writing off in the books of account is enough. ...

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Non or Inaccurate Submission of Assets bills makes Assessee liable to penalty u/s. 271(1)(c)

Clariant Chemicals India Ltd. Vs Assistant Commissioner of Income-tax, 1(1) (ITAT Mumbai)

The contention of the assessee that Audit Reports and minutes of meeting of Board of Directors were enough to prove the genuineness of the transactions in the case under consideration was unacceptable. There is no doubt that Tax Audit Report is an important document, but it cannot take place of the evidence required for claiming a deducti...

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Deduction u/s. 35(1) for scientific research available even for unsuccessful research

Deputy Commissioner of Income-tax (Asstt.) Vs Mastek Ltd. (Gujarat High Court)

Scientific research in the context of the deduction allowable under section 35(1) of the Act would include wide variety of activities. It can also be appreciated that every scientific research need not necessarily result into the ultimate goal with which it may have been undertaken. Often times in the field of research and invention, the ...

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No section 14A disallowance where assessee incurred no expenditure to earn dividend

Greaves Leasing Finance Ltd. Vs Income-tax Officer, 6(3)(1) (ITAT Mumbai)

It is evident from the record that the assessee has earned dividend mainly from shares of a and 'C' Ltd. which was acquired through amalgamation of two companies. Further, it is also noticed that most of the expenses are directly attributable to assessee's business. ...

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Depreciation to be considered in computing 85% threshold limit of application of trust’s income

Income-tax Officer, Ward-Bundi Vs Krishi Upaj Mandi Samiti (ITAT Jaipur)

A trust can claim exemption provided a specific position of income is applied for purposes of the Trust. Income includes capital gain and hence trust will lose exemption if such income is not applied. ...

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CBI arrests ITO & CA in bribe case

The Central Bureau Of Investigation has arrested an Income Tax Officer and a Chartered Accountant for demanding and accepting a bribe of Rs. Five Lakhs from the Complainant. ...

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Posted Under: Income Tax |

In land development agreement, capital gain arises in year in which developer gets possession of property

Ravinder Singh Arora Vs Assistant Commissioner of Income-tax, Circle-10(1), Hyderabad (ITAT Hyderabad)

The owners have entered into an agreement for development of the property and certain rights were assigned to the developer who in turn had made the substantial payment and, consequently, entered into the property and, thereafter, if the transferee has taken steps in relation to construction of the flats, then it is to be considered as tr...

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Condition to be imposed for conversion of ordinary Society into Producer Company, Part- IX A of Companies Act, 1956

General Circular No. 29/2012 10/09/2012

General Circular: 29/2012 The question of acceptance of documents by the Registrar of Companies for conversion of a Cooperative Society (not registered as the Multi State Society) under Section 581 J(5) of the Companies Act has been examined in the Ministry....

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No Bank Guarantee For PSUs for Storing Goods in Duty Free Shops

Circular No. 26/2012-Custom Duty 10/09/2012

Circular No. 26/2012-Customs “In respect of individual consignments to be warehoused, the licencees are to give a double duty bond as required under the law. In respect of sensitive goods we may take a cash deposit or bank guarantee equal to 25% of the duty liability (effective duty foregone) for each consignments...

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Clarification on withdrawal of duty exemption in respect of goods required for setting up of Mega/ Ultra mega power projects

Notification No. 34/2012-Central Excise 10/09/2012

against Sl. No. 337, in the entries under column (3), for the words required for setting up of an ultra-mega power project, the words and figures required for setting up of an ultra-mega power project specified in List 10, shall be substituted...

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