"19 September 2012" Archive

Section 80HHC -Sales tax & excise duty will not form part of total turnover

Commissioner of Income-tax, Chennai Vs Shiva Tex Yarn Ltd. (Supreme Court of India)

The question involved in this appeal is, whether excise duty and sales tax need to be included in the total turnover in the formula - 'Business income' multiplied by 'export turnover' and divided by 'total turnover' in Section 80HHC(3) of the Income Tax Act, 1961?...

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Transfer of PANs Of Non-Resident Assessees

Letter [F.NO. ADDL. DIT/INTL. TAXATION/2012-13] 19/09/2012

LETTER [F.NO. ADDL. DIT/INTL. TAXATION/2012-13] Jurisdiction over non-resident assessee lies with the AOs under administrative control of DGIT (Intl. Tax). It has been observed by DGIT (Intl. Tax.) that PAN of many non-resident assessees are lying with the AOs who do not have jurisdiction over them....

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Surrender of tenancy right is assessable as capital gain

Smt. Maharukh Murad Oomrigar Vs Income-tax Officer, Ward 21(1)(3), Mumbai (ITAT Mumbai)

It is to be noted that in the instant case what has been transferred by the assessee is the tenancy right which is very much part of the capital asset as envisaged in sub-section (2)(a) of section 55. Sub-section (2)(a) of section 55 stipulates that cost of acquisition in relation to asset, inter alia, tenancy rights not falling under su...

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Probe delay in filing appeal in cases involving huge revenue/demand -SC

Director of Income-tax, International Taxation, Mumbai Vs CITI Bank N.A. (Supreme Court of India)

In large number of cases, we find a peculiar phenomenon. In cases, where huge revenue/demand from the Department is involved, invariably, there is inordinate delay in filing appeals before the High Court under Section 260A of the Income Tax Act, 1961, and in filing special leave petitions before this Court. ...

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Anti Dumping Duty on Paracetamol – Resurrection Again

Notification No. 42/2012-Customs (ADD) 19/09/2012

Notification No.42 /2012-Customs (ADD) Central Government hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 99/2007-Customs, dated the 3rd September, 2007, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide n...

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No Excuse acceptable For Delay in Filing Appeal – Govt

Letter No. DIT(L&R)-I/delay in SLP/2012-13 19/09/2012

Letter No. DIT(L&R)-I/delay in SLP/2012-13 I am directed to bring to your kind notice that the Hon'ble Supreme Court has taken a serious view in cases of delay in filing appeals in the High Courts as also SLPs. In a particular case of delayed filing the responsibility has been directed to be fixed and action taken suitably. I am directed...

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Tribunal cannot recall its order & substitute by new order

Commissioner of Income Tax Vs M/S. Maruti Insurance Distribution Services Ltd. (Delhi High Court)

Power to rectify an order, under Section 254 (2) is extremely limited. It does not extend to correcting errors of law, or re-appreciating factual findings. Those, properly fall within appellate review of an order of court of first instance. What legitimately falls for consideration are errors (mistakes) apparent from the record. ...

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Trust working for a particular community not eligible for approval under section 80G(5)

Ramanujam Spiritual Public Charitable Trust Vs Commissioner of Income-tax-I, Amritsar (ITAT Amritsar)

On the perusal of trust deed, it would be clear that trust was created wholly for a particular purpose and religious community i.e. Hindu and not for charitable purposes and thus, it contravenes the conditions laid down in section 80G(5) (iii) read with Explanation 3....

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Assessee claim higher rate of depreciation without revising return

Solaris Bio Chemicals Ltd. Vs Deputy Commissioner of Income-tax (ITAT Delhi)

In 'Hero Honda Finlease Ltd.' (supra), the assessee had claimed higher depreciation @ 40% during the assessment proceedings, as against @ 20% in the tax audit report. The Tribunal held that the claim of higher depreciation in the assessment proceedings could not be termed as a new claim and that Goetze (India) Ltd. (supra) was only in res...

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Section 80IB deduction available on income disclosed during survey

Commissioner of Income-tax, Central II Vs Sheth Developers (P) Ltd. (Bpmbay High Court)

In the instant case, the search took place in the year 2002 and, therefore, the instant case is governed by Chapter XIV-B. Section 158BB of Chapter XIV-B deals with computation of undisclosed income of the block period. ...

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