"October, 2012" Archive

Depreciation is to be allowed even if not claimed in Return

Rakesh Singh Vs Assistant Commissioner of Income-tax (ITAT Bangalore)

In view of Explanation 5 to section 32(1), the Assessing Officer was duty-bound to grant depreciation allowance, whether the same is claimed by the assessee or not, provided the conditions mentioned under section 32 are satisfied. ...

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No prescribed time-limit for taking Cenvat credit

Central Bank of India Vs Commissioner of Central Excise & Service Tax (CESTAT Chennai)

No where in the Central Excise Act as well as in the Cenvat Credit Rules not prescribed any period in which credit has to be taken. Although it is mentioned in the Cenvat Credit Rules that assessee can take the credit immediately, but there is no prescribed time limit neither in the Cenvat Credit Rules nor in the Central Excise Act...

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Loss from trading in Shares to Dr. Reddy held as speculative in view of Explanation to S. 73

Dr. Reddy's Laboratories Ltd. Vs Additional Commissioner of Income-tax (ITAT Hyderabad)

The transaction of purchase and sale of shares would be held as speculative business only if the company was hit by the Explanation to section 73. The implication of the Explanation is that if a company incurs a speculation loss in a manner deemed in the explanation such loss shall not be set off except against profit and gains, if any, o...

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Asessee can claim Deduction of Interest on Housing Loan Both u/s. 24(b) & 48

ACIT Vs C. Ramabrahmam (ITAT Chennai)

Deduction under section 24(b) and computation of capital gains under section 48 of the Act are altogether covered by different heads of income i.e., income from 'house property' and 'capital gains'. Further, a perusal of both the provisions makes it unambiguous that none of them excludes operative of the other. ...

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Two or more Assessing Officers having territorial jurisdiction in respect of same income, can exercise concurrent jurisdiction

CR Foods (India) (P.) Ltd. Vs Income-tax Officer-4(1), Agra (Allahbad High Court)

In the present case we find that the petitioner had changed his registered office w.e.f. 4th November, 1989 from first floor and 6376 Naya Bans Delhi to Y-192, Loha Mandi, Naraina, New Delhi, and thereafter w.ef. 3rd October, 2000 from Y-92 Loha Mandi, Naraina, Delhi to Room No.9, Y-3C, Loha Mandi, Naraina, Delhi. The principal place of b...

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Expenses liable to be considered as fringe benefits only to extent same are incurred in consideration for employment

Desai Brothers Ltd. Vs. Addl. CIT, Range-1 (ITAT Pune)

First is the issue of entertainment expenditure. The stand of the assessee is that the provisions of FBT can be invoked in respect of expenses which are incurred on employees or their family members but in the present case, as mentioned on page No.5 of the paper book, the entertainment expenses have been incurred for guests of the company...

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Notification No.96/2012 – Customs (N. T.) – Change in Tariff Value of RBD Palmolein, Brass Scrap (All Grades) Poppy Seeds, Gold &Silver Notified

Notification No. 96/2012-Customs (N.T.) 31/10/2012

Notification No.96/2012-Customs (N.T.) New Delhi, 31st, October, 2012 S.O. ____ (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in ...

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Bad debt written off not allowable if weren’t considered while computing income of earlier years

Natco Pharma Ltd. Vs Deputy Commissioner of Income-tax (ITAT Hyderabad)

As submitted by the DR if it is an expenditure incurred in respect of its business, it should have been claimed during the relevant assessment year and if it is a debt it should have been advanced in respect of trade or business of the assessee and it should have gone to computation of income of the assessee in the previous year in which ...

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Bottling of LPG into cylinders for use in kitchen amounts to ‘manufacture’

Hindustan Petroleum Corpn. Ltd. Vs Deputy Commissioner of Income-tax (ITAT Mumbai)

Bottling plant wherein the LPG is filled in the cylinders for domestic and non-domestic kitchen use involves various specialized process and therefore, it is an activity of manufacture/production. Accordingly, the assessee's claim for deduction has to be allowed. ...

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Non-compete fees to form part of price offered to public shareholders if payment to promoters not justified

IP holding Asia Singapore Pte. Ltd. Vs Securities & Exchange Board of India (Securities Appelate Tribunal Mumbai)

It was argued by the appellants that the covenants in the non-compete agreement provide for both non-compete obligations as well as an obligation to maintain confidentiality. According to them, it is necessary and advisable to do so as a non-compete obligation without a corresponding obligation to maintain confidentiality, would render an...

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