"03 October 2012" Archive

MCA urges to expedite filing of Balance Sheet & Annual Return

The Ministry issued General Circular No.30/2012 Dated 28.09.2012, In order to ensure smooth filing and to avoid last minute rush, the due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL) as per new schedule VI is extended in following manner without any additional fee :-...

Posted Under: Company Law |

Service Tax on Transportation of Parcel Traffic (Leased or Non-Leased) by Rail from 1st October 2012

In compliance of the provisions contained in Finance Bill 2012 and subsequent notifications issued by the Ministry of Finance, the Service Tax in case of transportation of parcel traffic (leased or non-leased parcel traffic) by rail, which was exempted upto 30th September 2012, would now be levied on total freight charges with effect from...

Posted Under: Company Law |

Issue of shares to reduce shareholding of petitioner shareholder-company after removing its directors without any notice is per se oppressive

Daksha Infra Build (P.) Ltd. Vs Rochees Resorts (India) (P.) Ltd. (Delhi, Company Law Board)

The case of Chatterjee Petrochem (I) (P.) Ltd. v. Haldia Petrochemicals Ltd. [2011] 110 SCL 107 is clearly distinguishable as in that case when the company was in dire need of funds the Chatterjee Group had failed to keep its promise of providing funds as it obtained a loan raising the debt equity ratio of the company. These circumstance...

Stay application cannot be rejected without giving reason for the same

Balaji Universal Tradelink (P.) Ltd. Vs Union of India (Bombay High Court)

While considering/deciding the stay application under the said Act, the authority must (i) briefly state the case of the party; (ii) consider whether the party has made out a case for unconditional stay; (iii) the financial difficulty if pleaded be considered and (iv) in case the authority concerned comes to the conclusion that by grantin...

Validity of penalty imposed u/s 271(1)(c ) for disallowance of expenses u/s 35D

The Commissioner of Income Tax-III Vs M/s.Aditya Birla Nova Limited (Successor) (Bombay High Court)

Merely because the assessee had claimed the expenditure, which claim was not accepted or was not acceptable to the Revenue, that by itself would not, in our opinion, attract the penalty under Section 271(1)(c). If we accept the contention of the Revenue then in case of every return where the claim made is not accepted by the assessing off...

If Quantum Appeal admitted by Court, penalty proceedings u/s 271(1)(C ) may be kept in abeyance till decision of Court on merits

The Commissioner of Income Tax-10, Mumbai Vs M/s.Wander Pvt. Ltd. (Bombay High Court)

The assessee’s quantum appeal has been admitted by the High Court. If the assessee succeeds in the quantum proceedings, it would not even be necessary to consider the s. 271(1)(c) penalty proceedings and so no prejudice has been caused to the department qua the penalty proceedings....

Low Tax Effect Circular not applies to pending appeals – Karnatka HC

The Commissioner of Income Tax Vs Smt. B Sumangaladevi (Karnataka High Court)

When Clause 11 of the instruction No.3/11 dated 09.02.2011 issued by the Board, specifically says that it will be applicable to the cases filed on or after 9.2.2011, the courts holding that it is applicable to the pending cases is against the provision under Section 268A of the Act, Public Interest and the Public Policy. ...

No addition for shortage in excisable goods if no discrepancy found by Excise Authorities

Commissioner of Income-tax Vs D.D. Gears Ltd. (Delhi High Court)

a. The search commenced on 29.8.1996 and was finally concluded on 30.8.1996. It is impossible for anybody to accurately take stock in a span of just one day and this itself vitiated the entire process of inventorisation followed by the income tax authorities....

Reopening on the basis of information of accommodation entries justified

Income-tax Officer, Ward 5(4), New Delhi Vs Mukut Finvest & Properties (P.) Ltd. (ITAT Delhi)

In the case of the assessee, it is clear that a precise and definite information was received by the Assessing Officer regarding receipt of accommodation entries in respect of capital from various persons aggregating to Rs. 14.45 lakhs. He compared the information with the information available in the return of the assessee. ...

Business Expense not deductible against rent income in the absence of business activity

Rare Garments (P.) Ltd. Vs Assistant Commissioner of Income-tax, Circle 15(1), New Delhi (ITAT Delhi)

The main claim in the present year is a sum of Rs. 14,50,123 which represents interest expenses on the loans used for construction of the building and which according to assessee deserves to be allowed under section 24(b) of the Income-tax Act, 1961 against the rental income. ...

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