"14 October 2012" Archive

Despite deferment of Consideration capital gain taxable in the year of transfer

Income-tax Officer-21(1)(2), Mumbai Vs Ms. Indira R. Shete (ITAT Mumbai)

It is clear from the provisions of Sec. 45(1) , being a deeming provision any gain which has arisen during the year has to be taken for consideration irrespective of the fact that the transferor may receive the sale consideration in subsequent years. Further, the observation of the Ld. CIT(A) that in family members cases, for the capital ...

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Dearness relief received by a retired judge is ‘profit in lieu of salary’

Justice G.K. Mathur Vs Commissioner of Income-tax, Meerut (Allahabad High Court)

. The dearness relief is neither compensation received in lieu of termination of the employment, nor any amount due paid in lumpsum or otherwise after cessation of the employment....

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Reassessment valid if income is inflated to claim higher deduction u/s. 80IA

Sun Pharmaceutical Industries Ltd. Vs Deputy Commissioner of Income-tax (Gujarat High Court)

Only primary fact was that the assessee had earned interest income. We are, however, of the opinion that in the context of the close connection between the petitioner and Aditya Medisales, the fact that the assessee was eligible for deduction under section 80IA of the Act and the interest income received from the sister concern had relev...

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Turnkey contract can be splitted & only Profit attributable to PE in India is liable to tax

National Petroleum Construction Company Vs Additional Director of Income-tax - (International Taxation) (ITAT Delhi)

Even if the contract was considered to be a turnkey contract, entire contract revenue could not be taxed in India but only so much of the profit as was attributable to the PE India was liable to Indian taxation....

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No disallowance u/s. 14A in relation to shares held as stock-in-trade

DCIT Vs. M/s. India Advantage Securities Ltd. (ITAT Mumbai)

Tribunal in the case of Ganjam Treading Co. Ltd. (supra) has already considered this situation and held that in view of the judgment of Hon'ble High Court of Karnataka in the case of CCL Ltd. Vs. JCIT (supra) the disallowance of interest in relation to the dividend received from trading shares cannot be made. We, therefore, see no infirmi...

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Deduction u/s. 80-IA is not allowable on duty drawback amount- SC

Commissioner of Income-tax-III, Rajkot Vs Orchev Pharma (P.) Ltd. (Supreme Court of India)

Supreme Court has reversed the High Court Judgment and held that Deduction u/s. 80-IA is not allowable on duty drawback amount. The issue involved is squarely covered by the decision of this Court in Liberty India v. CIT [2009] 317 ITR 218. Accordingly, the civil appeals filed by the department stand allowed with no order as to costs....

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Section 55A- Full value of consideration cannot be construed as fair market value

ACIT Vs Prakash Ratanlal Sheth (ITAT Ahmedabad)

The appellant had shown sale value as a result of transfer at Rs. 14,00,000/- whereas stamp authority has taken this value at Rs. 13,83,600/- it means that assessee had shown more sale consideration in sale deed. Thus, this case cannot be referred u/s 50C (2) of the IT Act to the DVO. The capital gain can be calculated under chapter - IV ...

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S. 43B Depositing bonus in separate bank account not amount to payment

Thanjavur Textiles Ltd. Vs Joint Commissioner of Income-tax, Special Range-I (Madras High Court)

Deemed payment could not be treated as actual payment to qualify for deduction under Section 43B of the Income Tax Act, we do not agree with the submission of the learned counsel appearing for the assessee herein that depositing the amount in a bank, even if it be in a separate account, would satisfy the provisions of Section 43 B as actu...

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Validly of transfer of shares by way of gift?

DP World (P.) Ltd. Vs Deputy Commissioner of Income-tax - 2(1) (ITAT Mumbai)

Briefly stated the facts of the case are that during course of the assessment proceedings for the year under consideration, the Assessing Officer observed that the assessee has received three residential flats at Hill Park from its sister concern M/s. British India Steam Navigation Co. (BISNCL) which was capitalized in the schedule of fix...

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Violation of provisions of Provident Fund Act is no ground to determine TDS liability u/s. 194C

Deputy Commissioner of Income-tax, Circle-51, Kolkata Vs Arjun Bhowmick (ITAT Kolkata)

Admittedly, assessee has produced a register, which contained payments to various labourers. Admittedly, this register does not contain the addresses of the labourers nor it contains revenue stamp, nor is it signed by the Labour Department, no PF has also been deducted. Does all these wrongs in its entirety or individuality make the expen...

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