"18 November 2012" Archive

Reimbursable expenditure not subject to rigour of section 40a(ia) if not claimed as expense

Mitra Logistic (P.) Ltd. Vs Income-tax Officer, Ward 9(1), Kolkata (ITAT Kolkata)

Even though the privity of contract may be between the assessee (whose obligation it is for the transportation of goods) and the transporter, rather, irrespective of whether the contract is between the assessee and the transporter or the principal and the transporter - the payment in either case being only in pursuance to a contract; the ...

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Nature of profit from sale of shares depends on intention of acquisition of shares irrespective of its treatment in books

Assistant Commissioner of Income-tax, Circle-31(1), New Delhi Vs Manoj Kumar Samdaria (ITAT Delhi)

There is no material that shares and securities purchased in the year under consideration and classified as investment in books were actually intended to be held as long term investment. Profits realised by the sale of shares may be capital gain, if the seller is an ordinary investor changing his securities, but it may be business income,...

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Penalty imposed by SEBI without providing statutory opportunities to appellant is breach of principles of natural justice

Dushyant N. Dalal Vs Securities and Exchange Board of India (Securities Appellate Tribunal Mumbai)

Since every case is to be judged in the facts and circumstances of that case, one cannot hold the view that denial of inspection sought for by the appellant can be brushed aside on the ground of lack of prejudice or conclusion based on facts already considered in other orders relating to the appellants issued by the whole time member. ...

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Posted Under: Income Tax |

Whole Time Director not supposed to be ignorant of irregularities in financials

N. Narayanan Vs Adjudicating Officer, Securities and Exchange Board of India (Securites Appelate Tribunal Mumbai)

On a consideration of the facts on record, it has to be concluded that the appellants have not acted in compliance with the statutory requirements of the director of a company. The director of a company is expected to exercise due care and diligence in the approval of documents brought on the table during Board meetings....

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Service tax Demand invalid if Different classification by Department during different times and stages

Royal Western India Turf Club Ltd. Vs Commissioner of Service Tax, Mumbai-I (CESTAT Mumbai)

A perusal of the impugned orders clearly evidences the lack of clarity and understanding on the part of the department. The activity of live telecast of the horse race has been classified as 'broad casting services' during one part of the period and during another period, the very same activity is classified as 'intellectual property righ...

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Share qualification required to maintain petition u/s. 397 & 398

ABA Builders Ltd. Vs Smt. Anjula Nagpal (Calcutta High Court)

Unfortunately, this court has failed to engage the respondents' attention on such aspect of the matter despite several reminders in course of the hearing. Instead, the respondents have veered off course to emphasise on single-line orders of adjournment to impress that the settlement had never been worked out. But the settlement or the ade...

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Circumstances for Approval of Assessment After 3 years under Punjab VAT Act

Assessment plays vital role under the Punjab Value Added Tax Act, 2005 and the period for framing an assessment is 3 years from the date of filing of an annual statement i.e. 20th of November but the power conferred to extend the period for framing an assessment after the 3 years has its own importance as the commissioner can extend the t...

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Posted Under: Income Tax |

Can Tribunal grant stay beyond 365 days?

CA Hiral Raja Section 254(2A) of the Income Tax Act states that the Appellate Tribunal, where it is possible, may hear and decide the appeal within a period of four years from the end of the financial year in which such appeal is filed. ...

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Posted Under: Income Tax | ,

Vodafone makes no provision for Hutch deal tax claim

British telecom giant Vodafone has decided against making a provision in its balance sheet for the over Rs 11,000 tax claim made by Indian authorities for its 2007 deal to acquire stake in Hutchison-Essar....

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Posted Under: Income Tax |

Appropriate Action Taken on Information Received from France – Govt.

Income tax press release 10/11/2012

Information received from the Government of France has been analysed and investigations into the information have been undertaken by the different jurisdictional authorities under the Income-tax Act, 1961. Investigations in the matter are under progress including with the foreign tax authorities to obtain more information with regard to t...

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