"November, 2012" Archive - Page 30

Can bank claim depreciation on stock in trade shown as Investment in Balance Sheet

Punjab & Sind Bank Vs Commissioner of Income-tax (Delhi High Court)

In the instant case, we would like to convey that in so far as the books of account are concerned, namely, the balance sheet, the assessee was supposed to follow the mandate of the Reserve Bank of India and, therefore, that by itself would not be a ground to label the securities as 'investment'. One will have to see the real nature of the...

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Arrears of rent received as mesne profits taxable in year of receipt & not in year of accrual

Commissioner of Income-tax-VI Vs Uberoi Sons (Machines) Ltd. (Delhi High Court)

Arrears of rent received by the assessee (as mesne profits) could not be brought to tax for the previous years, when they fell due. They could be brought to tax only during the year of receipt. The revenue had further argued that during the year of receipt, the assessee had shown the amount so received as capital. ...

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Deduction u/s. 80-IA is to be allowed unit-wise without deducting losses in other unit

Jindal Aluminium Ltd. Vs Assistant Commissioner of Income-tax (ITAT Bangalore)

Gross total income of the assessee is at Rs. 8,03,26,598 lakhs after adjusting the losses suffered by it in the eligible as well as profits of the non-eligible units. There are no brought forward losses or unabsorbed depreciation. The claim of deduction under section 80-IA was in respect of eligible unit 4.14 MW wind energy division at Rs...

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Company wind-up power is conferred on Court & notwithstanding any arbitration agreement

Hindusthan Copper Ltd. Vs Integral Construction Company India (Calcutta High Court)

Power of winding up of a company was conferred on the Court and notwithstanding any arbitration agreement between the parties the arbitrator would have no jurisdiction to pass the said order. We fail to appreciate, how this decision would help us to decide the present controversy. ...

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If debt itself is disputed than winding petition deserve to be dismissed

Asim Pharmachem Industries Vs Nilsin Ultrachem Ltd. (Gujarat High Court)

It is therefore necessary that there must be debt due and the company must be unable to pay it. If the debt is a disputed debt and the defence is substantial one order of winding up should not be passed. It is also note worthy that after the petitions were admitted no other persons have raised any claim and, therefore, this Court finds th...

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Capping of TP adjustments to combined group profits not possible

Interra Information Technologies (India) (P.) Ltd. Vs Deputy Commissioner of Income-tax, Circle 11(1), New Delhi (ITAT Delhi)

Interra Information Technologies (India) Private Limited, a company incorporated under the Companies Act, 1956, is a 100% subsidiary of Interra IT Inc., a US based company. Interra IT Inc. enters into contract with customers and subcontracts a part/whole of the work to Interra India....

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No addition if Assessee was not beneficiary of accommodation entry business

Commissioner of Income-tax Vs Priyanka Ship Breaking Co. (P.) Ltd. (Delhi High Court)

It is seen from the statement of 'M' that the assessee's name was not mentioned by him at all as beneficiary of the accommodation entry business carried by him. Since despite being obliquely prompted, he did not mention the assessee's name and merely stated that he did not deal with any ship-breaker and he had given only loan after takin...

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If Excess excise duty paid not refunded, buyer can claim the refund

V.G. Steel Industry Vs Commissioner of Central Excise (Punjab and Hariyana High Court)

Learned counsel for the appellant submits that even if the duty has been paid in excess of the amount finally held to be payable, unless the excess duty paid has been refunded, the assessee could claim cenvat credit as the department could not get the duty twice. ...

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HC to decide reduction of 90 per cent of net commission received by assessee from profits of business for computation of deduction u/s. 80HHF

Commissioner of Income tax, City-II Vs Star India (P.) Ltd. (Supreme Court of India)

Whether, on the facts and circumstances of this case and in law, the Income Tax Appellate Tribunal was correct in directing the Department to reduce 90% of the net commission received by the assessee from the profits of the business for computation of deduction under Section 80HHF of the Income Tax Act, 1961?...

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Modified version of Service Tax Returns (ST-3)

Trade Notice No. 17/ST/2012 (02/11/2012)

Modified version of the Service Tax Return (ST3) for the quarter April to June 2012 is now available for uploading to ACES .It is available in 'DOWNLOADS' section in offline version only and not online version. In view of the implementation of the Negative List concept in Service Tax with effect from 1st July, 2012...

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