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Looking at the issue in any way what is noticed is that the computation made by assessee is in accordance with rule 2 of the Insurance Act, 1938 according to which only Assessing Officer can base his computation. This also corresponds to the way incomes were assessed in earlier years, i.e., the correct method as per rule 2 and section 44.
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In the instant case, as noticed hereinabove, the assessee’s wife though was in possession of technical qualification but the assessee was required to prove conclusively that his wife Smt. Nanda Chhajta was in fact looking after plans for execution work and was taking administrative decisions.
In our considered opinion, exemption under Section 10(23C)(vi) of the Act can be claimed by an assessee without applying for registration under Section 12A of the Act as it is not required to fulfil the conditions mentioned under Section 11 of the Act while claiming exemption under Section 10(23C) (vi) of the Act.
CA Nitin Gupta IN CASE OF SERVICE RECEIVER IN CASE OF REVERSE CHARGE • WHERE PAYMENT IS MADE TO THE SERVICE PROVIDER, WITHIN 6 MONTHS FROM THE DATE OF INVOICE POT = PAYMENT BASIS •WHERE PAYMENT IS NOT MADE TO THE S.P., WITHIN 6 MONTHS FROM THE DATE OF INVOICE POINT OF TAXATION […]
Undoubtedly an order of assessment which has been passed for a subsequent assessment year may furnish a foundation to reopen an assessment for an earlier assessment year. However, there must be some new facts which come to light in the course of assessment for the subsequent assessment year which emerge in the order of assessment.
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The Court took into consideration the definition of ‘interest’ under section 2(28A) of the Act and also analysed the contents of two circulars issued by the CBDT, being No. 65 dated 02.09.1971 and the subsequent one dated 22.03.1993 (Circular No. 647)(sic), and confirmed the reasoning of the Tribunal that discounting charges did not amount to interest and was not subject to tax.
Notification No. 55/2012-Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961(43 of 1961)(hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) vide number S.O. 193 (E), dated the 30th March, 1999 for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March 2002 and vide number S.O.354(E) dated the 31st day of March, 2006;
In the case under consideration, the assessee placed before the ld. CIT(A), certain additional evidence and admittedly, the said documents were not submitted before the AO. The powers of the CIT(A) in terms of rule 46A to admit fresh evidence, entail an element of discretion which is required to be exercised in a judicious manner.
