"12 January 2013" Archive

Monetary limit u/s. 10(23C)(iiiad) applies to educational institute, not to society running them

Param Hans Swami Uma Bharti Vs ACIT (ITAT Delhi)

We find that society is running the school under the management of receiver appointed by Hon'ble High Court. For the entire years the income of the school was exempt and for the assessment year 2007-08, the assessee had obtained prior approval of CCIT, Panchkulla for exemption u/s 10(23)(vi)....

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Stay against CBEC’s Circular on recovery of confirmed demand during pendency of stay application

The Central Board of Excise and Customs (CBEC) has issued its first Central Excise Circular No. 967/01/2013 - CX, dated January 01, 2013 on eve of New Year 2013, for recovery of confirmed demands during pendency of Stay applications. The Circular has rescinded seven previous circulars on the subject matter. ...

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Posted Under: Income Tax | ,

Deduction u/s. 10A to be allowed before set off of brought forward unabsorbed losses against current year profits

Medusind Solution India Pvt. Ltd. Vs The Asstt. Commissioner of Income Tax (ITAT Mumbai), IT Appeal No. 6703 (Mum.) of 2010

On the other hand, the ld. D.R. while agreeing that the interest on fixed deposits pledged with the bank on account of margin money is eligible for deduction u/s 10A of the Act submits that in view of the finding recorded by the A.O. the assessee is not entitled to deduction u/s 10A of the Act in respect of interest on NSC and interest on...

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Credit is to be allowed in respect of TDS made on higher amount of reimbursement than actually offered to tax

Commissioner of Income Tax Vs Lear Automotive India Ltd. (Delhi High Court)

Undisputedly, the assessee company earned income of Rs. 4,65,00,000/- only by way of Engineering fees. Another amount of Rs 4,65,00,000/- had been received as tooling advance. This latter amount was to be paid to the vendors of M/s. Mahindra and Mahindra Ltd. This payment was a reimbursement. ...

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Even in absence of separate proceeding alleging unfair, monopolistic or restrictive trade practice, an application for compensation u/s. 12B of MRTP Act is maintainable

Girish Chandra Gupta Vs M/s. Uttar Pradesh Industrial Development Corporation Ltd. (Supreme Court of India)

Section 12B was introduced in the MRTP Act by Act 30 of the 1984 as an independent remedy for a claimant in addition to a suit that he may file to claim any loss or damage that he may suffer by reason of any monopolistic or restrictive or unfair trade practice as would be clear from sub-section (4) of section 12B. There is no reference at...

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Addition not justified merely on the basis of discrepancy in TDS certificate

Commissioner of Income Tax Vs Sudhir Sekhri (Delhi High Court)

The tribunal took the view that the addition made was only on the basis of the discrepancy in the TDS Certificate and not on the basis of any finding that some extra charges were received by the assessee, but had not been accounted for. ...

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No addition for difference in income as per profit and loss account & TDS certificate

ITO Vs. SAB Miller India Ltd. (ITAT Delhi)

Admittedly, as per TDS certificate issued by Mysore Breweries Limited, the total reimbursement made to the assessee as per their newly arrangement was Rs. 3,35,85,000/-. However, in the books of assessee, it was only Rs. 2,54,97,000/-. The assessee had explained that a credit note of Rs. 80,88,000/- issued by it in favour of Mysore Brewer...

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In the absence of benefit to company advance from company taxable as deemed dividend

Dy. Commissioner of Income-tax Vs Shri B. Dhanunjaya Rao (ITAT Hyderabad)

It is the case of the assessee that since it has mortgaged its property with the bank to enable the company to avail finance facilities from the bank, the advance by the company is not a gratuitous loan or advance, but in return for an advantage which the company has already availed on account of mortgaging of properties done by the asses...

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Assessee eligible for deduction U/s. 80IB(10) on SRA project developed under scheme of State Government duly notified by CBDT

Income Tax Officer Vs Ms. Asha Kashiprasad Ringshia Pandurang Sadan (ITAT Mumbai)

Rigours of the conditions enumerated in clauses (a) and (b) of section 80-IB, has been relaxed by the legislature to achieve certain socio-economic object and, therefore, proviso to section 80-IB should be given a liberal interpretation so as to not to defeat a genuine claim for deduction by a developer who undertakes to develop a housing...

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Reversal of Interest on NPA by NBFC to comply with RBI’s direction cannot be questioned

DCIT Vs Bhartiya Samruddhi Finance Ltd. (ITAT Delhi)

Assessee secured a licence from the RBI under section 45-I of the RBI Act, to carry on the business of non-banking finance, including micro-finance services. There exists Prudential Norms, issued by the RBI. The assessee, being a licensed NBFC, it had to follow the directives of the RBI. It was in accordance therewith, as also in accordan...

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