"21 January 2013" Archive

Notice U/s. 148 cannot be issued unless return which has already been filed has been disposed of

Commissioner of Income-tax Vs M.K.K.R. Muthukaruppan Chettiar (Supreme Court of India)

Notice cannot be issued when returns are pending - Notice cannot be issued unless the return which has already been filed has been disposed of - CIT v. M.K.K.R. Muthukaruppan Chettiar [1970] 78 ITR 69 (SC); Bhagwan Das Sita Ram (HUF) v. CIT [1984] 146 ITR 563 (SC)....

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SEBI : Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement

CIR/MRD/DP/01/2013 21/01/2013

The Stock Exchanges are advised to report to SEBI, the action taken in this regard in the Monthly/Quarterly Development Report....

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Administrative Control over EOUs, EHTP and STPs by Central Excise formations

Trade Notice No. 01/2013 21/01/2013

In partial modification of the aforesaid Facility Notices, it is decided that all matters relating to 100% EOUs/EHTP/STPs, Customs Bonded Warehouses and other Customs related work in the jurisdiction of Mysore, which are currently under Service Tax and EOU Division, are now attached to their respective Central Excise Ranges under the juri...

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Company Law – Application under s. 543 cannot be made in vague terms & to conduct a roving enquiry

Official Liquidator of Zenith Power Systems (I) Ltd. (In Liqn.) Vs K. Venkatachalam (Karnataka High Court)

An application under Section 543 of the Companies Act, 1956 cannot be made in vague terms and it cannot be used as a power to conduct a roving enquiry in these proceedings and to ascertain as to whether there is any act of misfeasance on the part of erstwhile directors....

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S. 92C(4) Deduction under Chapter VI-A cannot be allowed on additions made as per TPO’s order

Assistant Commissioner of Income-tax Vs Bechtel India (P.) Ltd. (ITAT Delhi)

From the proviso to Section 92C(4), it is evident that no deduction in Chapter VI-A is to be allowed in respect of the income which is enhanced after the computation of income in the said Section. Thus, the assessee is not entitled for deduction under Chapter VI-A in respect of the addition made as per the TPO's order. ...

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HC condones delay in appeal filing due to negligence of assessee’s lawyer

Mukesh Jesangbhai Patel Vs Income-tax Officer (Gujarat High Court)

In Perumon Bhagvathy Devaswom v. Bhargavi Amma [2008] 8 SCC 321 it was reiterated that sufficient cause should be understood in pragmatic and practical manner. The test is that the delay is not on account of any dilatory tactics, want of bonafides, deliberate inaction or negligence on part of the appellant. ...

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Transactions entered by broker on behalf of principals cannot be added in his income

Sri. T. Jayachandran Vs Deputy Commissioner of Income Tax (Madras High Court)

Given the fact that the assessee had acted only as a broker and could not claim any ownership on the sum of Rs. 14.79 crores and that the receipt of the money was only for the purpose of taking demand drafts for the payment of the differential interest payable by Indian Bank and that the assessee had actually handed over the said money to...

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To maintain petition u/s. 397 shareholding positions on date of filing of petition ought to be considered

Mr. Pratik B. Mehta & Ors. Vs. Uniform Offset Private Limited & Ors. (Bombay High Court)

The Board ought to have considered the date of filing of the Petition, as well as the admissions so given by the contesting Respondents, before rejecting the Company Petition in such a fashion on the ground of maintainability....

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ICSI – New President & Vice-President WEF 19.01.2013

ICSI Elects CS S. N. Ananthasubramanian as PRESIDENT & CS Harish K. Vaid as VICE-PRESIDENT of the Council of the Institute Company Secretaries of India (ICSI) w.e.f. 19th January, 2013. ...

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Posted Under: Income Tax |

To reject view taken in earlier assessment years, there must be material change in the fact, situation or in law

Dy. Commissioner of Income Tax Vs M/s Ahlcon India Pvt. Ltd. (ITAT Delhi)

In this case assessee is receiving mobilization advance from customers. This is to enable the assessee to purchase the raw material for the proposed work. As per the assessee’s method of accounting, the material, finished or semi finished stocks is transferred to customers work site for installation through invoices. The customer is bil...

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