"22 January 2013" Archive

Transformation from Accounting to Management in Indian scenario

In past about a decade, if one gives a close look at the business environment, professional experience with clients and employer expectations, one could derive that the period has witnessed a theory of ‘Big change’. The drivers at macro level are altering the business environment radically and as a result transforming the accounting p...

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Posted Under: Corporate Law |

Assessee must substantiate its claim that payment in cash were not in violation of section 40A(3)

Shri Raman Mahajan, HUF Vs. Income Tax Officer (ITAT Amritsar)

As regards the payments of Rs.20,000/- or more, the assessee has not substantiated his claim that the payments of Rs.20,000/- or more with regard to the purchases were made for Rs.20,000/- or less before the AO. It is also not on record whether such claim was actually made before the AO or not. With regard to the claim before the ld. CIT(...

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HC remanded case back to Tribunal for dimissing appeal without hearing contention of the Assessee

Premswaroop Khandelwal Vs Commissioner of Income-tax, Indore (Madhya Pradesh High Court)

ITAT has committed an error in dismissing the appellant's appeal merely by observing that while deciding the appeal of revenue the stand of the CIT (Appeal) has been upheld. We find that the appellant's contention that the net profit at 2.5% could not have been applied by CIT (Appeal) was required to be decided by the ITAT and the appella...

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Scrap is bi-product of manufacturing activity & no expense could be attributed to its generation

R.N. Gupta Co. Ltd. Vs Commissioner of Income-tax (Appeals)-I (Punjab And Hariyana High Court)

The expenditure is incurred by the assessee not for generation of the scrap but for generation of the finished product. There is and cannot be any expenses which are incurred for generation of scrap. Scrap is bi-product of the manufacturing activity. Therefore, there are no expenses which could be excluded from the sale of scrap....

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If job worker not availed ST exemption, Service Receiver can claim Input Credit

Royal Touch Aluminium (P.) Ltd. Vs Commissioner of Central Excise, Ahmedabad (CESTAT Ahmedabad)

Cenvat credit in respect of duty paid by the job worker has already been considered by the Tribunal and in the case of Multi Organics (P.) Ltd. v. CCE [Order Nos. A/180-181/2010/SMB/C-IV, dated 31-3-2010]. It has been held that even though the job worker is entitled to exemption under Notification No. 8/2005-ST and if he has not availed t...

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CLB can allow amendment to petition filed u/s. 397 & 398, if it isn’t prejudicial to parties

Gharda Chemicals Ltd. Vs Jer Rutton Kavasmanek (Bombay High Court)

CLB has rendered a finding that the application for amendment was allowed for determination of the issues between the parties and for the purpose of framing issues for avoiding multiplicity of litigations. ...

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Petitioner cannot exercise his right as shareholder if never initiates to register his shares in Register of members

In re Tony Electronics Ltd., (Delhi High Court)

Record shows that the name of the petitioner was never entered into the register of members as a holder of 52470 shares; his own case is that the share transfer forms were available with him in 1998; he however took no steps to get himself on to the register of members; fault was entirely of the petitioner;...

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Some Helpful Tips For Filing Wealth Tax Returns

The W.T. return for Individuals, Hindu Undivided Families and Companies is to be filed in Form BA. Value of an asset for an assessment year is to be declared as on the relevant Valuation Date i.e. 31st March of each year. Thus, for the assessment year 2012-13, the valuation date will be 31.3.2012, while for the A.Y. 2013-14, the valuation...

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Whether foreign airlines had abused their dominant position in terminating commission payable to travel agents?

Travel Agents Association of India Vs Lufthansa German Airlines (Compitation Appellate Tribunal)

Director General had concluded on the basis of his investigation that it was not proved that foreign airlines hold about 90% market share in the relevant market of international flying to and fro from India. The appellant was unable to give any specific statistics before the CCI or even before us. On the other hand, from the documents on ...

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If ‘business income’ not taxable due to absence of PE in India, it cannot be taxed as ‘other income’

P.T. McKinsey Indonesia Vs Deputy Director of Income-tax (International Taxation) (ITAT Mumbai)

If a certain receipt cannot be taxed under any other head, only then the sections dealing with 'Income from Other Sources', come into play in domestic taxation matters. Likewise, under the DTAAs, if a sum can be taxed under any other Article, provisions of Article 22 will not be applicable. We are of the opinion, in light of the earlier d...

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