"30 January 2013" Archive

State Government is a person for the purposes of collecting TCS

Collector Vs Income-tax Officer (TDS), Ward-2(2), Amravati (ITAT Nagpur)

Income Tax is a code in itself and for levying taxes certain terms have been defined in a particular manner and they carry special meanings. Word 'person' is one among them. So, in our humble opinion, State Government is a person for purposes of collecting tax at sources as per the provisions of Sec 206C of the Act....

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SSI situated in ‘industrially backward State’ eligible for deduction u/s. 80-IB, even if it manufactures items specified in 11th Schedule

Deputy Commissioner of Income-tax Vs Eye Photonics India (P.) Ltd. (ITAT Chennai)

On going through the order of the Commissioner of Income Tax (Appeals), it can be seen that the Commissioner of Income Tax (Appeals) came to the conclusion that the assessee is entitled to deduction under sec.80IB of the Act since the assessee unit is located in an industrially back-ward State specified in VIII Schedule and is governed by...

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Third Quarter Review of RBI Monetary Policy 2012-13

Since the Second Quarter Review (SQR) of Monetary Policy in October 2012, headwinds holding back the global economy have begun to abate gradually, although sluggish conditions prevail. In the US, activity gathered momentum in Q3 of 2012 but this is unlikely to have been sustained in Q4. While a political consensus to avert the ‘fiscal c...

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Posted Under: Income Tax |

Machinery installation charges are capital expenditure

Bharti Televentures Ltd. Vs Additional/Joint Commissioner of Income-tax (Delhi High Court)

The test of enduring benefit which was perceived as the true and applicable test to judge whether an expenditure fell in capital field has been, over the years, considered as a self-limiting one. The Courts have held that a proper approach has to be adopted and in doing so the nature of the advantage in a commercial sense ...

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AO can go beyond ITAT directions if his inquiry justifies it

Commissioner of Income-tax Vs RBG Investment & Finance Ltd. (Delhi High Court)

The general proposition that while remanding issues for fresh consideration by the assessing officer, the Tribunal should be very cautious in issuing directions, even if it is only for the guidance of the assessing officer. The direction should not give rise to a situation where the assessing authority is likely to feel incommoded by it....

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No waiver of Interest if delay in return filing was not because of impounding of documents

Shebin Jewellery Vs Chief Commissioner of Income-tax, Cochin (Kerala High Court)

It is a fact that the documents were given to the petitioner only after more than two years. But the reasons stated by the Chief Commissioner would unequivocally indicate that initially the request was made to release the books of account and documents; then the returns were prepared even without the originals....

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Deduction u/s 54F available on portion of investment made in wife’s name

Commissioner of Income Tax-XII Vs Shri Kamal Wahal (Delhi High Court)

The new residential property was acquired in the joint names of the assessee and his wife. The income tax authorities restricted the deduction under Section 54F to 50% on the footing that the deduction was not available on the portion of the investment which stands in the name of the assessee’s wife. ...

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Reopening based on Directors complain with CLB of illegal fund siphoning justified

Rambagh Palace Hotels Private Limited Vs Deputy Commissioner of Income Tax (Delhi High Court)

Whether a complaint filed by one of the directors before the Common Law Board alleging irregularities such as illegal siphoning off of the company’s funds by two other directors constitutes tangible material, on the basis of which reopening U/s 147 is possible? ...

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Penalty justified on income Surrendered during survey without explanation

CIT Vs MAK DATA LTD (Delhi High Court)

The absence of any explanation is statutorily considered as amounting to concealment of income. In the absence of any explanation regarding the receipt of the money, which is in the exclusive knowledge of the assessee, an adverse inference is sought to be drawn against the assessee under the first part of clause (A) of the said Explanatio...

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Income Tax Refund for AY 2012-13 – CPC issues directives

Letter [F.NO.DIT(S)-III/CPC/2012-13/Demand Management] 30/01/2013

Kind attention is drawn to the above mentioned subject. For the A.Y. 2012-13 e-filed returns cases till 22nd Jan. 2013, where refund is likely to be > = Rs. 10 lakhs are 28,444 in number, which are currently pending for processing at CPC. These ITRs are categorized as under :...

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