"20 February 2013" Archive

Expenses allowed in earlier year cannot be disallowed in subsequent years if facts are same

Assistant Commissioner of Income-tax Vs Hindustan Fertiliser Corpn.Ltd. (ITAT Delhi)

Admittedly, the facts of the year under consideration and assessment year 2004-05 are identical. In AY 2004-05, the Assessing Officer allowed depreciation on certain assets while in the year under consideration, he disallowed the depreciation on all the assets. In our opinion, when the facts are identical, the Assessing Officer is not jus...

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No waiver of interest if reassessment was founded on verdict of a jurisdictional HC

P.G. Mani Vs Chief Commissioner of Income-tax, Cochin

If the provisions of clause (d) of notification dated 23.5.1995 are perused, it can be seen that the income must not have been chargeable to tax on the basis of any order passed by the jurisdictional High Court and it should become taxable as a consequence of any retrospective amendment of law or on a decision of the Supreme Court. Insofa...

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Value recorded in registered sale deed cannot be sole basis for determining FMV

Manjit Singh Vs Deputy Commissioner of Income-tax (ITAT Chandigarh)

Consideration as shown in the Registered Sale Deed cannot be equated with 'Fair Market Value', as defined in the Act u/s 2(22B) of the Act. /Therefore, adoption of average value of land at Rs. 27,030/- per acre as on 1.4.1981, as 'Fair Market Value' of the land in question, for the purpose of computation of capital gains, is not legally a...

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Addition justified if creditworthiness of donors giving gift not proved

Mrs. Kumari Kanagam Vs Commissioner of Income-tax, (Madras High Court)

In the absence of any material to show that said amount was sent by the assessee's mother and brothers from Singapore, the claim of the assessee does not merit any consideration. Thus the amount of Rs. 78 lakhs treated as unexplained investment under section 69 and assessable as undisclosed income for the block period stands confirmed....

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Notification No. 04/2013-Central Excise ; Dated : 20.02.2013

Notification No. 04/2013-Central Excise (20/02/2013)

In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance....

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Seeks to extend exemption to project LR-SAM of Ministry of Defence

Notification No. 08/2013-Customs (20/02/2013)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes ...

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CBI arrests Central Excise Superintendent In Bribery Case

The Central Bureau of Investigation has arrested a Superintendent of Central Excise, Ahmedabad for demanding & accepting a bribe of Rs. 14,500/- from the Complainant....

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Posted Under: Income Tax |

Input services also cover services used in business of manufacture of final product

Commissioner of Central Excise and Service Tax Vs Lupin Ltd. (Mumbai CESTAT)

The Hon'ble High Court of Bombay in the case of CCE v. Ultratech Cement Ltd. [2010] 29 STT 244 (Bom.) considered the issue at length and held that the definition of input service under Rule 2(l) of the Cenvat Credit Rules, is very wide and covers not only services which are directly or indirectly used in or in relation to the manufacturi...

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Service availed in relation to business of manufacturing or providing output service is entitled to input service credit

City Union Bank Ltd. Vs Commissioner of Central Excise & Service Tax, Trichy (CESTAT Chennai)

Hon'ble High Court of Mumbai in the case of CCE v. Ultratech Cements (P.) Ltd. [2010] 29 STT 244 held that any service availed by the assessee in or in relation to the business of manufacturing or providing output service is entitled to input service credit....

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In Minimum subscription calculation requests made for withdrawal of share application should be considered

Securities & Exchange Board of India Vs A.P.L. Industries Ltd. (Delhi High Court)

Minimum subscription would have to be calculated after taking into account the requests made for withdrawal of share application. There is another reason for coming to the same conclusion. Undoubtedly, in this case like in other public issues, there are rejections by a Registrar based on various technical grounds. If as per the clause ...

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