"15 March 2013" Archive

Deposit of cash in principal’s bank account by agent held as not a violation of sec. 40A(3)

The Commissioner of Income Tax- III Vs Smt. Shelly Passi (Punjab and Haryana High Court)

Learned counsel for the revenue submitted that the assessee had violated the provisions of Section 40A(3) of the Act and therefore the addition of Rs. 60,19,000/- made by the Assessing officer was wrongly deleted by the Tribunal. Relying upon the judgment of this Court in CIT v. SAS Educational Society [2009] 319 ITR 65 (Punj. & Har.), it...

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Government launches drive against fake PAN cards

Drive Against Fake Pan Cards The Government has launched drive against fake Permanent Account Number (PAN) cards. As a continuous process, in order to know the genuineness of Know Your Customer (KYC) documents on Proof of Identity (POI) and Proof of Address (POA), third party field verification is conducted after allotment of PAN. The inf...

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Posted Under: Income Tax |

New ITR for AY 2013-14 Expected to be notified by end of March, 2013

New ITR Filing Procedure The Government proposes to introduce new procedures/forms for filling Income Tax returns. Every year government notifies forms for filing of income-tax returns after incorporating the changes brought out by the Finance Act of the previous year and the suggestions received from stakeholders. The new forms for filin...

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Posted Under: Income Tax |

Income for putting Advertisement on your website + Section 44AD

Nowadays many people are using their own website as the source of their income. The income is for allowing other brands to put advertisements on website. The brands are interested in such website because it is niche in terms of traffic....

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Posted Under: Income Tax |

Forfeiture of bank guarantee is compensatory in nature & allowable

The Commissioner of Income Tax- 9 Vs M/s. Regalia Apparels Pvt. Ltd. (Bombay High Court)

Respondent took a business decision not to honour its commitment of fulfilling the export entitlement in view of loss being suffered by it. The Assessing officer does not dispute this fact nor does he doubt the genuineness of the claim of the expenditure being for business purpose. In these facts the Tribunal held that respondent assessee...

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CBEC Tax Recovery Circular is untenable, misconceived, wholly illegal & arbitrary

M/s PML Industries Limited Vs Commissioner of Central Excise & another (Punjab and Hariyana High Court)

Therefore, we are of the opinion that right of consideration in appeal and on an application for waiver of pre-deposit, is a right conferred by the Statute and such right cannot be defeated on the basis of Circular, which contemplates that the recovery can be effected, is stay is not granted within 30 days....

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Capital Gain from shares cannot be treated unexplained if sale of shares not proved bogus

Commissioner of Income-tax Vs Udit Narain Agrawal (Allahabad High Court)

It had held that the assess was in possession of the shares in question and had sold the said shares in course of ordinary transaction of sale of shares at stock exchange and if the broker did not file any evidence since the same were seized by the Revenue Department, there is no fault with the assessee. From the aforesaid facts it is cle...

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ITAT upheld addition for stock difference as per books and in Statement submitted to Banks

M/s. Estee Exports Pvt. Ltd. Vs. ITO (ITAT Kolkata)

Assessee despite being given more than sufficient opportunity has not been able to explain the discrepancy in stock. No new document or evidence has been brought to the notice of the Bench, nor has the assessee been able to show how the document has been wrongly considered. As such neither on facts nor on law the assessee's explanation is...

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SC laid Criteria for admission of writ petitions challenging the vires of any provision of law

M/s. P.G.F. Limited & Ors. Vs Union of India & Another (Supreme Court of India)

Before adverting to the various contentions raised in challenging the vires of Section 11AA of the SEBI Act, we feel that it is worthwhile to state and note certain precautions to be observed whenever a vires of any provision of law is raised before the Court by way of a writ petition. It will be worthwhile to lay down certain guidelines ...

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Service Tax & Entertainment Tax both can be levied on DTH Services –SC

Tata Sky Limited Vs. The State of Tamil Nadu (Madras High Court)

In State of West Bengal v. Purvi Communication (P.) Ltd. [2005] 140 STC 154, the Apex Court upheld the entertainment tax levy on cable television by West Bengal. It was held that cable operators had direct and close nexus with the entertainments made available to the viewer through their cable television network. The performance, film or ...

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