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Archive: 16 March 2013

Posts in 16 March 2013

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7227 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Advance received against sale of land is not taxable in the year of receipt

March 16, 2013 83775 Views 0 comment Print

As regards the second proposed question, the facts are that the respondent! assessee had purchased the land in question sometime in 1994-96. Since then, the respondent! assessee had shown the said land in its balance sheet as a fixed asset. The same had been consistently shown as such by the respondent! assessee in all the years including the assessment year 2006-07.

S. 263 Revision order based on grounds not shown in show cause notice is not valid

March 16, 2013 1433 Views 0 comment Print

CIT in the present case had also initiated the proceedings under s. 263 of the Act on the basis of the audit objections. Show-cause notice was issued in the present case for non-deduction of tax at source, out of certain expenses incurred by the assessee and order passed by the CIT under s. 263 of the Act directing the AO to redetermine the income of the assessee by applying a rate other than the rate applied by the AO, being without jurisdiction, is not tenable in law. We find no merit in the plea of the learned Departmental Representative for the Revenue that the source of information in the present case was audit objection, but there was independent application of mind by the CIT.

Rule 8D(2)(ii) & (iii) not applies to shares held as stock-in-trade but S. 14A applies

March 16, 2013 2635 Views 0 comment Print

In our humble understanding, the provisions of Section 14A are indeed attracted whether or not the shares are held as stock in trade or as investments, even though the provisions of rule 8D(2)(ii) and (iii) cannot be invoked in such a case, and even though the provisions of rule 8 D(2)(i) are much narrower in scope than the scope of Section 14 A simplictor.

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