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During the year 2012-13, all the 25 PSBs have exercised managerial autonomy in regard to selection and appointment of SBAs. The names of audit firms recommended by these 25 banks and approved by RBI are displayed on the web-site. The information in regard to branches allotted to these audit firms will be published on the web-site, after […]
In this case Nothing has been pointed out that the bank was not within its right to firstly levy those charges or that it was acting beyond the rules. In levying those charges, the bank has fully justified as it relied on the Reserve Bank Rules and the banking practice. After all the bank had to maintain the accounts and it was by way of an agreement between the complainant and the bank that the bank was levying Rs. 250 per bill per quarter. Therefore, on this account there was no fault on the part of the bank.
Interest on FD and from bank on surplus funds – Even as admitted by the assessee during hearing, the same is only on surplus funds for the time being and, therefore, cannot be said to be derived from the assessee’s business. The same stands rightly excluded. Sales tax refund and excise duty draw back -As such, section 10B(1) read with section 10B(4) does not admit of receipt, the immediate source of which is not the economic activity itself, but a fiscal incentive, as being profit derived therefrom. Thus, the assessee’s claim in respect of aforesaid items was to be rejected.
Though the Assessing Officer invoked penalty under Section 27(1)(c) of the Act and stated that the assessee failed to furnish complete details from bank statement, on going through the materials placed before this Court, it is seen that the Assessing Officer has subsequently found that the said deposit was made for the period commencing from 01.04.2004 to 29.03.2005.
For these reasons, we have come to the conclusion that the Petitions would have to be allowed. We accordingly allow the Petitions by quashing and setting aside the notices under section 148 of the Income-tax Act, 1961 purporting to re-open the assessment for A.Ys. 2005-06, 2006-07, 2007-08 and 2008-09. Rule is made absolute in the aforesaid terms. There shall be no order as to costs.
The case of the revenue is that the respondent assessee is not entitled to concessional rate of tax provided in Article 12 of DTAA on the ground that it is not the beneficial owner of the musical tracks in respect of which the royalty income was earned. Thus, not entitled to concessional rate of tax at 10% under DTAA as held by the Assessing officer.
Commissioner of Income Tax (Appeals) as well as Tribunal both were satisfied with regard to identify and creditworthiness of the donors and genuineness of the gifts. Learned Tribunal also satisfied that there is no room to doubt about love and affection of the donors with the assessee as donors were brothers of the assessee. Therefore, gifts could have been given without any occasion and only for the love and affection with the assessee.
With regard to the amendment to section 2(14), which has been brought about by the Finance Act, 2007 w.e.f. 1.4.2008 and which alters the clause pertaining to ‘personal effects’ in the manner indicated below, we may say straightaway that the same would not apply as it has prospective operation with effect from 01.04.2008, whereas in the present case the assessment year is 2002-03.
Insofar as ground (a) raised by the Assessing Officer that loss on sale of investment of Rs. 6,15,66,000, is a capital loss and is not allowable as deduction, is untenable in law in view of the judgment of Hon’ble Supreme Court and High Court. The Bombay High Court in Bank of Baroda (supra), after following the judgment of Hon’ble Supreme Court in UCO Bank (supra), held that the depreciation in value of investments held by a Bank is allowable as deduction as business loss.
As per DRP Rules Rule, objections, if any may be filed in person or through his agent within the specified period in Form 35A. There is no prescription that the objection should be filed by assessee in person. An agent is permitted to file the objection, but in the case of company whether the agent should be a Managing Director/ Director, Chartered Accountant or any other person has not been prescribed under the Rules.
