"25 March 2013" Archive

Bankwise List of CA firms Approved for Statutory Bank Branch Audit for FY 2012-13

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...

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Posted Under: CA, CS, CMA |

Collection of export outstanding service charges as per RBI rules and banking practice is not unfair trade practice

Rangi International Vs Bank of India (Delhi, Compenetatiion Appelate Tribunal)

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 ...

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Interest on surplus funds, sales tax & excise refunds not eligible for exemption U/s. 10B

Tessitura Monti India (P.) Ltd. Vs. ITO- 8(3)(3) (ITAT Mumbai)

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...

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No penalty for concealment of Income on additions based on estimation of income

The Commissioner of Income Tax Vs P. Rojes (Madras High Court)

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 f...

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Reassessment for thorough verification of manufacturing activity of Assessee not justified

Dynacraft Air Controls Vs Smt. Sneha Joshi (Bombay High Court)

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 aforesa...

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NR beneficial Owner of Royalty income from Indian Company entitled to benefit of article 12 of DTAA between India and Netherlands

The Director of Income Tax (I.T.) Vs M/s. Universal International Music B.V. (Bombay High Court)

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 Assess...

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No addition on account of unexplained gift if Assessee proves identity and creditworthiness of donors

Commissioner of Income Tax Vs Shri Arun Kumar Kothari (Rajasthan High Court)

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, gi...

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Amendment in sec. 2(14) pertaining to ‘personal effects’ by FA, 2007 is prospective

Faiz Murtaza Ali Vs Commissioner of Income Tax (Delhi High Court)

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 p...

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Loss to bank on revaluation of investment in G-Sec. is ‘revenue’ loss; Reassessment not justified

Calyon Bank Vs DCIT (International Taxation)–1(2) (ITAT Mumbai)

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...

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Objection before DRP can be filed by assessee in person or by his agent

Nomura Services India (P.) Ltd. Vs Income Tax Officer (ITAT Mumbai)

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,...

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