As regards the year of allowability, the claim has to be allowed on the basis of restatement of the liability on the balance-sheet date as held by the hon’ble Supreme Court in the case of Woodward Governor India (P.) Ltd. (supra). Thus the claim of the assessee is allowable. In case there is gain in a year and the assessee has not offered it to tax, the Revenue is free to take action under law. In these years, admittedly there is loss which is allowable as deduction.
The machinery which was purchased by the assessee in the course of expansion of new Project was installed in the year 1996-97 relevant to the Asst. Year 1997-98. There is nothing on record to suggest that the assessee had put the machinery to use during the Asst. Year 1998-99. It appears that the assessee had claimed 100% depreciation as the project was completely abandoned later in the year 1999. Since the machinery was never put to use by the assessee no depreciation is allowable for the Asst. Year 1998-99.
In the instant case, the interest is payable in respect of amounts deposited by financial institutions with the assessee by subscribing to the bonds issued by the assessee. The interest is payable in respect of certain deposits received by the assessee and not in respect of any loans, advances or borrowings made by the assessee. For the same reason, clause (e) of section 43B relating to loans and advances from a scheduled bank is also not applicable in the instant case.
By no stretch of imagination, Lakme can be considered as dominant either in the geographical market of Delhi or of Gurgaon. There are innumerable branded and non-branded saloons exclusively for women in Delhi alone looking at the population of Delhi being 1.26 crore and the same is the situation with regard to the number of exclusive saloons for women within district Gurgaon which covers a large area within it.In view of the presence of such a large number of beauty saloons exclusively for women in these areas having 7 saloons or so would not give a dominant status to Lakme under any circumstance. Thus, the question of abuse of dominance by Lakme would not arise.
Lok Sabha on 19th March 2013 passed Criminal amendment Bill aiming to toughen laws dealing with crime against women. The bill provides natural life term or even death for repeat offenders of rape. The Criminal Law (Amendment) Bill, 2013 commonly known as the anti-rape bill was passed by Rajya Sabha after amendments moved by Left MPs were defeated.
TAX PROVISIONS – • Surveillance of transactions by Sales Tax Department to go up. • Tax exemption on essential commodities, Solapuri chadars and towels, wet dates to continue up to 31st March, 2014. • Tax exemption on currants and raisins to continue up to 31st March, 2014.
In the present case no material has been produced by the appellant/assessee to show that the admission made by him was incorrect in any way. On the other hand, it is the assessee who is insisting that it is for the department to corroborate the statement of admission made by him and until and unless the department corroborates the same, the statement cannot be relied upon. Admission once made can certainly be retracted, if the circumstances permit, and it can also be shown to have been made under some mistake or to be otherwise incorrect.
Mere characterisation of an account as a NPA would not by itself be sufficient to say that there is uncertainty as regards realizability of income or interest income thereon. Accrual of interest is a matter of fact to be decided separately for each case on the basis of examination of the facts and circumstances. The same would require an assessment of the relevant facts and circumstances of each case. Only by assessment of facts and circumstances, the Authority could arrive at a decision whether there is uncertainity of the interest accrued on NPA. Only when there is uncertainity of realizability of income or interest income then it is not chargeable to tax.
Ld. Counsel of the assessee submitted that that even if any freight, telecommunication or insurance expense during the year, are reduced from the export turnover, such sums will also have to be reduced from the total turnover of the company for the purpose of computation of deduction u/s. 10A.
TRADE NOTICE NO. 3/ST/2013-CEXCHD1[F.NO.V(MISC)30/STC/HQ/TRADE NOTICE/10/2010/PT.], DATED 22-3-2013 (I) A copy of letter dated 20-3-2013, vide F. No. IV(24)/20/2012-Systems issued by the Directorate General of Systems, Customs & Central Excise, C.R Building, I.P. Estate, New Delhi- 110109 on the above subject matter, is enclosed (Annexure) herewith for information and guidance for the trade and field formation. The […]
