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Archive: June, 2015

Posts in June, 2015

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

May 15, 2024 7173 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.

Estate of deceased person can be assessed by adopting the procedure prescribed u/s.159

June 30, 2015 1721 Views 0 comment Print

The Hon’ble Tribunal held that the property in question was sold by assessee’s late husband before his death and the receipts out of the sale proceeds are deposited in a joint bank account that of assessee and her late husband. Once this is the position the entire receipts are to be assessed in the hands of late husband although through legal heirs by adopting the procedure prescribed u/s. 159 of the Act.

Notification No. 55/2015-Income Tax, Dated: 30.06.2015

June 30, 2015 610 Views 0 comment Print

Under the project only product neutral training will be given except a short session on company’s profile and prixiucts. Further, the farmers benefitted under the project will have the privilege of supplying their produce to any other entity.

Charitable activities cannot be held as business merely due to charge of fee for rendering services

June 30, 2015 1042 Views 0 comment Print

The object and activities of the assessee were entrusted to it by RBI as a part of its supervisory role over the bank in India. Revenue doubted that assessee is engaged in commercial activities and hence proviso of section 2 (15) was applicable to the case of assessee and hence not eligible for exemption u/s 11.

Orders passed U/s. 201(1)/201(1A) should comply by time limit prescribed under proviso to section 201(3)

June 30, 2015 2165 Views 0 comment Print

Appeals filed by the assessee were withdrawn. The Revenue filed the appeal. Facts of the case were that the assessee company was engaged in the business of running a mall. A TDS survey was conducted on 15-11-2012 during which it was observed that the assessee company had deducted tax on professional fees u/s.194J at lower rate than as required by the section.

Passing of ex-parte without giving hearing to Assessee would constitute violation of natural Justice

June 30, 2015 4699 Views 0 comment Print

When reassessment proceedings were started and ended by passing a reassessment order u/s 147/143(3) of the Act, then original assessment order passed u/s 143(3) of the Act and appeal against that order does not survive for adjudication and the same was correctly dismissed by the CIT(A).

US-Dollar Cheque Collection

June 30, 2015 285 Views 0 comment Print

Updated on 30/06/2015 One of the services rendered by banks as part of their normal banking operations is collection of cheques deposited by their customers, some of which, could also be drawn or payable on banks that are outside the country. Such cheques are called foreign currency cheques and, presently, a significant part of these […]

Duty drawback is to be allowed under section 10B

June 30, 2015 1883 Views 0 comment Print

Mohini Originals v. ITO (ITAT Delhi) Facts of the Case The Assessee was an EOU filed its return of income, where AO observed that they have claimed exemption under section 10B which was allowed at the time of Assessment. Deduction on duty drawback was also allowed. However, in the proceedings for the next year A.O. […]

No addition is allowed if the minor difference is only 3.24% between declaration of Assessee & Calculation made by DVO

June 30, 2015 730 Views 0 comment Print

The Hon’ble Tribunal held that the DVO has estimated the cost of investment at Rs.3,58,39,100/- against the cost of investment declared by the assessee at Rs.3,47,12,678/-. Therefore, the difference is about 3.24% and for this minor difference, no addition is called for. Since the difference is very nominal, no addition is called for in this regard.

Statement U/s. 132(4) without any supporting material does not have any evidentiary value

June 30, 2015 1446 Views 0 comment Print

The sole basis of the Department to assess profit of Rs.70.00 lacs is based upon the statement recorded under section 132(4) of the Act. It is a matter of fact that by the time statement was recorded, the entire project was not sold by the assessee. Only two shops were sold.

Retention money taxable as when the right to receive the same accrues

June 30, 2015 8620 Views 0 comment Print

The assessee was involved in power sector contracts and as per the terms and conditions of such work contract, an amount of 5 to 10% is used to deducted from the bills raised as retention money which would be payable to the assessee after successful completion of the commissioning of the project.

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