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Assessing Officer has wrongly stated that Shri Prithvi Singh, father of the assessee has stated in his statement that he had no agricultural land in his name. Since, as per the Statement recorded by AO it is been observed that that Shri Prithvi Singh (father of the assessee) has stated that he has
D.R for the revenue argues that no appeal lies against Appeal Effect Order passed by Assessing officer. The appellant may apply to the Assessing Officer for rectification U/s 154 of the Income Tax Act, 1961 but no appeal be filed against appeal effect order passed by AO.
Order dated 14th May 2015 with respect to pagination and order dated 20th May 2015 with respect to adjournments are held in abeyance till further orders. [Justice (Retd.)
The orders passed by the Tribunal are binding on all the revenue authorities functioning under the jurisdiction of the Tribunal. The principles of judicial discipline require that the orders of the higher appellate authorities should be followed unreservedly by the subordinate authorities.
That debentures are securities within the meaning of the expression understood in Section 2 (ac) and (h) of the Securities Contract Regulation Act, 1956 and freely tradable. The moment the debentures were issued to ICICI, the latter could realize the money value thereof.
Section 1115JB is non-obstante section and a complete code by itself, which provides that in case of a company, the income tax payable on the total income is computed under the Income tax Act in respect of any previous year is less than 7.5% (which percentage has been increased from time to time) of its book profit,
These are cross appeals filed by the assessee and the revenue directed against two separate orders of Learned CIT (A) – II Lucknow both dated 07.01.2013 for A.Y. 2008 – 09 and 2009 – 10. All these appeals were heard together and are being disposed by this common order for the sake of convenience.
Regarding the treatment of Arranger fees as fees for technical services, we find that the ld. CIT(A) had treated it to be in the nature of service fee for managing and arranging the finance and, hence, it is the consideration for rendering managerial and consultancy services.
Whether assessee is entitled to the benefit of disallowance of commission purportedly paid by assessee to its commission agents for procurement of order for supply of liquor. Whether High Court can exercise jurisdiction in absence of any question of perversity of the finding of the tribunal.
Since the assessee is following mercantile system of accounting, the expenses of earlier year cannot be allowed in the present year because the assessee had not been able to furnish any evidence to show that the above expenses have crystallized in the present year.
