Sponsored
    Follow Us:

Archive: 16 June 2015

Posts in 16 June 2015

Reopening u/s 147 required only “reason to believe” and not the established fact of escapement of income

June 16, 2015 1216 Views 0 comment Print

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

Appeal can be filed against wrong appeal effect given by Assessing Officer

June 16, 2015 15337 Views 0 comment Print

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.

ITAT Orders related to appeal filing & Seeking Adjournment Kept In Abeyance

June 16, 2015 1574 Views 0 comment Print

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.)

CIT(A) has to follow directions given by the Tribunal, violation of directions can be treated as contempt of Court

June 16, 2015 1399 Views 0 comment Print

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.

Repayment of interest on loan by conversion does not amount to actual payment u/s 43B

June 16, 2015 2017 Views 0 comment Print

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.

Concept of indexation while computing the LTCG cannot be imported to the computation of book profit u/s. 115JB

June 16, 2015 3344 Views 2 comments Print

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,

Applicability of Disallowance U/s 14A Read With Rule 8D if objective satisfaction is not recorded

June 16, 2015 1386 Views 0 comment Print

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.

‘Loan Arranger Service’ not liable for Deduction of TDS U/s. 195

June 16, 2015 10977 Views 0 comment Print

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.

Sec. 37 Commission paid to agents for procurement of order for supply of liquor not allowable

June 16, 2015 2959 Views 0 comment Print

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.

Audit Fees for Prior Period not allowable unless expenses gets crystallized in the year under consideration

June 16, 2015 8343 Views 0 comment Print

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.

Sponsored
Sponsored
Search Post by Date
November 2024
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930