"18 July 2015" Archive

CA Practice- Be an Insurance Surveyor & Loss Assessor

A Chartered Accountant can be insurer surveyor & loss assessor. So in addition to the traditional fields of Statutory Audit, Internal Audit and Tax Audit there is vast scope for CAs in providing such services to the upcoming insurance sector .He can provide the services as Surveyors, Loss Assessors, Claim Assurors, Claim Negotiators etc. ...

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Posted Under: CA, CS, CMA |

Sec. 147 Reopening assessment for Verification of certain details not valid

Nivi Trading Limited Vs UOI (Bombay High Court)

Clear language of section 147 of the IT Act reveals that if the Assessing Officer has reason to believe that any income has escaped assessment, then, he can resort to such power. While it is true, as Mr. Gupta argued...

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Letting out Commercial Property on composite rent is taxable as Business Income

M/s. Dutta Properties Vs I.T.O (ITAT Kolkata)

In the present case, the assessee was neither absolute owner nor had surplus capital. It was providing complex services. The assessee being partnership firm was having warehousing business and local trade license authorities have accepted the assessee’s firms business to carry out warehousing business. ...

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The JV can’t be Termed as an Association and would not be Taxed Accordingly

CIT Vs M/s Oriental Structural Engineers Pvt. Ltd. (Delhi High Court)

Delhi High Court in the case of CIT vs. M/s Oriental Structural Engineers Pvt. Ltd. held that the Joint Venture was not an Association of Persons and could not be taxed on that basis, where the JV was formed only to secure the contract...

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Advances made from Mixed Funds will be presumed as Utilization of it’s own Funds

CIT Vs M/s. DD Industries Ltd. (Delhi High Court)

The Delhi High Court in the case of held CIT vs. M/s. DD Industries Ltd. that when the assessee is possessed of mixed funds which include its own funds in sufficient quantity, a presumption that its own funds were utilized for the advances is to be drawn...

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Penalty Proceedings can’t be initiated in the Absence of Proper Investigation

CIT Vs M/s Jain Export Private Ltd (Delhi High Court)

Delhi High Court in the case of CIT vs. M/s Jain Export Private Ltd. held that, to initiate proceedings under Section 271(1)(c), it requires proper investigation and higher satisfaction of proof, which confirmed the basis for the initiation of necessary proceedings....

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Admission u/s 132(4) would suffice to initiate necessary Proceedings

JRD Stock Brokers (P) Ltd. Vs CIT (Delhi High Court)

Delhi High court in the case of JRD Stock Brokers (P) Ltd. vs. CIT. held that the admission of assessee under Section 132(4) where he admitted about the possession of incriminating material would suffice to initiate the necessary proceedings....

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No Notice could be Served to Transferor Company after Amalgamation

CIT Vs Micra India Pvt Ltd (Delhi High Court)

In the present case, the Hon’ble High Court held that notice could not be served to transferor company after the Amalgamation have been done. As, it will be contrary to law to serve the notice to a non-existing company....

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Licence fee and Interest on it after 31st July 1999 would be treated as Revenue Expenditure

CIT Vs Microwave Communications Ltd. (Delhi High Court)

The Hon’ble High Court, in the present case held that the licence fee payable after 31st July 1999 should be treated as revenue expenditure. Similarly, if the interest was payable on license fee for the period post 31st July, 1999, it should be treated as revenue in nature. ...

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Procedural Lapse could not create Hindrance in Deliverance of Justice

CIT Vs M/s Relcom (Delhi High Court)

The Hon’ble High Court held that Rule 37BA will not apply in this case as there is only minor procedural lapse and procedure is the handmaid of justice, and it cannot be used to hamper the cause of justice....

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