Reliance in this regard can be placed on the judicial pronouncement of Hon’ble Kerala High Court in case of GEOJIT BNP PARIBAS FINANCIAL SERVICES LTD [WP(C) No.18126 of 2015 (M)] wherein the assesse is a company inter alia engaged in providing retail financial services.
In CIT vs. Nirlon Synthetic Fibres & Chemicals Ltd. (1982) 137 ITR 1 (Bom) it was observed that expenditure incurred on inauguration ceremony of factory is a compelling necessity in modern times, it is a formality which an assessee has to incur after the business is set-up therefore it is an allowable deduction in terms of section 37(1).
The substantial time as extended in the previous judgment of this Court in Commissioner of Income Tax (TDS)-I vs. C.J.International Hotels Pvt. Ltd. (in ITA No.57/2015) decided on 09.02.2015, as discussed elaborately in a reasoned order of this Court
Issue before tribunal: Whether CIT can assume jurisdiction u/s 263 on the facts and circumstances of the case. Whether order of the AO was erroneous and prejudicial to the revenue.
Whether CIT can give approval for initiating proceeding u/s 147 in place of JCIT who is prescribed authority to give such approval u/s 151 (2) of the Income-tax Act.
Whether a proportion of the project receipts, commensurate with the risks/performance obligations, should be attributed to the assessee JV to whom tender had been awarded for the project and undertook significant risks and responsibilities for the completion of the project
Hon’ble court has observed that in the case of Bajrang Lal (supra) it was held that it is settled law that the primary burden to prove understatement or concealment of income is on the Revenue and it is only when such burden is discharged it would be permissible to rely upon the valuation given by the DVO.
Whether revenue is right in passing order giving instruction to bank to pay 50% of the demand raised against assessee when appeal against the assessment order was pending before CIT (A).
Many people have an uncaring and casual attitude on life. Either, they are easy-going type or ignorant of their duties. Some people don’t believe in hard-work and perseverance. Instead, they prefer idleness and lethargy to suit their lifestyles and comfort. My friend makes all the hustles in the eleventh hour of his trip though he has prior knowledge of his travel program.
