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Archive: 23 July 2015

Posts in 23 July 2015

Making of Advances without Interest is not Contrary to Law

July 23, 2015 391 Views 0 comment Print

Shiv Nandan Buildcon Pvt. Ltd. vs. CIT (Delhi High Court) In the present case the Hon’ble High Court have deleted the addition on account of a notional income when advances were made without charging of any interest.

Entries write back in absence of explanation is assessable as income

July 23, 2015 4783 Views 0 comment Print

Tribunal examined that whether addition can be made on account of net increase in the assessee’s capital during the year on account of write back as well as write off of some old credits and debits appearing in her accounts.

AO can reply upon valuation of DVO only after proving understatement in price consideration as per sale deed

July 23, 2015 550 Views 0 comment Print

Tribunal examined two main issues in this case firstly, whether any addition is required to be made in the hands of assessee on account of unexplained investment in purchase of house property. Secondly, whether assessees have paid any amount over and above the consideration shown in the sale deed

Amount on account of debit note issued by earlier management cannot claimed as expenditure

July 23, 2015 916 Views 0 comment Print

The court has dealt with two issues in this case. Firstly, whether Tribunal was justified in deleting the disallowance made by AO on account of claim made by the assessee towards cost paid to Hindustan Lever Ltd. for salary of Managers, Officers on deputation.

Ownership of land is not a pre-condition for deduction u/s 80 IB (10)

July 23, 2015 555 Views 0 comment Print

Sec. 80-IB(10) of the Act thus provides for deductions to an undertaking engaged in the business of developing and constructing housing projects under certain circumstances noted above. It does not provide that the land must be owned by the assessee seeking such deductions

Once assessee has proved identity and creditworthiness of the share applicants, addition u/s 68 cannot be sustained

July 23, 2015 528 Views 0 comment Print

Once assessee has submitted documents related to identity, creditworthiness and genuineness of the transaction the onus of proving share application as bogus shifts on the revenue. If revenue fails to prove further then assessee connote be treated as bogus.

All about Competition Act, 2002 – Part II

July 23, 2015 847 Views 0 comment Print

In my earlier article we have understood the basics of the Competition Act, 2002. In this article we are going to understand provisions of Section 4 of the Competition Act, 2002, which deals with the Dominant Enterprises, Dominance and abuse of dominant position the act.

Is it Merely a coincidence that all Tender suggestions raised at TAXGURU settled now?

July 23, 2015 1730 Views 0 comment Print

Thank you tax guru for carrying the sentiments of CA fraternity & congratulation for supporting a move to eliminate tenders, which are reality now. Considering our suggestions ICAI has come with a Mechanism to curb the Menace of Tendering.


July 23, 2015 8548 Views 0 comment Print

The third-party report over Toshiba Corp’s marked the most damaging event to their brand in 140 year history by breaking an accounting scandal of overstatement of profits going back to the 2008 financial year. The chief executive Tanaka and a string of other senior officials resigned on Tuesday for their roles in the country’s biggest accounting scandal in years.

No Service Tax on Services Provided in India on behalf of Recipient Located Outside India

July 23, 2015 5265 Views 0 comment Print

The appellant is an agent of Western Union on whose behalf appellant is disbursing money to the persons directed by Western Union who is located outside India. Revenue is of the view that as the service has been performed in India therefore, the service is received by Western Union in India.

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