"12 September 2015" Archive

CIT duly empowered to decline request for waiver of interest U/s. 234C – HC

The Fertilizers and Chemicals Travancore Ltd. Vs DCIT & CCIT (Kerala High Court)

High court held In the case of The Fertilizers and Chemicals Travancore Ltd. vs. DCIT & CCIT that the CCIT is empowered and authorized to waive interest under section 234C only if the assessee case falls any of the two cases mentioned in notification dated 26/6/2006 for the income tax authorities...

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Re-opening of Assessment not valid in absence of any justifiable doubtful circumstances – HC

The CIT Vs M/s Kerala Kaumudi (P) Ltd. (Kerala High Court)

High court held In the case of The CIT vs. M/s Kerala Kaumudi (P) Ltd that the fundamental basis on which the assessment was re-opened itself is untenable. We are fully agree with the contention of the Tribunal that in the absence of any justifiable vitiating circumstances...

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Settlement Application cannot be admitted without considering objections raised by CIT

Commissioner of Income Tax Vs M/s Sai Prasad Properties Limited (Bombay High Court at Goa)

It was held by Hon’ble High Court of Bombay and Goa in the case of CIT V/s M/s Sai Prasad Properties Limited that an application under section 245D(2C) of the Act has to be disposed of after considering the objections raised by CIT...

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S. 147 Objections of assessee cannot be disposed off on an Imaginary Ground

M/s V M Salgaoncar Sale International Vs Assistant Commissioner of Income Tax (Bombay High Court at Goa)

In was held by High Court of Bombay and Goa in the case of M/s V M Salgaoncar Sale International V/s ACIT, that objections raised by the assessee against the reasons recorded U/s 148 of the Act can not be disposed off on an imaginary ground by the assessing Officer....

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Time barred assessment cannot be reopened for non satisfaction of conditions for reopening

Betts India Pvt. Ltd Vs The Deputy commissioner of Income Tax (Bombay High Court at Goa)

The hon’ble High Court of Bombay and Goa held in the case of Betts India Pvt. Ltd. V/s DCIT that when all the material facts necessary for assessment has been truly and full disclosed, the assessment can not be re opened after the expiry of time limit ...

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No further addition on issues covered by settlement commission order in other proceedings

ACIT Vs DJ Infrastructure Dev. Pvt. Ltd. (ITAT Delhi)

ACIT Vs. DJ Infrastructure Dev Pvt. Ltd. (ITAT DELHI) AO made additions on account of unexplained sources of expenses on the basis of some documents found during search proceedings u/s 132 on Gopal Zarda Group. On seized documents some details of expenses and payment of share premium is mentioned. ...

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Taxability of Interest earned on Share capital put in form of FDRs for procurement of capital goods

ITO Vs Facor Power Ltd. (ITAT DELHI)

ITO Vs. Facor Power Ltd. (ITAT DELHI) AO made addition on account of interest earned on FDRs put in bank for procurement of capital asset by holding that no such capital assets is acquired by assessee during the year under consideration. ...

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Director Salary not excessive in absence of any material on record

DDIT (Ex) Vs Gideons International In India (ITAT Hyderabad)

DDIT (Ex) Vs. Gideons International In India (ITAT HYDERABAD) The assessee in this case is a registered society who paid salary to its director along with some perks in addition to the basic salary. AO doubted that excessive salary has been paid to the director and he made addition of excessive salary than the salary mentioned in the appo...

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Income cannot be taxed as FTS in India in absence of FTS clause in DTAA

M/s. McKinsey Business Consultants Vs DDIT (ITAT Mumbai)

The ITAT Mumbai in the case of Mckinsey Business Consultants Vs. DDIT held that if there is no clause in DTAA to tax fees for technical services (FTS) then the same is taxable as business profits provided the income is earned by assessee through a PE in India....

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Delay in filling appeal due to negligence / inaction of Revenue cannot be condoned

DCIT Vs M/s. Trade Apartment Ltd. (ITAT Kolkata)

The ITAT Kolkata in the case of DCIT Vs. Trade Apartment Ltd. held that the delay in filling appeal cannot be condoned if the same is attributable to gross negligence and inaction on the part of revenue. ...

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January 2023