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Archive: October, 2015

Posts in October, 2015

Issue of notice u/s 143(2) before finalisation of reassessment order is mandatory

October 30, 2015 5374 Views 1 comment Print

Delhi High Court held In the case of Principal CIT vs. Shri Jai Shiv Shankar Traders Pvt. Ltd. that the failure by the AO to issue a notice to the Assessee under Section 143(2) subsequent to 16th December 2010

Ad-hoc provision for transit breakage is contingent liability & not required to be recognised as per AS- 29 of ICAI

October 30, 2015 1786 Views 0 comment Print

Delhi High Court held In the case of Seagram Distilleries Pvt. Ltd. vs. CIT that in the current case there is no reasonable scientific method adopted by the Assessee to estimate the transit breakages to justify such provision.

Sec. 10B Interest on FDRs on margin kept in bank for utilization of letter of credit limits is business Income

October 30, 2015 842 Views 0 comment Print

Delhi High Court held In the case of Principal CIT vs. Universal Precision Screws that interest on fixed deposits has the requisite characteristic of business income and has a nexus to the business activities of the Assessee.

Search at house of partner cannot be deemed as search on assessee firm

October 30, 2015 1461 Views 0 comment Print

ACIT Vs. S.P.Cold Storage (ITAT Raipur)- Mere mentioning of name in Search Warrant & Panchanama not sufficient for contemplating search against the assessee firm, Search at the residential premises of the Partners could not be deemed to be a search on the assessee firm

Voluntary disclosure does not release assessee from mischief of penal proceedings

October 30, 2015 1233 Views 0 comment Print

In the case of S.L. Shiva Raj Vs. DCIT Hyderabad Bench of ITAT uphold the penalty order by holding that the penalty is levied with reference to original return of income and not with reference to the assessment made consequent to the disclosure by assessee.

Clarification regarding Self-sealing and self-Examination of Bulk cargo -reg

October 30, 2015 934 Views 0 comment Print

Circular No. 1011/18/2015-CX The assessee who desires to avail facility of export of bulk cargo without sealing shall write to the Principal Chief Commissioner/ Chief Commissioner of Central Excise with a copy to jurisdictional Assistant/ Deputy Commissioner of Central Excise, giving details of bulk cargo to be exported with proper justification regarding difficulties faced by him in sealing of the cargo.

Adhoc disallowance of expenses without finding any specific defects in books of account not justified

October 30, 2015 11479 Views 0 comment Print

ITAT Lucknow held In the case of M/s Vijay Infrastructure Limited vs. ACIT that on the basis of general observations, without pointing out even a single specific defect in the vouchers or books of accounts, ad hoc disallowance made by Assessing Officer is not justifiable.

S. 80IB(10) -Canopy/ Porch cannot be treated as part of Built up Area as it is not habitable

October 30, 2015 4293 Views 0 comment Print

DCIT vs. Smt. Suman Jagannath Pharande (ITAT Pune) For the contention of inclusion of Canopy area in total built area, the ITAT held that built up area means the inner measurement of the residential unit at the floor level, including the projection and balconies, as increased by the thickness of the walls but does not include the common area shared with other residential units.

Expenses not charged to P&L cannot be adjusted to income in TP adjustment

October 30, 2015 1303 Views 0 comment Print

ITAT Hyderabad held in M/s DQ Entertainment (International) Ltd Vs ACIT that if the effect of expenses has been given in the balance sheet then the upward TP adjustment could not be made because the same had not been charged to P&L account and so same could not be be added to the income of the assessee.

Expense allowed for earlier year cannot be disallowed in subsequent years if facts & circumstances are same

October 30, 2015 2234 Views 0 comment Print

ITAT Jaipur held in DCIT Vs. M/s Ashiana Ispat Ltd that if the facts and circumstances were same in the assesse’s own case of earlier years then, disallowance could not be made if the same was allowed in the earlier years by any appellate authority.

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