"13 November 2015" Archive

In absence of any material change revenue cannot take a view different from earlier view

M/s. Bajrang Wire Products (India) Pvt. Ltd. Vs The Addl. CIT (ITAT Jaipur)

M/s. Bajrang Wire Products (India) Pvt. Ltd. Vs. The Addl. CIT (ITAT Jaipur) In the present case the matter before the ld. CIT (A) was payment of interest for the A.Y. 2006-07 and also for A.Y. 2008-09. In both the matters, the interest was restricted by the AO to 12%...

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To avail Section 32(2) depreciation claim it’s not necessary that business carried on in following previous year

The Serendipity Apparels Pvt. Ltd. Vs CIT (ITAT Ahmedabad)

The Serendipity Apparels Pvt. Ltd. Vs. CIT (ITAT Ahmedabad)- The assessee has derived its lease rental income under the head from other sources. There is no dispute that the same is covered u/s.56(2)(iii) of the Act....

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Order resulting in payment of interest u/s 244A is appealable

Sandvik Asia Limited Vs Commissioner of Income Tax (OSD) (ITAT Pune)

Sandvik Asia Limited V/s. CIT (OSD)- ITAT Pune - Interest on the refund is really a part of the refund and interest and refund are not two different things. When the Income-tax Officer has passed the order under section 154 of the Act without granting interest due to the assessee...

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Satisfaction is a prerequisite for initiating assessment proceedings against any other person u/s.158BD

The Asstt. CIT Vs M/s. Apoorva Caterers (ITAT Mumbai)

A search and seizure action was carried out at the residence of Devdas A.Alva on 13.9. 2001.During the action,a loose paper file marked A-1was seized.Pages No 1-17 contained a copy of the catering contract entered into by Apporva caterers and Ooters Club and Page No. 26 to 28 were the bills ...

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Loan given in the course of trade and written off is allowable as business loss

I.T.O Vs M/s Shree Gouri Shankar Jute Mills Ltd (ITAT Kolkata)

I.T.O Vs. M/s. Shree Gouri Shankar Jute Mills Ltd (ITAT Kolkata)-It is not in dispute that the advance was made for purchase of Jute during the course of business of the assessee. Since the supplies could not materialize, the assessee to protect its money started charging interest...

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Proviso to section 12A(2) is to be construed as retrospective in operation

Sree Sree Ramkrishna Samity Vs D.C.I.T (ITAT Kolkata)

since the only reason for denial of exemption u/s 11 was absence of registration u/s 12AA (which was granted to assessee society on 29.10.2010 with effect from 1.4.2010) for the relevant assessment years and on no other ground...

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Levy of Swachh Bharat Cess on transportation passengers by rail

Commercial Circular No. 63 of 2015 (13/11/2015)

Ministry of Finance 'vide their Notification Nos. 21 & 22/2015-Service Tax dated 06-11- 2015 have decided that Swachh Bharat Cess @ 0.5% shall be levied on the value of all taxable services w.e.f. 15-11-20-15. Service tax of 14% and Swachh Bharat Cess of 0.5 % are chargeable on 30% of total passenger fare equivalent to 4.35% of the total ...

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Interest received by Contractor due to delay in payment is Business Income

Mehta Construction Co. Vs ITO (ITAT Delhi)

Interest received by the assessee on account of delay in the payment of money due to it cannot be taxed separately but only as an income from business. Mehta Construction Co. Vs ITO (ITAT Delhi), ITA No. 3967/Del/2010, Date of pronouncement: 16.10.2015...

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Book of Contractor cannot be rejected for Mere low Profit or Non Maintenance of Stock Register

Mehta Construction Co. Vs ITO (ITAT Delhi)

Mehta Construction Co. Vs ITO (ITAT Delhi) Assessing Officer was driven to reject the book results, mainly on the ground that the profit returned on the contract receipt is very low and no stock register was maintained....

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Consideration for right to use copy right shrink-wrap software amounts to royalty

M/s Tejas Networks Ltd. Vs DCIT (ITAT Bangalore)

M/s Tejas Networks Ltd. Vs. DCIT (ITAT Bangalore) As per the provision of sec. 192 of the Income-tax Act 1961, the assessee was liable to deduct tax at source on the payment made to Cadence Designs Systems Ireland ....

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RBI NPA guidelines overrides Income Tax Act & binding on income tax authorities

DCIT Vs The Vaish Cooperative Adarsh Bank Ltd. (ITAT Delhi)

The facts emanating from the order of the AO and the submissions of the assessee is that the assessee is a Co-operative Bank and is engaged in banking business and the assessee was claiming deduction u/s 80P(2)(a)(i) up to AY 2006-07 @ 100%....

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Section 36(1)(vii) and 36(1)(viia) are separate, distinct and independent from each other

The Kangra Co-operative Bank Vs JCIT (ITAT Delhi)

The Kangra Co-operative Bank Vs. JCIT (ITAT Delhi) The Assessing Officer disallowed the bad debts written off of Rs. 20,24,842/- on the ground that the amount of deduction claimed and allowed under the provisions of Section 36(1)(viia) of the Act for bad and doubtful debts of Rs. 3 8,00,870/- is more...

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Section 14A disallowance can be made even if Interest Received is more than Interest Paid

ACIT Vs Anagram Capital Ltd. (formerly known as Anagram Securities Ltd.) (ITAT Ahmedabad)

Since the Rule-8D of I.T.Rules, 1962 is not applicable, therefore in our considered view the AO was not justified in applying the Rule 8D for making disallowance. The ld.CIT(A) has given a finding that the assessee was having substantial funds and lesser borrowed funds. ...

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Notification No. 108/2015-Customs (N.T.) Dated-13th November, 2015

Notification No. 108/2015-Customs (N.T.) (13/11/2015)

Notification No. 108/2015-CUSTOMS (N. T.) entral Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published...

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