"14 November 2015" Archive

No Disallowance U/s. 14A if Assessee have sufficient Own Funds to make Investment

ACIT Vs M/s Uma Polymers Ltd. (ITAT Mumbai)

The Brief facts of the case are that assessee company is engaged in the business of manufacturing and dealing in flexible packaging material. During the assessment proceedings u/s 143(3) read with section 143(2) of the Income Tax Act,1961...

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AO can refer Valuation to DVO only if value declared by Assessee is less than fair market value

Rashmikant Baxi (HUF) Vs ITO (ITAT Mumbai)

Rashmikant Baxi (HUF) Vs. ITO (ITAT Mumbai) Reference to DVO can be made in two situations; first, the value is adopted based on report of registered valuer and second, in any other case. In assessee's case, fair market value adopted as on 01.04.1981 is based on valuation report of registered Valuer. ...

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In absence of Return of Notice sent by Speed Post it will be presumed to be delivered

Petronet LNG Ltd. Vs DCIT (ITAT Delhi)

Petronet LNG Ltd. vs. DCIT (ITAT Delhi) When the document is sent by speed post and when the same is not returned to the sender by the postal department, the presumption is that it has been served on the assessee. ...

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Reopening based on Judicial pronouncement when all info were already available is not valid

ADIT Intl. Taxation Vs HRS Seismic Services Ltd (ITAT Delhi)

The facts on this issue are that the original assessment was completed by the ACIT, Circle-1, Dehradun u/s 143(3) of the Act. Thereafter a notice u/s 148 of the Act was issued on 31.03.2010. The reasons recorded by the Id. AO (copy has been placed...

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Adjust of one block of Fixed Asset against other cannot be said to be a arithmetical mistake

DCIT Vs M/s. S. I. Quarry Pvt. Ltd (ITAT Ahmedabad)

Assessing Officer added last amount of short term capital gains to the tune of Rs. 54,67,547/- under section 50 of the Act. This comprised of a sum of Rs. 4,86,650/- qua factory building and Rs. 49,80,897/- relating to plant and machinery. ...

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CIT cannot invoke section 263 if there is no lack of inquiry by AO

Harmony Yarns Pvt. Ltd Vs CIT (ITAT Ahmedabad)

Harmony Yarns Pvt. Ltd vs. CIT (ITAT Ahmedabad) The CIT's sole reason for invoking section 263 jurisdiction alleges lack of verification in respect of 11 share and premium applicants to the tune of Rs. 56 lacs. ...

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Section 14A AO cannot disallow expenses without recording his findings

ACIT Vs Hari Orgochem Pvt. Ltd. (ITAT Ahmedabad)

The Assessing Officer made disallowance by invoking the provisions of Section 14A r.w. Rule 8D of the Income Tax Rules. As per assessee, the AO has not established any nexus between the expenditure disallowed and investment made from which the income denied is exempt from tax....

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Search Warrant against Members of HUF cannot be deemed to be also against HUF

Shri Govind G. Sarawagi HUF Vs ACIT (ITAT Ahmedabad)

Shri Govind G. Sarawagi HUF Vs. ACIT (ITAT Ahmedabad)- Name of the HUF, who is separate taxable entity, is no where available in the Panchnama. It is also pertinent to note that all the members of the HUF were not covered under the search action....

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Particulars of penalties and punishments in e-form MGT-7

There are two expressions used in point XII of e-form MGT-7 – ‘Penalties and Punishments’. What do the two mean and how are they different? a. Penalties are penalties as in sec 42, 60, 91, 94, 111, 118, 119, 132, 136, 173 etc. b. Punishment refers to punishment by way of fine or imprisonment....

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Posted Under: Income Tax |

19 Summarized points of FAQ on Swachh Bharat Cess

1. SBC shall be levied and collected as service tax on all the taxable services at the rate of 0.5% of the value of taxable service. 2. The Central Government has appointed 15th day of November, 2015 as the date from which provisions of Swachh Bharat Cess will come into effect. 3. SBC is not leviable on services which are fully exempt fro...

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Posted Under: Income Tax |

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