"13 February 2016" Archive

S. 68 No addition if parties have enough bank balance while giving loan

ITO Vs Rekha Bansal (ITAT Delhi)

ITAT Delhi held in the case ITO vs. Rekha Bansal that it is clear that the CIT (A) granted relief to the assessee on the basis of information received from the respective banks of the creditors u/s 133(6) wherein the CIT (A) found that the creditors had sufficient bank balance in their accounts before issuing cheques to the assessee. ...

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Interest subsidy for repayment of loan acquired for acquisition of capital assets, is capital receipts

DCIT Vs M/s J.K. Cement Ltd. (ITAT Lucknow)

ITAT Lucknow held in the case DCIT vs. M/s J.K. Cement Ltd. that certain conditions are made in the subsidy scheme, which is required to be fulfilled by the corporate sector in order to avail the benefit of subsidy....

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Treatment of subsidy granted to set up a wind project

UniDeritend Limited Vs ACIT (ITAT Mumbai)

During the financial year 2001-02 the assessee had installed wind energy project at a cost of Rs.1189.87 lakhs. The assessee accordingly applied for the said capital subsidy which was granted to the assessee during the relevant financial year 2007-08 at Rs.20 lakhs....

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Subsidy to set up new unit/expand existing unit is capital receipts

M/s. Shivalik Prints Limited Vs ACIT (ITAT Delhi)

ITAT Delhi held in the case of M/s. Shivalik Prints Limited vs. ACIT that in the judgment of CIT vs. Ponni Sugars and Chemicals Ltd. 306 ITR 392 (SC), the Hon’ble Supreme court have held that the character of the receipt of a subsidy in the hands of the assessee under a scheme has to be determined with respect to the purpose for which t...

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Sec 10A – Deduction allowed to new unit being independent unit, physical demarcation with old unit not relevant

DCIT Vs M/s E-Soft Technologies Ltd. (ITAT Lucknow)

ITAT Lucknow held in the case of DCIT vs. M/s E-Soft Technologies Ltd. that as per the CBDT Circular No. 01 of 2013 and as per the Tribunal decision of the Pune Bench in the case of ACIT Vs Symantec Software India P. Ltd in ITA No. 787/PN/09, dated 30th November 2011...

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Revised Guidance Note on Reporting of Fraud

The Council of the Institute of Chartered Accountants of India at its 350th meeting held on February 10, 2016 approved the Revised Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013....

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Posted Under: Income Tax |

Amount not assessable as Assessee’s income where direct payment made to parties for surrender of tenancy rights

ITO Vs Smt. Elsa Silva (ITAT Mumbai)

ITAT Mumbai held in the case ITO vs. Smt. Elsa Silva that as per the agreement , ‘Athithi Builders’ has acquired the development rights of the said property after paying separately and directly by cheque Rs.2.73 crores to the assessee, Rs.1.23 Crores to Shri D.P.Koli and Rs.0.50 crores to Shri Alex Silva....

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Recommendations of Companies Law Committee for Directors

As we are aware that on 1stFebruary 2016, Ministry of Corporate Affairs uploaded the report of Companies Law Committee on its website. In this post, we will discuss recommendations of the committee for the Directors and their meetings....

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Posted Under: Income Tax |

Sec 377 LGBT – why this colawari dee….

You may be aware that, the Supreme Court on Tuesday, February 3, 2016, referred a batch of curative petitions against Section 377 of the Indian Penal Code, a colonial-era provision criminalising consensual sexual acts of Lesbian, Gay, Bisexual and Transgender (LGBT) adults in private, to a five-judge Constitution Bench for a possible bac...

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Posted Under: Income Tax |

Love Should Not Be A One Day Affair

Love is the loveliest of all human emotions. Because, it produces more solace and happiness to all parties involved. Life without love has no charm and it likens a lonely tree in a desert. Similarly, a person without love is a skin-clad bone cage only. Imagine the world without love. Only chaos will surround us....

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Posted Under: Income Tax |