"15 June 2018" Archive

HC reject application for condonation of delay of 1819 days as no Sufficient Cause existed

Commissioner Tax Vs M/s Hanuman Industries Kichha (Uttarakhand High Court)

Commissioner Tax Vs M/s Hanuman Industries Kichha (Uttarakhand High Court) There is delay of 1819 days’ in filing the Revision. It is stated that after receiving the copy of the judgment dated 29.01.2013, matter was discussed at various levels and the proposal was received by the Department on 01.05.2013. It is stated that Department in...

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Mere allotment letter from builder not sufficient to claim benefit of section 50

M/s. Magmo Textiles Equipment Pvt.Ltd. Vs Income tax Officer (ITAT Mumbai)

Challenging the order dated 03/06/2014 of the CIT(A)-17,Mumbai,the Assessee has filed present appeal.Assessee-company,engaged in the business of manufacturing of textiles,filed its return of income on 30/09/2011 declaring total income at NIL.The Assessing Officer (AO) completed assessment u/s.143(3) of the Act,on 03/01/2014,determining t...

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S. 37 Retrenchment Compensation paid for business purpose is allowable

The ACIT Vs M/s. Lumax Automotive Systems Ltd. (ITAT Delhi)

ACIT Vs M/s. Lumax Automotive Systems Ltd. (ITAT Delhi) The assessee-company explained that it has closed down its Aurangabad unit due to heavy losses suffered by the assessee-company. The assessee-company in this year has declared loss of Rs.4.34 crores in the return of income and after making addition as well, the net taxable loss have ...

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Customs Guidelines to expeditiously complete adjudication process at original stage

Standing Order No. 22/2018 15/06/2018

Reference is invited to the Standing Order NO. 12/20 18 dated 25.04.20 18 and amendment made in Section 28 of the Customs Act, 1962 prescribing time limit for adjudication cases. In pursuance of the aforesaid amendment in the Customs Act and following the spirit of the proposed amendment viz. to expeditiously complete the adjudication pro...

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Revised instruction for stuffing and sealing of refrigerated containers

Standing Order No. 21/2018-JNCH 15/06/2018

In case of exporters having stuffing premises under the jurisdictional area of Jawaharlal Nehru Custom House (JNCH), the exporter would give application to the Commissioner of Customs, NS-Gen, JNCH (FSP Cell) for availing supervised stuffing along with the list of export goods....

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West Bengal VAT: Govt Creates Units of Bureau of Investigation

Notification No. 795-F.T. 15/06/2018

Bureau of Investigation constituted under section 8 of the said Act shall discharge its functions through the following Units, namely:– (a) Bureau of Investigation – Unit 1, in Kolkata, having different Zones as may be considered necessary by the Commissioner for discharging the functions under the said Act to investigate transactions...

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Deduction U/s. 80-IA(4) cannot be denied merely because assessee was paid by Government for development work

Adhunik Infrastructure (P)Ltd. Vs J.C.I.T (ITAT Kolkata)

Adhunik Infrastructure (P)Ltd. Vs JCIT (ITAT Kolkata) ITAT held that even if an assessee is merely developing the infrastructural facility (without operating and maintaining the same), it is entitled to deduction u/s 80-1A. Further, condition (b) laid out in sub-section (4) of section 80-IA mandates the existence of an agreement with the ...

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Loan waiver cannot be taxed under Section 28(iv)

Income-tax Officer Vs Tini Pharma Ltd. (ITAT Hyderabad)

The alternative submission that the amount of loan written off would be taxable under Section 28(iv) of the Act also came up for consideration before this Court in the matter of Mahindra & Mahindra Ltd. ( supra) and it was held therein that Section 28(iv) of the Act would apply only when a benefit or perquisite is received in kind and has...

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AO cannot make addition for mere non-appearance of parties before him

The Pr. Commissioner of Income Tax Vs M/s. Chawla Interbild Construction Co. Pvt. Ltd. (Bombay High Court)

This Appealunder Section 260-A of the Income Tax Act, 1961 (the Act) challenges the order dated 11th March, 2015 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2009-10....

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Section 54-Booking of flat with builder- Purchase or construction?

ACIT Vs Vineet Kumar Kapila (ITAT Delhi)

The brief facts of the case are that the assessee case was selected for scrutiny through CASS and notice u/s 143(2) of the Income Tax Act, 1961 (hereinafter referred as the Act) was issued and served upon the assessee requiring him to furnish necessary details and documents along with supporting evidence....

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