"15 July 2018" Archive

When sales are not doubted 100% disallowance for bogus purchase can’t be made

Sanjay Kailash Gupta Vs The Income Tax Officer (ITAT Mumbai)

This appeal by the assessee is directed against order of ld. Commissioner of Income Tax (Appeals)-1, Thane dated 13.07.2016 and pertains to the assessment year 2010-11...

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CESTAT on inclusion of value of cotton and waste, for determining entitlement for DTA clearance

M/s Parasrampuria International Vs CCE Indore (CESTAT Delhi)

The SCN dated 01.12.2006 had also proposed demand of duty on the cotton waste which stands cleared by the appellant in the DTA. The SCN also proposed including the value of such cotton waste for re-determining the DTA entitlement. But the adjudicating authority dropped the demand of duty on cotton waste. Against such finding, Revenue is i...

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TDS not deductible on Advance Received towards Professional Fee which is returned back

Shri A. Naga Srinivas Vs DCIT ( ITAT Hyderabad)

Advance received by the assessee towards his professional fee, when it is returned, is not covered by any of the provisions of Chapter XVIIB requiring TDS. ...

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While deciding stay application Tribunal can only consider prima facie case of merits: HC

Maharashtra State Road Transport Corporation Vs Commissioner of Central Service (Bombay High Court)

Bombay High Court held in the case of Maharashtra State Road Transport Corporation Vs Commissioner of Central Service that While deciding an application for stay of demand, the Appellate Tribunal can only consider the prima facie case of merits. It cannot give a final finding on the merits and decide the appeal itself...

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Addition for Share premium U/s. 68 cannot be made merely on the ground that directors of share subscribers did not turn up before AO

Income Tax Officer Vs M/s. Wiz-Tech Solutions Pvt. Ltd. (ITAT Kolkata)

ITO Vs. Wiz-Tech Solutions Pvt. Ltd (ITAT Kolkata)  The main plank on which the AO made the addition was because the directors of the share subscribers did not turn up before him. In such a case the Hon’ble Apex Court in the case of Orissa Corpn. (P) Ltd. (supra) 159 ITR 78 and the Hon’ble […]...

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Section 14A can be put in motion only when there is exempt income

M/s Adhunik Metaliks Ltd. Vs ACIT (ITAT Kolkata)

This appeal by the revenue arises out of the order of the Learned Commissioner of Income Tax(Appeals)-20, Kolkata [in short the ld CIT(A)] in Appeal No.1044/CIT(A)-20/CC-1(1)/15-16 dated 25.07.2016 against the order passed by the ACIT, CC-1(1), Kolkata...

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Depreciation allowable on Assets ready to use but not put to use

Betterman Engineers Pvt. Ltd. Vs I.T.O. (ITAT Kolkata)

Betterman Engineers Pvt. Ltd. Vs I.T.O. (ITAT Kolkata) In the instant case the assessee has acquired certain fixed assets on lease and has charged depreciation on the same. The assets being the godown building, office building, power house building, Weigh Bridge room and machinery. The ld. AO on the basis of the statement made by [&hellip...

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S. 37(1) Settlement Charges Paid to SEBI for Violation of SEBI Provisions allowable

DCIT Vs Shri Anil Dhirajlal Ambani (ITAT Mumbai)

The fact that the consent application proposed by the Respondent was accepted by SEBI also on the footing that the Respondent has paid the settlement "without admitting or denying the charges" indicates that the SEBI was not unaware of the outcome of its case against the Respondent. There is no reason to believe or infer that consent app...

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GST on bracket of cast iron used for hanging wash basin / commodes/ urinals

In re M/s. Alka Industries (GST AAR Gujarat)

Chapter Heading 7325 covers all cast articles of iron or steel, not elsewhere specified or included. As submitted by the applicant, the brackets and clamps of cast iron manufactured by the applicant are product of casting industry, inasmuch as on the rough CI Casting of the said product, the applicant does sand blasting and apply enamel t...

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Filing of return before due date is Mandatory to claim deduction u/s 80IA

Smt. Revathi Raju Vs The Income Tax Officer (ITAT Bangalore)

The AO was of the view that as per the provision of section 80AC of the Act any deduction under Chapter-VI A of the Act (Sec. 80IA of the Act is part of Chapter VIA of the Act) can be claimed only if the return of income for the relevant assessment year is filed on or before the due date prescribed u/s 139(1) of the Act. Since the assesse...

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