We find that the issue is squarely covered in favour of the assessee and against the Revenue by the decision of Hon’ble jurisdictional High Court in Narmada Chematur Petrochemicals Ltd. (supra). Accordingly, this common issue in the appeals of the Revenue is dismissed.
During the period, when FBT was applicable, appellant considered reimbursements to employees under holiday home scheme to be liable to FBT under section 11 5WB(2)(G), i.e. expenditure for use of hotel, boarding and lodging facilities.
Counsel for the revenue, however, made faint attempt to contend that even though the order of assessment may not specify charging of interest under the provisions of the Income Tax Act, nevertheless if the computation sheet accompanying such an assessment order includes such demand, the notice for demand may still be valid.
These two appeals arise out of a common judgment of Income Tax Appellate Tribunal dated 17.12.1999. By the said judgment, the Tribunal had dismissed the appeals of the present appellants, that is, assessees and confirmed the decision passed by the Revenue Authorities. The appellants herein and one Smt. Urmilaben A. Patel constituted a partnership firm, having shares of 40%, 40% and 20% respectively.
In view of the fact that the enabling conditions of sec.41(1) are not fulfilled in this case, the A.0. had not brought any material on record to indicate that the appellant had obtained any benefit against the above said liabilities and these liabilities are still existing at the end of relevant assessment year in the books of accounts of the appellant, I am inclined to agree with the contentions of the Ld. A.R. Accordingly, addition of Rs. 1,36,76,461/- made by the A. 0. u/s 41(1) is ordered to be deleted. This ground of appeal is allowed.
The firm has to disclose whether it has been debarred by ICAI / RBI / Dena Bank in the past. In such cases, the firm is not eligible for appointment as Concurrent Auditor. The Partner / Auditor / Asst. of the Audit firm should visit the Branch for a specified number of days and a confirmation to that effect should be generated from the online system of the Bank.
In order to enable generation of a consolidated account statement for the use of a beneficial owner in respect of all demat assets held by him, the depository shall enter into necessary agreements for sharing of such information.
The decisions by the apex court in the case of Vinay Cement Ltd. (supra) and Alom Extrusions Ltd. (supra) are admittedly with reference to section 43B and, further, qua the scope of the amendments thereto. The deductibility of the employee’s contribution is not regulated by section 43B.
Notification No. 35/2013 – Income Tax The Press Trust of India Limited, New Delhi, notified as a news agency for the purposes of Section 10(22B) of the Income-tax Act, 1961 for the A.Y. 2014-15 to 2015-16.
Foreign Direct Investment (FDI) in India – Issue of equity shares under the FDI scheme allowed under the Government route against pre-operative/pre-incorporation expenses
