In view of the fact that this pre-condition has not been satisfied, we feel that the impugned notice dated 07.03.2012 as also the order dated 31.05.2012 ought to be set-aside. It is ordered accordingly. All the proceedings pursuant to the notice dated 27.03.20 12 are quashed.
From perusal of the observation of the Tribunal, it is clear that the Tribunal has not decided as to for what reasons, the reasons given by the appellate authority ware found to be wrong and virtually it is a non-speaking order, deciding nothing.
If the books of account cannot be rejected, there is no question of not accepting the loss declared by the assessee. In a business, sometimes the business runs in profit and sometimes runs in loss. Merely because in a particular year, the loss was higher, that would not empower the Assessing Officer to reject the books of accounts, unless some specific defect is pointed out in its maintenance.
We have noted that the Assessing Officer’s observations to the effect that ‘business’ under section 28 has a very broad meaning and may be used in different connotations” and that it includes adventure in the nature of trade, as also his reliance on Hon’ble Supreme Court’s judgment in the case of Rajputana Textiles (Agencies) Ltd. v. CIT 42 ITR 743 (SC), wherein it was held that where from the very beginning, purchase of shares is made with the intention of selling them, at a profit, it is an adventure in the nature of trade. However, we are unable to see any merits in these arguments either.
As per Article 56 of the Schedule to the ADB Act, the bank, its assets, property, income and its operations and transactions, shall be exempt from all taxation and from all customs duties. The Bank shall also be exempt from any obligation for the payment, withholding or collection of any tax or duty and Section 5 of the ADB Act clearly says that notwithstanding anything to the contrary contained in any other law,
We find merit in the submission of Mr. Apte that the order dated 18.10.2012 directing the petitioner to deposit of Rs.35 lacs is non speaking order. The impugned order does not consider and/or examine submission made by the petitioner in support of its prima facie case to take a prima facie view.
With effect from 1st day of July 2003, section 108 of The Finance (No. 2) Act, 2009 specifically confers power on the High Court to condone delay beyond the period of 180 days, if the High Court is satisfied that there is sufficient cause for not filing the same within the said period. Section 108 of the Finance (No. 2) Act, 2009 while inserting sub-section (2)(a) in terms provides that sub-section (2)(a) shall be inserted and shall be deemed to have been inserted with effect from 1st day of July, 2003.
In this case, AO, made an addition of Rs.28,00,000/-, in respect of advances received from M/s Jot Agro Processors Pvt. Ltd. at Rs. 25 lacs and M/s Madura Agro Food Industries at Rs. 3 lacs/-. The main addition made by the AO pertains to non-furnishing of PAN and bank account number. However, in the course of appellate proceedings, appellant filed detailed submission which was found plausible explanation within the meaning of provisions of Section 68 and having regard to the factual matrix of the case.
It is very clear that the Banks should follow RBI guidelines on Asset-Classification before classifying any loan account as ‘Non-performing Asset (NPA)’. There were judgments saying that it is mandatory for the Banks to follow RBI guidelines while classifying an account as ‘Non-Performing Asset (NPA)’ and any deviation in this regard can vitiate the proceedings […]
In exercise of the powers conferred by clause (a) of sub-section (1) of Section 7 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following further amendments in the notification of the Government of India in the
