This is an appeal at the behest of the Assessee which has emanated from an assessment order passed u/s. 158BC/143(3) r.w.s.254 of the I.T. Act, 1961 dated 24.12.2008 and the grounds which have been argued before us are as follows:-
The Prime Minister has asserted that the government is committed to making Right to Information more effective instrument for ensuring transparency and accountability in administration. Elaborating the need to strike a balance between request for information and limited time and resources available with public authorities, Dr. Manmohan Singh stressed that requests for information having no bearing on public interest, is not really desirable.
The Reserve Bank of India (RBI) enhanced the limit for retaining foreign currency abroad to 3,000 USD per transaction for exporters against the existing 500 USD vide circular no. A.P. (DIR Series) Circular No.35, Dated- October 14, 2011. RBI in a statement issued in Mumbai on Friday said the decision has been taken for export related remittances received through Online Payment Gateway Service Providers (OPGSPS).
Faced with an increased and “difficult” direct taxes target of Rs 5.85 lakh crore this fiscal, the taxmen will focus on high profit-making segments of the economy, a top official said today. “These are difficult targets to achieve…We will check sections of the economy where profits are high, will compare returns (with) what they are […]
Consumers will have to pay more for sugar and textiles as States on Friday decided to impose four-five per cent value added tax (VAT) on sugar and textiles from the beginning of next fiscal. A move that will shore up their state governments revenue, but also stoke inflationary pressures. “We have decided to levy VAT […]
ACIT Vs. Parablic Drugs Ltd. (ITAT Delhi) – It has to be held that all of these expenditure were incurred by the assessee in the course of its business and none of the expenditure can be classified as expenditure in the nature of capital. The case law relied upon by the ld. AR supports the case of the assessee. Therefore, we found no infirmity in the order of CIT(A) vide which the assessee has been held eligible for deduction of these expenditure under both the sections either u/s 35(1)(i) or u/s 37(1) of the Act.
ACIT Vs M/s P P Overseas (ITAT Mumbai) – Statutory liabilities such as customs duty, DEPB licence etc. which is actually the liability of the assessee and the receipt for the payment is issued by the concerned authority only in the name of the assessee. The C & F agents merely collected the payments from the assessee for payment to the concerned authorities. Such payments cannot be considered to be covered by section 194C as they are not for any work of the nature mentioned in Explanation III.
CIT Vs Shri Nayan Arvind Shah (Bombay High Court)- Whether the value of the assets, for the purpose of computation of capital gains in the hands of the shareholders in respect of assets received from the liquidator of a company, should be taken at the fair market value (FMV) or at the FMV as reduced by the liabilities attached to it. It was held that the FMV, as reduced by the liabilities attached to it, forms the basis for computation of capital gains.
Valibhai Khanbhai Mankad vs DCIT (ITAT Ahmedabad) -Whether CIT(A) has erred in confirming the dis-allowance of Rs. 7,93,34,193/- u/s 40(a)(ia) on the ground that the assessee has filed Form No. 15J with CIT on 26.02.2009 instead of on or before 30th June, 2006 in as much the there is no failure to deduct tax at source under section 194C since the assessee has received Form No.15-I from the sub-contractors before making payment to them. Held , No The decision on deductibility of tax on payment made to sub-contractor is to be taken at time when contractor is releasing payments to sub-contractors and it is at that point of time second proviso to section 194C(3)(i) would come into play and when Form No. 15-I are submitted by sub-contractors to contractor, then contractor is not required to deduct tax from such payments, whereas compliance of third proviso can be deferred till 30th June of next financial year.
These cross appeals are directed against separate orders of the CIT(A) relating to the assessment years 1998-99 and 1999-2000, respectively. The appeals arise out of the assessments made under section 143(3) of the Income tax Act, 1961. As they involve some common issues, they were heard together and are being disposed of by this common order for the sake of convenience.
