If the facts of the case are tested on the ratio of aforesaid decisions, in our considered opinion, the Id. Commissioner cannot deny renewal of registration on the ground that the assessee had claimed double deduction in respect of depreciation as well as capital expenditure i or had not applied the requisite income for the objects. If the assessee had claimed certain depreciation to which it was not entitled the recognition under section 80-G cannot be denied.
Penalty proceedings- Mere submitting a claim which is incorrect in law would not amount to giving inaccurate particulars of income of assessee, but if claim besides being incorrect in law is malafide, Explanation 1 to section 271(1)(c) comes into play and work to disadvantage of assessee.
In the light of the concurrent findings recorded by Commissioner (Appeals) as well as the Tribunal, it is apparent that the assessee had bona fide made a claim for deduction under section 80IA of the Act, which came to be rectified by filing a revised return withdrawing the claim and that as such there was no concealment or furnishing of inaccurate particulars of income on the part of the assessee. Moreover, the notice under section 154 of the Act issued by the Assessing Officer also does not remotely indicate anything to that effect. In the circumstances, Commissioner (Appeals) was justified in setting aside the penalty imposed under section 271(1) (c) of the Act.
Where the so called new unit set up by the assessee was merely an expansion of its existing business and was not setting up of a new business, the expenses incurred in that regard were allowable as revenue expenses.
If all speculative transactions will be claimed as hedging transactions, very purpose behind the provisions of section 73 not permitting set off of speculative loss against business income will become redundant.
Mere membership of a banned organisation does not make a person criminal unless he or she resorts or incites people to violence, the Supreme Court has ruled. The ruling assumes significance in the wake of life imprisonment imposed on noted civil li
Sub: Procedure adopted by the Institute in shifting CA Final (Old) course students to CA Final (New) course in order to appear in CA Final Examination to be held from May, 2011 onwards. As announced earlier on the Institute’s website, the Final (Ol
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L&T Infrastructure Finance Company is making a public issue of Long Term Infrastructure Bonds 2011, to finance infrastructure lending. The company proposes to issue secured redeemable non-convertible debentures aggregating up to Rs 100 crore with an
The government today said it has served notices to 17 persons alleged to have kept untaxed money in foreign banks and prosecution has begun against them, but refused to reveal their names. The comments, made by Union Finance Minister Pranab Mukherjee
