Assessee is regularly in the business of purchase-sale of equity shares, share transactions entered during the year were in large number, funds were borrowed for the purpose of trading, no separate account has been maintained for the investment portfolio and all the transactions of purchase sale raised are only for one scrip namely Suraj Stainless Steel Ltd.
There is sufficient indication from the notes on files that the invocation of the revisionary powers under Section 74A of the DVAT Act was to delay making the refund which was overdue for over six years. The Court is left no manner of doubt is that this was plainly an abuse of power vested in the Commissioner which calls for disapproval in strongest terms.
A division bench of the Allahabad High Court, in CIT v. Jaya Prakash Industries Pvt Ltd, held that the difference on foreign currency translation which is notional debit/credit, did not represent any loss or income for the purpose of computing the taxable income under the Income- Tax Act.
When the assessee has been alleging that he was only extending facility to his client for delivery of lignite and coal, he has not acted as an agent between client and truck owners. Therefore, in our opinion, merely on assumption basis, the assessee should not be burdened with tax liability.
Interest earned from investments made in any bank, not being a co-operative society, is not deductible under section 80P(2)(d) of the Act
In a recent ruling, the division bench of the Bombay High Court, while allowing tax relief to Mr. Nusli Wadia, held that the sale of his life interest in the income from the Trust property would not attract Capital gains Tax if the previous transaction through which he got the title over the property was held as not a transfer or Gift under the Income Tax Act.
HC held that Tribunal – the higher appellate authority has neither considered and weighed, in entirety, the evidence relied by the lower appellate authority nor it has dealt with the reasoning and findings of the lower appellate authority while passing the order of reversal.
These two appeals are against impugned orders, both dated 01/07/2010, passed by Commissioner of Service Tax, New Delhi. The appellant is an institution created by an Act of Parliament – The Employee’s Provident Fund and Miscellaneous Provision Act, 1952 (EPMF & MP Act).
Issue of validity of reassessment proceedings is a jurisdictional issue. It goes to the root of the matter. The Tribunal ought to have examined the ground no.3 raised in the assessee’s appeal on its merit without being prejudiced by the facts that the reassessment order has been passed on the exparte basis in which the proceedings the assessee has not objected to the initiation of the reassessment.
Assessing Officer to compute the disallowance as per Rule 8D by taking into consideration only those shares, which have yielded dividend income in the year under consideration.
