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So far the question of benefit under s. 10B of the Act is concerned, the learned counsel for the appellant-assessee has submitted that the view as taken by the Tribunal cannot be sustained for the authoritative pronouncement of the Hon’ble Supreme Court in the case of ITO v. Arihant Tiles & Marbles (P.) Ltd. [2010] 186 Taxman 439 (SC) holding, inter alia, that step-wise activity of cutting marble blocks and converting into the polished slabs and tiles constituted manufacture or production in terms of s. 80-IA of the Act while distinguishing the decision in Aman Marble’s case (supra), and while observing, inter alia, held as under:
ORDER No. 8/FT&TR/2012 In partial modification of order No. 6/FT&TR/2012, and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) at the area of jurisdiction given under column (2) of the Table below comprising of three Commissioners of Income-tax as Members of the Panel
Order [f.no. 500/15/2011-ft&tr-i], dated 28-8-2012 Section 144C of the Income-tax Act, 1961 – Dispute Resolution Panel – Reference to – corrigendum to Order No. 6/FT&TR/2012, dated 10-7-2012 and Order No. 7/FT&TR/2012, dated 31-7-2012 constituting DRPs and alternate DRP at various places
The ‘Quick Referencer’ contains the relevant information about cooperatives & NPO sectors in brief such as important acts, accounting standards, auditing standards, important provisions of direct and indirect taxes, registration under different acts, various forms, and other important information about these sectors.
Notification No. 35/2012-Income Tax Whereas, a Multilateral Convention on Mutual Administrating Assistance in Tax Matter and as amended by the 2010 protocol was signed by the Republic of India at the headquarters of the Organisation for Economic Co-operation and Development (OECD) at Paris on the 26rd day of January, 2012 (hereinafter referred to as the said Convention);
As per the Development Agreement entered into between the parties, the assessee and his brothers have demolished the existing residential building and handed over the vacant space to an extent of 16800 sq ft. to the Developer for construction of the apartment. Since the residential building has already been demolished by the assessee and his brothers themselves, they are not entitled to claim benefit under section 54 of the Act.
In the judgement of Calcutta High Court in the case of Exide Industries Ltd. Vs Union of India [2007] 292 ITR 470 (Cal), it was held that section 43B(f) of the Income-Tax Act, 1961 (the Act) was arbitrary, unconscionable and de-hors the Supreme Court decision in the case of Bharat Earth Movers Vs CIT [2000] 245 ITR 428 (SC) and accordingly, the same was struck down as ultra-vires.
Assessing Officer has nowhere held in the impugned order that any concession was given by the employer to its employees and they have provided the accommodation on a concessional rates. Assessing Officer straightway applied Rule 3 without first establishing the case that the appellants have provided any concession in the shape of accommodation to its employees.
ICAI has arranged the ‘Tax Cloud software: Cloud based ITR & TDS Return Preparation for CAs’ enables Income Tax Return and TDS Return preparation, provides all types of assesses support including Individuals, HUFs, Firms and Companies, calculates Income Tax under all heads such as Salary, House Property, Capital Gain, Business and Profession, Other and Exempt Income Heads,
CIT-DR has contended that compensation should be regarded as normal business receipt received in the normal course of business, we find that the same had not been received in lieu of undertaking any negative covenants not to compete with Schneider in India but on the contrary the assessee continues to carry on the same line of business.
