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If I have to deposit fees for filing appeal, what should I do? Corporate Assessee:- In case you have to deposit appellate fees, copying charges or other miscellaneous payments, tick box 0020, thereafter tick box ‘400 Regular Tax’ under ‘Type of Payment’ and fill up the amount to be paid in ‘Others’ column under ‘Details of Payment’.
In this case, the assessee had exchanged old flat with new flat to be constructed by the builder under development agreement which amounts to transfer under section 2(47) of the Act. Thus, the only other condition which is required to be satisfied is that assessee either purchases a new residential flat within the prescribed limit or constructs a new residential flat within a period of 3 years from the date of transfer.
Rajya Sabha on 16.05.2012 returned the ‘Finance Bill 2012′, as passed by the Lok Sabha without making any amendment to the bill.
The Assessing Officer has deleted the interest on borrowed capital without recording any finding to the effect that the borrowed capital on which interest was paid by the assessee was diverted by the assessee for providing interest-free advances to its sister concerns. It is not the case of the revenue that the interest-free funds available with the assessee were not sufficient to advance interest-free money in question to its sister concerns.
Respondent has filed the affidavit in which he has affirmed that he had initiated proceedings for reassessment on the basis of precise information received from the Enforcement Directorate vide its letter dated 19th December, 2007 received by him on 20th December, 2007 and that in the said letter the relevant documents were forwarded to the Range Head and subsequently endorsed to the Assessing Officer by his superior. It has been further averred in the affidavit that all the facts contained in the reasons were available within the jurisdiction of the respondent and were in his knowledge.
Mere erroneous claim in the absence of any concealment or furnishing of inaccurate particulars, is no ground for levying penalty, especially when there is nothing on record to show that the explanation offered by the assessee was not bona fide or any material particulars were concealed or furnished inaccurate .
The judgment of Hon’ble Delhi High Court rendered in the case of Neo Poly Pack Ltd. (supra) is squarely applicable in the present case because in that case it was held that , for the sake of consistency, the same view should continue to prevail for subsequent year also unless there is material change in the facts.
If the dichotomy between eligibility of profit and deductibility of profit is not kept in mind then section 115JB will cease to be a self-contained code. In Section 115JB, as in section 115JA, it has been clearly stated that relief will be computed u/s 80HHC (3)/(3A), subject to the conditions under sub-sections (4) and (4A) of that Section.
A.O. has applied Rule 8D holding that Rule 8D is retrospective in nature. It is now settled that Rule 8D is prospective and is applicable on and from the A.Y. 2008-09. We direct the A.O. to recalculate the disallowance, if any, without applying Rule 8D on the dividend income shown at Rs..4,00,039/-. The A.O. is further directed to verify the contention of the appellant that the investments have not been made out of borrowed capital, after giving the appellant an opportunity of being heard.
Approval u/s. 80G once granted shall continue to be valid in perpetuity unless and until a show-cause notice is issued by the concerned CIT showing his intention to withdraw already granted such approval.
