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The Tribunal referred to CBDT circular No. 8/2005, dtd. 29.08.2005 and opined that once fringe benefit tax is levied on expenses incurred, it follows that the same are treated as fringe benefits provided by the assessee as employer to its employees and the same have to be appropriately allowed as expenses incurred wholly and exclusively incurred by the assessee for the purpose of its business.
HC, ruling in favour of the assessee held that it was eligible to set off a loss incurred in tax holiday unit against the income arising from other units, under the same head of ‘profits and gains of business or profession’. HC observed that there was no specific prohibition in Sec 10B for such setting off of a loss. Under Sec 70, the assessee was eligible to set off loss from one source against income from any other source under the same head of income.
Mumbai Bench of ITAT observed that the term loan from IDBI was borrowed by the assessee for the purpose of acquiring a capital asset. Accordingly, ITAT held that the waiver of loan from IDBI was a capital receipt and not taxable u/s 28(iv) or 41(1). ITAT observed that the remission or reduction of liability, which is created on capital account, cannot to our mind result in a revenue receipt making it taxable u/s 28(iv) or 41(1) of the Act and that the waiver of such term loan does not constitute business and the waiver can not be held as income u/s.28(iv) or cessation of liability u/s 41(1).
How can the change in address or details on the basis of which TAN was allotted be communicated to Income Tax Department? Any change or corrections in the data associated with the TAN, should be communicated to ITD by filing up ‘Form for Changes or Correction in TAN data for TAN allotted’ alongwith the necessary fees at any of the TINFCs, or at NSDL-TIN website.
You can apply for TAN online at the NSDL-TIN website. You can then fill and submit the form online. Once you click on button ‘submit’, an acknowledgment containing a unique 14 digit acknowledgment number is generated on the screen. You should print this acknowledgment, sign it and despatch it to NSDL at the address mentioned on NSDL-TIN website along with the processing fee which is 55 + service tax (as applicable). Payment can be made by DD/cheque, payable at par in Mumbai, favouring NSDL-TIN or by Credit card / Debit card or Net banking.
Duplicate TAN is a TAN which has been inadvertently obtained by a person who is responsible for deducting/collecting tax and who already has a TAN allotted to him. It is illegal to possess or use more than one TAN. Different branches/divisions of an entity may, however, have separate TANs. In case duplicate TANs have been allotted, the TAN which has been used regularly should be continued to be used. The other TAN/s should be surrendered for cancellation using ‘Form for Changes or Correction in TAN’ which can be downloaded from NSDL-TIN website or may be procured from TIN-FCs or other vendors.
In this case, the return of income was filed under section 139 (1) on 31.10.2001. The same was processed under section 143(1)(a) of the Income-tax Act. There was no scrutiny assessment under section 143(3) of the Income-tax Act. The reassessment proceedings u/s 147 was initiated by issuing notice u/s 148 on 28.03.2008 by recording the reasons. The reopening proceedings were initiation on the information received from Investigation Wing that assessee has received accommodation entries during the year. Thus, the Assessing Officer had considered the information received form investigation wing and has formed an opinion on the basis of that material and then initiated the proceedings for reassessment.
The assessee was regularly employing the method of valuation for valuing the stock at cost or net realizable value whichever is less. By shifting to a new ERP package, for example, SAP 2 worked out the value of the stock at cost, any reduction in the valuation of the stock is not permitted in law. The assessee’s claim that the regularly employed method means change method should be adopted in subsequent years is also untenable. The regular employed method by the assessee must have been followed in the past years which is continued to be followed in the subsequent years. Considering the totality of the facts of the case and considering the case laws relied upon, we find no fault in the orders of the authorities below.
Indisputably, the ld. CIT(A) considered additional material in relation to two comparables and that of the assessee, which was not available before the TPO/AO. Apparently, the ld. CIT(A) did not follow the procedure laid down under Rule 46A of the IT Rules,1962 nor allowed any opportunity to the AO. The powers of the CIT(A) to admit additional evidence are not only in situations where the evidence could not be produced before lower authorities owing to lack of adequate opportunity but also in situations where the fresh evidence would enable the CIT(A) to dispose of the appeal or for any other substantial cause.
The CBDT Chairman-led committee on combating the menace of black money has been given yet another extension and it is now expected to submit its final report by this month end. It is the third time that the deadline has been extended for the panel, which was constituted in May last year.
