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Briefly stated, the facts of the case are that the assessee-firm filed its return of income (ROI) on 29.09.2009 declaring total income at Rs. ‘NIL’. The books of accounts of the firm are duly audited u/s 44AB and the report in form No 3 CA and 3CB dated 26/09/2009 were filed alongwith the ROI. The assessee-firm derives its income from sale of Petrol and Diesel and also from transport business. The A.O has completed his order u/s 143(3) on 7.1.2011.
one cannot read any limitation into the expression housing project to mean the residential project alone and that if and when the projects have mixed built-up area of commercial and residential, the question of disallowance will arise only if and when the residential flats are beyond the limit as provided under sub clause (c) of Section 80-IB(10) of the Act and not otherwise.
The CBDT has taken serious view of non-filers (of tax deducted at source) and has incorporated a new section 234E in the Act which levies a fee of Rs 200 for everyday of delay and the system does not accept the TDS statement until the delay fee has been paid
Some machinery and equipment relating to the construction of the projects were not actually put to use, though they were kept ready for use and this factual position is not in dispute.
In Item No. 1 of the list of articles or thing in Schedule XI, the items include beer, wine and other alcoholic spirits. The percentage of alcohol in the spirits is not given. With the same object the percentage of tobacco is also not given in ‘tobacco preparation’.
Section 44BB is a special provision for computing the profits and gains of a non-resident in connection with the business of providing services or facilities in connection with, or supplying plant and machinery on hire, used or to be used, in the prospecting for, or extraction or production of mineral oils including petroleum and natural gas. Section 44DA is also a provision which applies to non-residents only.
Section 37(2) inter alia provided for disallowance of entertainment expenses. The said provision has been omitted with effect from 01.04.1998. The fact of this omission is that from assessment year 1998-99 no disallowance in respect of entertainment can be made if the expenses are otherwise incurred for the business purposes.
Land which does not fall under the provisions of section 2(14)(iii) of the IT Act and an assessee who is engaged in agricultural operations in such agricultural land and also being specified as agricultural land in Revenue records, the land is not subjected to any conversion as non-agricultural land by the assessee or any other concerned person,
When the objections filed by the assessee were allowed to be withdrawn on the ground that the assessee intend to exercise the option to proceed to file appeal before the Commissioner of Income Tax(Appeals), then there cannot be any direction under sub-sec. (5) in the absence of any objection as required under sub-Sec. (2) of sec. 144C of the Act.
The fact situation in respect of the necessity for having the issue of software expenditure examined to ascertain whether it is capital or revenue in nature in the case of Amway India Enterprises (supra) is similar to that of the present case of the assessee. We, therefore, respectfully following the decision in the case of Amway India Enterprises (supra), hold that since the examination of whether software expenditure incurred is
