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8. We shall first deal with the question whether furnishing of bank guarantee amounts to actual payment and fulfils the conditions stipulated in section 43B of the Act. The requirement of Section 43B of the Act is the actual payment and not deemed payment as condition precedent for making the claim for deduction in respect of any of the expenditure incurred by the assessee during the relevant previous year specified in Section 43B.
20. An Income Tax Officer while passing an order of assessment performs judicial function. An appeal lies against his order before the Appellate Authority. A Revision Application would also lie before the Commissioner of Income Tax. It is trite that the jurisdiction exercised by the Revisional Authority pertains to his Appellate jurisdiction. See Shankar Ramchandra Abhyankar vs. Krishnaji Dattatraya Bapat
7. A plain reading of the section would show that Sub. Sec (1) of 80HHC deals with deduction to be allowed to an assessee who is engaged in the business of export of goods or merchandise. The manner of determining the profits derived from export for the purpose of computation of deduction is provided in sub-sec (3), which has three clauses (a), (b), and (c ) covering three different aspects
19. We heard both sides in detail and considered the issue in the light of the facts of the present case and in the light of various judicial pronouncements relied on by the assessee as well was the Revenue. The assessee purchased the property in 1975. The Notification declaring the said property in the category of capital asset was made in 1994. The property was sold in 2006. Now the case of the assessee is that for the purpose of computing
Notification No. 58/2009 – Income Tax Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Republic of Tajikistan for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income signed in India on the 20th day of November, 2008 shall come into force on the 10th day of April, 2009, being the date of the later of the
7. Ld. Sr. Counsel appearing for the assessee has contended that the Tribunal in its appellate order has cited two Supreme Court decisions in Royal Hatcheries V. State of Andhra Pradesh. AIR 1994 SC 666 and in M/s.Sil Import USA Vs. M/s.Exim Aides Silk Exporters, AIR 1999 SC 1609, 1612-13, without confronting the assessee at the time of hearing of the appeal before the Tribunal, and therefore
Government has no plans to bring a new amnesty scheme for tax evaders and wants to amend the Indo-Mauritius tax treaty to curb its abuse by companies, the Rajya Sabha was informed on Tuesday. VDS schemes in the past offered amnesty to people declaring black money and paying tax. But VDS schemes cannot be hugely successful […]
16. The term ‘pending’ means ‘undecided1 i.e something which is not concluded. An action is considered as pending from the time of commencement of the proceedings. Thus, a legal proceeding is pending as soon as commenced and until it is concluded. As per Advanced Law Lexicon, third Edition of 2005, page 3521/3522, following are the definitions of the word ‘pending’:
10. The first issue is to be decided before us is the interpretation of the phrase “Housing Project” which is contemplated in Section 80IB (10) of the Act. There is no definition of the term `Housing Project’ given either in the Section 80IB or in the Act itself. But so far as Section 80HHBA which provides for a deduction in respect of profits and gains derived from the execution of the Housing Project
48. Section 17(2)(ii) as it stood prior to amendment in 2007 did not contain any ‘deeming clause’ to deem rent paid less than 10% or 7.5% as a concession or that the employees is deemed to have received that concession. An employer may provide residential accommodation to his employees for several reasons. It is also possible that for making available staff quarters/colonies/ accommodations, State Governments
