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These appeals are filed by the assessee against an order dated 30-3-2016 of the Commissioner (Appeals)-2, Chennai, in I.T.A. No. 31/CIT(A)-2/2013-14 for the assessment year 2008-09 and the order dated 30-3-2016 of the Commissioner (Appeals)-2, Chennai, in I.T.A. No. 174/CIT(A)-2/2013-14 for the assessment year 2009-10.
We are extremely unhappy with the delay of 3381 days in refiling the special leave petition but make no other comment. The concerned authorities need to wake up.
Article compares Revised ICDS (Income Computation & Disclosure Standards, Applicable From AY 2017-18 With Respective Accounting Standards
This appeal filed by the Revenue is directed against the order of the ld. CIT(A), Bikaner dated 20.05.2016 pertaining to A.Y. 2012-13.
The author is not an Exemplary theoretical Economist & only a normal citizen of Practical Approach in day to day normal life Present & past governments of both State & Centre were making hue & cry about eradication of Corruption & Black Money & Kala Bazaar, alleviation of poverty etc
Fact that the Assessee is a part of DuPont, a global conglomerate which had in 2011 $37.96 billion in net sales and $6.253 billion as operating profit , cannot be said to be an irrelevant factor in considering whether any genuine hardship was undergone by the Petitioner.
No technical services were involved in payment of carriage charges made by the assessee for broadcasting of the programmes produced by the assessee. The assessee produced various types of programmes/ serials and news and these were telecasted/ broadcasted through Multi System Operators. Payments in this regard were made as carriage charges for which payment of tax was deductible under section 194C of the Income Tax Act.
In B.R Petrochem Pvt Ltd Vs. ITO, the division bench of the Madras High Court held that mere furnishing of identity of shareholders by the asseessee would not sufficient to discharge their onus under section 68 of the Income Tax Act. While confirming the addition made against the assessee, the bench ruled that the assessee must prove the genuineness and credit worthiness of the creditors in order to shift the burden to the department.
Undoubtedly, prior to the amendment made by Finance (Nos.2) Act, 2014 w.e.f. 01/04/2015, the language of section 54 of the Act required the assessee to invest the capital gain in a residential property.
Impugned order of assessment was made based on the Web Report, the Assessing Authority is not justified in passing the impugned order of assessment, without furnishing the details of such report and without conducting any enquiry at all levels.
