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AIRs pertaining to financial year 2007-08 (Assessment year 2008-09) and subsequent years should be utilized in the manner laid down in paragraphs 2 to 8 below.
10. We have heard the rival submissions and perused the material on record. The authorities below have not controverted the claim of the assessee company that the amount received from above three companies is inter-corporate deposits. The Assessing Officer held against the assessee only on account that it had failed to explain, the investment is neither loan or advance.
5.6 In the present case, it is not in dispute that the assessee company has realized service tax on account of providing services and facilities in connection with the exploration or extraction of minerals oils in India. The service tax so realized is a part of receipts received by the assessee from ONGC. The service tax realized by the assessee is in respect of services specified under section 44BB and rendered by it to ONGC
11. We have considered the submissions made by both the parties, material on record and orders of the authorities below. It is noted that the assessee is an individual and aged about 50 years. The assessee has income from salary and other sources both aggregating to Rs. 2.62 lakhs. It is also noted that the assessee was received salary from M/s Nav Bharat Education Society where he is working as a senior clerk
12. The applicant has given the details of legal proceedings that preceded the transfer of shares starting from the filing of Company Petition No. 19/2007 and 133 of 2007 by the Indian Promoters and by the applicant respectively before the Company Law Board (CLB). These Company Petitions were filed under Section 397 and 398 of the Companies Act for relief against oppression of minority shareholders
6. Having heard both the parties and having considered their rival contentions, we find that the only dispute before us is as to whether deduction u/s.10B is to be allowed prior to the set off of the depreciation allowance and whether the unabsorbed depreciation of earlier years would form part of the current year’s depreciation. It is not in dispute that the assessee is eligible for deduction u/s.10B of the Income tax Act
Mayawati wins again in ITAT – can gift to a politician be treated as Professional income? – Gift of Rs 11 Lakhs allowed by AO after proper inquiry and consultation with CIT – Commissioner’ s Review order quashed: ITAT KM Mayawati the beloved Chief Minister is in the habit of getting huge gifts from her […]
24. The first question arises in these appeals is whether the assessee is bound to account for the profits on the sale of flats in respect of which possession was handed over by the assessee to the buyer, and the amount of consideration was also realized and was also paid directly to the bank. In this case, the ultimate registration of the sale document in favour of the buyer is not relevant. What is relevant is whether the construction of a particular flat is completed and the possession was actually handed over by the assessee to the buyer.
5.6 There cannot be a straight jacket formula for detection of these defaults of concealment or of furnishing inaccurate particulars of income and indeed concealment of particulars of income and in accurate particulars of income may at times overlap. It depends upon the facts of the each case. In the assessment proceedings the ITO while ascertaining the total income chargeable to tax would be in a position
In the course of business and profession many times advance money is received from customers and clients. The advance money or deposits are received for the purpose of execution of agreed work to be done which may involves supply of goods, rendering of services, execution of contracts, payments to other concerned parties, incurring expenses on behalf of customers and clients etc. Therefore, such advances
