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Mere PAN Number or assessment particulars does not establish the identity of a person

December 13, 2013 2443 Views 0 comment Print

Mere production of PAN Number or assessment particulars does not establish the identity of a person. The identification of a person includes the place of work, the staff and the fact that it was actually carrying on business and further recognition of the said company/individual in the eyes of public.

Order of Tribunal ignoring and nor dealing with factual findings recorded by A.O. is perverse

December 13, 2013 1058 Views 0 comment Print

There are two types of cases. One in which the assessing officer carries out the exercise which is required in law and the other in which the assessing officer ‘sits back with folded hands’ till the assessee exhausts all the evidence or material in his possession and then comes forward to merely reject the same on the presumptions.

Onus Shifts on A.O. after assessee discharges onus cast on him by a cogent explanation

December 5, 2013 3025 Views 0 comment Print

Factually, we find that the onus cast upon the assessee has been discharged by giving a cogent and reliable explanation. Therefore, if the department did not agree with the explanation, then the onus was on the department to prove that there was concealment of particulars of income or furnishing inaccurate particulars of income.

In case of Part Payment Income tax paid shall first be adjusted towards interest payable

December 1, 2013 15398 Views 0 comment Print

A reading of the aforesaid passage from the decision of the Supreme Court in HEG Limited (supra) indicates that it would be incorrect and improper to regard payment of interest when part payment is made as interest on interest. What has been elucidated and clarified by the Supreme Court is that when refund order is issued, the same should include the interest payable on the amount, which is refunded.

Once application for admission u/s 245C is filed , it must be dealt with in accordance with law

December 1, 2013 1096 Views 0 comment Print

Once an application for admission u/s 245C is filed before the Hon’ble Settlement Commission, then the said application must be dealt with in accordance with law, i.e., refer to the contentions of the petitioners, the contention of the Revenue and then an objective, considered and a reasoned decision has to be taken.

Tax Dept Should Not Cause Misery and Harass Taxpayers – HC

November 30, 2013 2134 Views 0 comment Print

Every Government has a right to levy taxes. But no Government has the right, in the process of extracting tax, to cause misery and harassment to the taxpayer and the gnawing feeling that he is made the victim of palpable injustice

Expenditure on acquiring master copy of software subject to obsolescence is allowable as revenue expenditure

November 30, 2013 1019 Views 0 comment Print

Merely because expenditure has been incurred for material for duplication without acquisition of proprietary and when the expenditure is not of capital nature, the said Section would not be applicable.

Amount Received by Partner On Retirement Not Chargeable To Tax

November 28, 2013 3063 Views 0 comment Print

Decision of this Court in the case of Prashant S. Joshi (supra) placed reliance upon the decision of the Supreme Court in the case of CIT V/s. R. Lingamallu Rajkumar reported in [2001] 247 ITR 801, wherein it has been held that amounts received on retirement by a parnter is not subject to capital gains tax.

Tribunal bound to consider all judgements cited during hearing of appeal

November 27, 2013 665 Views 0 comment Print

Whenever any decision has been relied upon and/or cited by the assessee and/or any party, the authority/tribunal is bound to consider and/or deal with the same and opine whether in the facts and circumstances of the particular case, the same will be applicable or not.

Sale of software does not give rise to any royalty income : HC

November 26, 2013 1963 Views 0 comment Print

Delhi HC has held on 22.11.2013 in the case of DIRECTOR OF INCOME TAX Vs. INFRASOFT LTD. that by sale of software what has been transferred is not copyright or the right to use copyright but a limited right to use the copyrighted material and does not give rise to any royalty income.

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