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
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
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
9. The first item of receipt is that of Rs.5.010 crores towards assignment of marketing rights for local as well as export business. The Assessing Officer held it to be a revenue receipt liable to tax. At this juncture, it will be relevant to consider the distinction between the revenue and capital receipt in the context of the nature of transaction we are concerned with. Albeit there is no conclusive test for drawing
13. We have heard both the parties and perused the orders of the revenue authorities as well as above cited judgment of the jurisdictional High Court in the case of Otis Elevator Co (India) Ltd (supra). The case of the assessee is that the said subscription of Rs 3 lakhs is wholly and exclusively for the business purpose. On the other hand, the case of the revenue is that the unlike in company
6. We have heard the rival submissions and perused the relevant material on record. Section 194C provides that “any person responsible for paying any sum to any resident (hereinafter in this section referred to as the contractor) for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and …….(d) any company ……….. shall,
10. A plain reading of section 154 quoted above reveals that the Assessing Officer has to pass an order amending the assessment within the period of limitation as provided under sub-section (7) . Sub-section (3) of section 154 quoted above makes it obligatory upon the Assessing Officer to give a notice to the assessee and afford reasonable opportunity of being heard if the proposed amendment has the effect of enhancing an assessment
