9. Section 153A would be applicable where a search is initiated under section 132 or books of accounts or other documents or any assets are requisitioned under section 132A of the Act after 31st May, 2003. Therefore, before invoking the provisions of section 153A of the Act it would be necessary to comply with the provisions contained under section 132(1) of the Act. Salient feature of section 132(1)
Avaya Global Connect vs. ACIT (ITAT Mumbai) – Where the assessee transferred its undertaking under a scheme of demerger which provided that neither the assessee nor its shareholders would receive any consideration from the transferee company as the value of the liabilities taken over were more than the value of the assets taken over and the assessee treated the difference between the said liabilities and assets as a capital reserve and the question arose whether such difference was assessable to tax
R. B. K. Securities vs. ITO (ITAT Mumbai) -Even prior to the amendment to s. 43(5) by the Finance Act 2005 w.e.f 1.4.2006, dealings in Futures & Options and other derivatives products cannot be treated as speculative transactions as they are special kind of transactions, not involving purchase and sale of shares and consequently the loss arising therefrom cannot be treated as a speculation loss.
Manoj Aggarwal vs. DCIT – (1) Even in the case of an assessee not maintaining books of account and to whom s. 68 does not apply, addition in respect of unexplained entries in the bank book can be made; (2) Where the assessee was not provided copies of the seized documents and the delay in filing the block return was on that count, interest u/s 158BFA (1) is not leviable even though there is no exemption on that count in the statute.;
5. Chapter-XVI of the Income-tax Act provides for special provisions applicable to firms. Section 184 provides that a firm shall be assessed as a firm for the purposes of this Act if the partnership is evidenced by an instrument and the individual shares of the partners are specified in that instrument. It is also necessary to be assessed as a firm as per sub-section (2) that the certified copy of the instrument of partnership
Service charges (assessee’s appeal) (i) whether the services rendered benefited group companies. (ii) whether the expenses were incurred to take care of the TCCC brand image. (iii) whether rendering services to the bottlers could be a ground for making disallowance.
8. As seen in section 80P(2)(b), the deduction in respect of income of co-operative societies has been dealt in under different parts. In respect of the sums referred in clause (a) of sub-section (2), the assessee needs to be a co-operative society engaged in various activities specified therein. In the case of sums referred to in clauses(c) and (d) of sub-section (2), again it is sufficient that the assessees be co-operative societies
5. Even if this appeal is viewed with angle of section 15 of the Act, which speaks about chargeability of salary. Section 15 of the Act is reproduced- herewith:- “The following income shall be chargeable to income tax under the head “Salaries”- a). any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not;
4. We have considered the rival submissions on either side and also perused the material available on record. The claim of the assessee is that construction of the dwelling units and leasing out the same to sister concerns amounts to exploiting of a commercial asst. In fact, the sister concerns which took the property on lease utilized the same for their business of producing films by exploiting the same
Nandlal M. Gandhi Vs. ACIT (ITAT Mumbai)- In this appeal, the assessee has challenged the order of Block Assessment passed by the Assessing Officer by contending that the impugned order was barred by the period of limitation prescribed under section 158BE of the Income-tax Act, 1961 and therefore, the said order was bad in law.
