Calcutta High Court held In the case of Late Sushil Modi vs.CIT that the contention of the assessee that he need not prove his case and the assessing officer is bound to find corroboration by making independent enquiry is neither based on law nor is supported by reason.
Following the judgment in the case of Gajapathi Naidu (supra) the question to be asked is when did the expenditure claimed by way of deduction arise? There would have been no occasion to claim the deduction if the work-in-progress had completed its course.
The only issue before Hon’ble Court is that whether assessee can claim deduction on account to remuneration paid to partners when certified copy of instrument of change of partnership deed is not filed along with the return.
Mcleod Russel (India) Limited having its registered office at 4, Mangoe Lane, Kolkata has tea plantations in the state of Assam and the area is highly volatile and acts of vandalism being carried out by terrorists.
Many a times dealers face a situation where due to technical error or clerical mistake while making payment of sales tax, tax is wrongly paid in wrong account i.e. instead of paying under the head of Central sales tax, it is paid under the head State VAT/sales tax.
Presumably, the case of the assessee was that price offered by the buyer was the highest prevailing price in the market. If this is his case then it is difficult to accept the proposition that the assessee had accepted that the price fixed by the District Sub Registrar was the fair market value
The assessee basically is a share broker. The assessee also deals in buying and selling of shares for himself. The assessee is also dealing in derivatives. Dealing in derivatives has been excluded from the ambit of speculative transactions with effect from assessment year 2006-07.
Learned Counsel for the Assessee submitted that the order imposing penalty does not disclose that prior approval of the Joint Commissioner was obtained in either of the two cases. He drew our attention to a judgment of this Court in the case of AWT No. 4 of 2003 and AWT No. 5 of 2003
The Assessing Officer also disallowed the expenditure under section 14A of the Income Tax Act, 1961 without first recording that he was not satisfied with the correctness of the claim as regards the claim that “no expenditure” was made by the assessee.
Contribution to be made to the provident fund must be the proportionate amount of salary paid to the employees. Salary was a fixed monthly payment whereas the commission was not a fixed payment and could not be included within the scope and ambit of the term salary .
