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
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.
(iii) Even in the case of the assessee, the department is accepting the earning of income albeit on a different footing i.e. claiming the same to be salary income in contra distinction to assessee’s claim being business income by virtue of Section 28(va). Though reference is made to colourable devise in the hands of the assessee following Supreme Court judgment in the case of McDowell &. Co. (supra), the same confine
44. We have carefully considered the rival submissions in the light of material placed before us. The assessments in the present case have been made u/s 153A of the Act. Section 13A provides that in case a person against whom search is initiated u/s 132A of the Act then notwithstanding anything contained in sections 39, 147,148,149 151 and 153 of the Income Tax Act, the AO shall issue a notice to such person
8. We have carefully deliberated on the rival contentions raised by the learned AR and DR. The controversy here revolves around chargeability of interest income to the tax which even though technically accrued as per the mercantile-system of accounting being followed by the assessee, but the same was not accounted for as income in view of the peculiar facts and circumstances of the case wherein there was
38. First and foremost rule of construction of interpretation is that in the absence of anything in the enactment to show that it is to have retrospective operation, the said enactment cannot be construed to have retrospective operation and when amendment relates to a procedural provision results into creating a new disability or obligation and which imposes new duty in respect of transactions already completed,
THE use and spread of software application has been phenomenal in India. So is the case with the tax treatment of receipts resulting from either sale of software or licensing of software programmes. What is treated as royalty by the Revenue is actually reckoned as a plain sale of copyrighted article by the assessee. Thus there is nothing new about this dispute as decided by the Special Bench of the Tribunal in the Motorola case
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.;
The CIT (A) in a well-reasoned and well-discussed order has not committed any error in coming to a conclusion that the assessee was entitled to claim deduction on account of foreign exchange fluctuation loss. (Para 15)
Deduction on account of loss of Rs.60 lacs as result of dacoity which took place on 7th January 1999. It was explained that the aforesaid amount in cash formed part of the business receipts and that while it was being taken to the bank for being deposited was lost due to dacoity.
