On remand, the Assessing Officer to take a fresh decision in accordance with law and the case law at the time he decides the matter, inclusive of the decision of the Special Bench of the tribunal rendered in the case of IndusInd Bank Ltd..
Section 41(1) of the Act would apply in a case where there has been remission or cessation of liability during the year under consideration subject to the conditions contained in the statute being fulfilled. Additionally, such cessation or remission has to be during the previous year relevant to the assessment year under consideration.
Assessee in his return submission dated 6.11.2009 had explained that the purchase of 2 JCB machines were made from Yantraman Automac Pvt.Ltd., Baroda and both these purchases were on hypothecation with Centurion Bank of Punjab.
n the present case, neither the genuineness of the payment nor the identity of the payee were in any case doubted. These were the conclusions on facts drawn by the Appellate Commissioner. The Tribunal also did not disturb such facts but relied solely on Rule 6DD (j) of the Rules to hold
Sub-section(4) of section 80P will not apply to an assessee which is not a co-operative bank. In the case clarified by CBDT, Delhi Coop Urban Thrift & Credit Society Ltd. was under consideration. Circular clarified that the said entity not being a co-operative bank
Expenditure incurred on soda ash project interest expenses and lab project interest was allowable and it was not pre-operative expenditure of interest by way of revenue expenditure as it was for an expansion of the existing business.
In this matter, the Hon ’ble Gujarat High Court has held that prima facie it is of the view that penalty u/s 45 (3A) of the Gujarat Sales Tax Act, 1969 is not mandatory. However, in the opinion of the court, the question as to whether once the authority decides to impose penalty
In this matter, the Hon ’ble Gujarat High Court has remanded the issue of not allowing input tax credit on purchases affected through retail invoices to Tribunal for fresh adjudication. For penalty imposed u/s 34 (12) of The GVAT Act, 2003
What is important is whether the interest earned on the Central Government grant is to be treated as the income earned or not, and not what the assessee claimed. As stated hereinabove, in the letter of the Central Government releasing the grant, which provides a condition that the interest earned
If the amount has been deposited on or before the due date of filing the return under Section 139 and admittedly it was deposited on or before the due date then the amount cannot be disallowed under Section 43B of the I.T. Act or under Section 36(1)(va) of the Act.
