Rajasthan High Court

Section 50C not applicable on sale of rights in property through POA without stamp valuation

CIT Vs. Satya Dev Sharma (Rajasthan High Court)

Assessee entered into a purchase agreement for purchase of a land and later transferred all the rights acquired under the power of attorney for certain consideration, AO applied section 50C and enhanced short-term capital gains of assessee which was not justified since section 50C was not applicable in this scenario as there was no stamp ...

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Depreciation Rate applicable to wind mill would apply to civil foundation and electric turbine generator for wind mill

CIT Vs. Mehru Electricals & Mechanical Engineers (P) Ltd. (Rajasthan High Court)

As civil work and electric generator are taken to be a part of windmill, rate as is applicable for the depreciation for windmill would apply to the civil foundation and electric turbine generator also....

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Bad debts W/o cannot be disallowed for non-filing of suit to recover Bad debts

Pr. CIT Vs. Rajasthan State Beverages Corpn. Ltd. (Rajasthan High Court)

Admittedly, the amounts were lying outstanding for the last couple of years and the assessee has rightly written off the said amount in the books of account and merely because a suit was not filed and that cannot be considered to be a cogent reason to disallow the claim which became bad. One need not incur good money for recovery of the s...

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Unrecorded stock of rice noticed during survey is Business Income

Pr. CIT Vs Bajargan Traders C/o. Kalani & Co. (Rajasthan High Court)

(i) Whether the Tribunal was legally justified in reversing the findings of the Commissioner (Appeals) and deleting the addition of Rs. 70,04,814 which was surrendered by the assessee by holding that such amount was included in the purchases and was reflected in the sales and closing stock...

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Interest on funds borrowed to purchase land forming part of inventory is allowable deduction U/s. 36(1)(iii)

CIT Vs. Aditya Propcon (P) Ltd. (Rajasthan High Court)

As purchase of inventory is continuation of same business activity, the, proviso to section 36(1)(iii)(d) did not get attracted in case assessee having borrowed funds to purchase inventory, therefore, assessee was duly entitled to claim deduction under section 36(1)(iii)....

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TDS U/s. 194H not deductible on sales to distributors on principal to principal basis

Hindustan Coca Cola Beverages Pvt. Ltd Vs. CIT (Rajasthan High Court)

Hindustan Coca Cola Beverages Pvt. Ltd Vs. CIT (Rajasthan High Court) Issues Under Consideration (i) Whether in the facts and circumstances of the case the learned Tribunal was right and justified in holding that assessee was liable to withhold tax at source under S.194H of the Income Tax Act, 1961 amounting to Rs.19,74,842/- (including i...

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CBDT Circular prescribing Monetary Limit for filing Appeal has Retrospective Effect

The Commissioner of Income Tax Vs. M/s Gillette India Ltd. (Rajasthan High Court)

CIT Vs. M/s Gillette India Ltd. (Rajasthan High Court) Instant appeal is directed against order of the Income Tax Appellate Tribunal and indisputably the tax effect as brought to our notice, is less than Rs. 20 lac. A Circular No. 21/2015 has been issued by the Central Board of Direct Taxes dated 10.12.2015 in exercise […]...

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Revision U/s. 263 justified for Erroneous & prejudicial Assessment without proper inquiry

CIT Vs. Bhawal Synthetics (India) (Rajasthan High Court)

Where AO allowed set off of interest earned on fixed deposits against interest payable on borrowings then such allowance was erroneous and prejudicial to revenue, therefore, CIT rightly invoked revisionary jurisdiction....

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Deemed Registration U/s. 12AA if not granted or refused by CIT within 6 Months

CIT Vs Sahitya Sadawart Samiti (Rajasthan High Court)

1. Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal has not acted illegally and perversely in making observations with regard to grant of exemption under sec­tion 10(23C)(vi) when the Income Tax Appellate Tribunal has no jurisdiction to decide any application/appeal arising out of order passed either ...

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GSTN system is not working upto level & needs correction: Rajasthan HC

Rajasthan Tax Consultants Association Vs. Union Of India And Ors (Rajasthan High Court)

Looking to the averments which are made in the petition and the reply which has been filed, it appears that the system is not working upto the level and the same is required to be corrected & updated to meet requirements....

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