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Rajasthan High Court

Depreciation on public roads is allowable @10%

October 10, 2017 3525 Views 0 comment Print

Depreciation was allowable @10% on public highway road treating the same as building. It was held assessee was granted license for construction against which it had right to use and collect license fee to use of the land. It had right to restrict the people without non payment of toll tax. It was not only road, they had to construct toll booth and provide facilities for the staff for the purpose of their accommodation.

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

October 10, 2017 7098 Views 0 comment Print

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).

Relief to taxpayers by Rajathan High Court from late fees and penalty on account of technical glitches on GSTN portal

September 21, 2017 3477 Views 1 comment Print

माननीय राजस्थान उच्च न्यायालय की डिवीज़न बेंच के न्यायाधीशगण जस्टिस श्री के. एस झवेरी व जस्टिस श्री विजय कुमार व्यास द्वारा Rajasthan Tax Consultants Association vs. Union of India & Ors. [D.B. Civil Writ Petition No. 15239/2017] के मामले में याचिकाकर्ता एसोसिएशन द्वारा दायर की गई रिट की सुनवाई की गई जिसमे जीएसटीएन पोर्टल में […]

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

September 20, 2017 2415 Views 1 comment Print

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.

Unrecorded stock of rice noticed during survey taxable as Business Income

September 12, 2017 765 Views 0 comment Print

In case of assessee dealing in foodgrains, investment in unrecorded stock of rice noticed during the course of survey was to be taxed as business income and not as income from other sources as investment in procurement of such stock of rice was clearly identifiable and related to the regular business stock of the assessee.

Unrecorded stock of rice noticed during survey is Business Income

September 12, 2017 1545 Views 0 comment Print

(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

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

September 11, 2017 4167 Views 0 comment Print

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 valuation.

Original Assessment annulled due to failure to issue notice U/s. 143(3)- Reassessment not permissible to rectify the mistake

September 4, 2017 1794 Views 0 comment Print

Where CIT (A) had annulled original scrutiny assessment concluded under section 143(3) on the legal ground that notice issued under section 143(2) was time-barred, then revenue was precluded to adopt recourse of reassessment under section 147 to correct the mistake committed originally in not issuing notice under section 143(2) in time.

No disallowance U/s. 40A(3) If Income computed by applying gross profit rate

September 4, 2017 1731 Views 0 comment Print

When income of the assessee was computed by applying gross profit rate, there was no need to look into the provisions of section 40A(3), as applying the gross profit rate takes care of expenditure otherwise by way of cross cheque also. Following the same the action of Tribunal could not be held as unjustified.

Validity of Depreciation claimed for first time in return filed U/s. 153A pursuant to search

August 20, 2017 843 Views 0 comment Print

Returns of income filed in response to notice under section 153A are as a consequence of search action taken under section 132 on the assessees. These proceedings are analogous to proceedings under section 147, i.e., reassessment, to the extent that these proceedings are for the benefit of revenue and not that of the assessee. Therefore, assessee could not be permitted to convert such reassessment proceedings as his appeal or revision in disguise and seek relief in respect of depreciation earlier not claimed in original return of income.

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