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No. of times Form 26AS viewed 5.69 cr . No. Of distinct PANs for which Form 26AS viewed 1.38 cr . Statistics as on 23/08/2012
The Assessing Officer has observed that the bank has claimed the set off of carried forward losses of earlier years of Rs. 2,39,37,185/-. In the opinion of the Assessing Officer, provisions of section 14A are applicable. The Assessing Officer has observed that up to A.Y. 2006-07, income of cooperative bank was wholly exempt u/s.80P and hence, loss was incurred because of expenditure for earning the wholly exempt income and hence, no benefit of set off can be given. The Assessing Officer made the disallowance of entire loss of Rs. 2,39,37,185/-.
In the present case, we notice that in two out of four reasons recorded by the Assessing Officer for reopening the assessment, he stated that he need to verify the claims. In the second ground, he had recorded that admissibility of the bad debts written off required to be verified. In the fourth ground also, he had recorded that admissibility of royalty claim was required to be verified.
There is no material evidence on record to show that the assessee had produced any reconciliation statement of interest and contractual receipts as per TDS certificate compared to turnover credited in the P & L Account as per the audited statement. In view of the provisions of Section 237 of the Income Tax Act and averments made in paragraphs 6 and 7 of the counter affidavit, it cannot be said that there is any laches on the part of opp. parties-Department in not granting refund to the petitioner as claimed in its return.
The business of the company which is principally in the area of manufacturing and marketing of plastic pouches cannot justify the sponsoring of the trainee for overseas education in computer software development and accounting. Even for accounting purpose of the company no employee is required to be sent abroad;
If assessee couldn’t prove his claim, consequent order couldn’t be disputed on ground of natural justice – The issue which falls for decision is primarily whether the assessment proceeding in the instant case was conducted in a fair manner so much so conforming to principles of natural justice. It is settled law that principles of natural justice cannot be construed in isolation from the factual matrix of the case or it has many a facets.
The TDR premium is liable to be paid by a member of the society who desires to utilize additional FSI in the form of transferable development rights. The principle of mutuality would clearly apply to instant case. In the context of the payment of non-occupancy charges by a member of a co-operative housing society to the society, a Division Bench of this Court held in Mittal Court Premises Co-operative Society Ltd. v. ITO [2010] 320 ITR 414, that the principle of mutuality would apply.
In our view, the judgement of this Court in the case of Modi Industries Limited v. Commissioner of Income Tax, 1995 (6) S.C.C. 396 = (2002-TIOL-446-SC-IT) correctly holds that Advance Tax or TDS loses its identity as soon as it is adjusted against the liability created by the Assessment Order and becomes tax paid pursuant to the Assessment Order.
Notification No. 36/2012-Income Tax In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), – (a) after rule 10E, the following rule shall be inserted, namely.- Advance Pricing Agreement Scheme- 10F. Meaning of expressions used in matters in respect of advance pricing agreement.—For the purposes of this rule and rules 10G to 10-I,-
It has been observed that a large part of litigation in the Direct Taxes matters involves interpretation of legal provisions. Lack of desired clarity on a contentious legal issue, amongst the officers of the department, sometimes leads to inconsistent approach on the same issue giving rise to further litigation. With a view to provide clarity on contentious legal issues, promote consistency of approach on a given issue and reduce litigation, it has been decided to set up the following institutional mechanism to formulate ‘Departmental View’ on contentious legal issues:
