CA Girish Gupta

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Assessment in the name of non-existent entity is void ab initio

Sapient Consulting Limited Vs DCIT (ITAT Delhi) - In the Case of Sapient Consulting Limited vs. DCIT, ITAT Delhi relying upon the order of Jurisdictional High Court held that framing the assessment in the name of non-existent entity is not a procedural irregularity curable u/s 292B of the Act or under any other provision of the Act but it is a juri...

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Actual date of transfer relevant for benefit u/s 54 if possession been given before ‘Sale Deed’

Smt. Shashi Gupta Vs I.T.O (ITAT Delhi) - In the case of Shashi Gupta vs. ITO, the Delhi Tribunal while considering the effective date of transfer of immovable property for the purpose of taking benefit of time limit specified u/s 54 of the Act considered the date of ‘agreement to sell’ of an immovable property as effective date of tran...

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Commitment charges paid towards foreclosure of business agreement are allowable u/s 37

D.C.I.T. Vs Autoline Industries Ltd (ITAT Pune) - In the case of D.C.I.T. vs Autoline Industries Ltd, Pune Tribunal held that foreign exchange cover taken by the assessee from DBS Bank was in order to prevent itself from future currency rate fluctuations. Later, it had to close its agreement with DBS Bank in view of the offer made by the principal ...

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Expenditure on research is revenue nature if no new product develops, irrespective of treatment in books

D.C.I.T. Vs Autoline Industries Ltd (ITAT Pune) - In the case of D.C.I.T. vs Autoline Industries Ltd, Pune Tribunal on the issue whether a particular expenditure is of nature of capital or revenue held that the law on the issue is that the accounting treatment given by the assessee in its books of account is not determinative whether or not the exp...

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Exclusive Method’ of accounting is valid in absence of any notified standard by Department

A.C.I.T. Vs Kiran Industries Pvt Ltd. (ITAT Ahmedabad) - In A.C.I.T. vs. Kiran Industries Pvt Ltd, the Ahmedabad Tribunal following its co-ordinate bench decision and relying upon the decision of Hon’ble High Court (T&AP) held that excise duty component need not to be included in valuation of inventory if the assessee is following exclusive method of ac...

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Recent Posts in "CA Girish Gupta"

Assessment in the name of non-existent entity is void ab initio

Sapient Consulting Limited Vs DCIT (ITAT Delhi)

In the Case of Sapient Consulting Limited vs. DCIT, ITAT Delhi relying upon the order of Jurisdictional High Court held that framing the assessment in the name of non-existent entity is not a procedural irregularity curable u/s 292B of the Act or under any other provision of the Act but it is a jurisdictional defect and hence any order pa...

Read More

Actual date of transfer relevant for benefit u/s 54 if possession been given before ‘Sale Deed’

Smt. Shashi Gupta Vs I.T.O (ITAT Delhi)

In the case of Shashi Gupta vs. ITO, the Delhi Tribunal while considering the effective date of transfer of immovable property for the purpose of taking benefit of time limit specified u/s 54 of the Act considered the date of ‘agreement to sell’ of an immovable property as effective date of transfer of property...

Read More

Commitment charges paid towards foreclosure of business agreement are allowable u/s 37

D.C.I.T. Vs Autoline Industries Ltd (ITAT Pune)

In the case of D.C.I.T. vs Autoline Industries Ltd, Pune Tribunal held that foreign exchange cover taken by the assessee from DBS Bank was in order to prevent itself from future currency rate fluctuations. Later, it had to close its agreement with DBS Bank in view of the offer made by the principal lender i.e. Citi Bank....

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Expenditure on research is revenue nature if no new product develops, irrespective of treatment in books

D.C.I.T. Vs Autoline Industries Ltd (ITAT Pune)

In the case of D.C.I.T. vs Autoline Industries Ltd, Pune Tribunal on the issue whether a particular expenditure is of nature of capital or revenue held that the law on the issue is that the accounting treatment given by the assessee in its books of account is not determinative whether or not the expenditure is allowable as a deduction. ...

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Exclusive Method’ of accounting is valid in absence of any notified standard by Department

A.C.I.T. Vs Kiran Industries Pvt Ltd. (ITAT Ahmedabad)

In A.C.I.T. vs. Kiran Industries Pvt Ltd, the Ahmedabad Tribunal following its co-ordinate bench decision and relying upon the decision of Hon’ble High Court (T&AP) held that excise duty component need not to be included in valuation of inventory if the assessee is following exclusive method of accounting....

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Business income to be computed according to books of accounts if not rejected

D.C.I.T. Vs Shree Hari Agro Industries Ltd (ITAT Kolkata)

In the case of Shree Hari Agro Industries Ltd. Vs. DCIT, the Kolkata Tribunal on the issue of disallowance of alleged excess consumption claim of chemical ‘Hexane’ held that The AO has to compute income from business according to the books of accounts of the Assessee....

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Custom valuation Rule 4 will not apply if Import is without monetary consideration: SC

M/s GMR Energy Ltd Vs Commissioner of Customs (Supreme Court of India)

In the Case of M/s GMR Energy Ltd vs. Commissioner of Customs, Bangalore, Hon’ble Supreme Court while dealing with the appeal of the assessee and of the revenue held that Rules 4 and 9 of the Custom Valuation Rules, 1988 would only apply in case imported goods are sold for export to India....

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CD’ is an admissible ‘documentary evidence’ : SC

Shamsher Singh Verma Vs State of Haryana (Supreme Court of India)

In the case of Shamsher singh verma vs. State of Haryana, the Apex court on the point of admissibility of evidence held that the ‘compact disc’ is also a document within the meaning of Section 3 of Indian Evidence Act, 1872....

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TDS Provision is applicable only when payment is made in ‘monetary terms’

CIT Vs Bruhat Bangalore Mahanagar Palike, In the (Karnataka High Court at Bengaluru)

In CIT vs. Bruhat Bangalore Mahanagar Palike, the Karnataka High Court on the issue of applicability of TDS provision held that section 194LA only applies to compulsory acquisition of land and not on voluntary acquisition....

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Re-opening being exceptional power, revenue to comply pre-requisite condition of ‘reasons’ strictly

Muller & Philpps (India) Ltd Vs ITO (ITAT Mumbai)

In the case of Muller & Philpps (India) Ltd vs. ITO, Hon’ble ITAT Mumbai held that the position of law is clear. It has been held by Hon’ble Supreme Court in the case of GKN Driveshaft 259 ITR 19, that it is mandatory on the part of the AO to provide the copy of the reasons to the assessee...

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