CA Saurabh Chokhra - Page 20

Utility to Calculate Depreciation as per Companies Act 2013

Automated excel utility for calculating depreciation as per Companies Act,2013(Schedule II). Features of the utility: 1.It can calculate individual asset WDV as on 01.04.2014 as well as current year depreciation. 2.It is useful for SLM method and only for other than specific industries (i,.e. for SME only) 3.Compatible in MS Office 2010 a...

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Department cannot take different view on same issue in absence of change in facts

CIT Vs Om Prakash Khaitan (Delhi High Court)

The Hon’ble Delhi High Court in the case of CIT vs. Om Prakash Khaitan held that In the absence of change in system of accounting consistently followed by the assessee and accepted by the department, the department cannot take different stand for the subsequent years....

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Sec. 9(1)(vii) Commission for procuring order & recovering payments is not a Technical services

ACIT, Kanpur Vs M/s Northern Tannery (ITAT Lucknow)

ITAT Lucknow in the case of ACIT vs. M/s Northern Tannery held that The commission paid to the non- resident agent for procuring order and recovering payments on the behalf of assessee could not be treated ...

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Refund of excise and custom duties on Purchase of Raw Material and Capital Equipment used in Capital WIP is Capital Receipt

CIT Vs Maithon Power Ltd (Delhi High Court)

Delhi High Court in the case of Maithon Power Ltd. vs. CIT held that The expenditure incurred to set up operations forms the part of capital work in progress and thus, the subsequent reimbursement of any part thereof would be a capital receipt which will get reduced from the amount capitalized under the capital WIP. ...

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Non-compliance in respect of hived off part of project does not dis-entitle deduction under Section 80IB(10)

Smt. Swapna Cherukuri Vs DCIT, Hyderabad (ITAT Hyderabad)

ITAT Hyderabad in the case of Smt. Cherkuri vs. DCIT concluded that development of commercial complex by the buyer of plot area even if it is approved by the concerned authorities as the part of the project, could not be said to have been developed by the assessee as a part & parcel of the project....

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Penalty order passed after 6 Months of ITAT confirmation is time barred

ITO Vs Pandit Vijay Kant Sharma,(ITAT Delhi)

The ITAT ,Delhi in the case of. ITO vs. Pandit Vijay Kant Sharma concluded that The limitation period of six months and not one year is applicable in case the penalty order is passed by the AO pursuant to confirmation of penalty by the tribunal ...

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Transfer of beneficially held asset taxable as capital gains and not under other sources

Shailendra H. Bhati Vs ITO (ITAT Mumbai)

The tribunal in the verdict of Shailendra H. Bhatia vs. ITO concluded that Transfer of possession with the ownership rights confer beneficial ownership which is good enough to hold the asset as capital asset ...

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Mere recording of contrary statements do not establish claim of credit as bogus

M/s STI Industries Vs CCE & ST (CESTAT Ahmedabad)

The appellant challenged the charges particularly by showing various evidences of receipt of goods, Lorry Receipt, Purity Check report, Payment of Labour Bills and other details, which were not disputed by the lower authorities....

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Determining nature of deposit of duty – Voluntary or Under Protest is a question of fact

Mahalakshmi Cable Industries Vs CCE (Delhi High Court)

The appellant is urging this Court to dwell deep into the factual material and render findings of fact of which the jurisdiction of this Court does not permit such an inquiry as the high court cannot entertain an appeal which involves only factual issue....

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Supervising & Liasioning in relation to loading goods cannot be classified as C & F Agents services

M/s. Coal Handlers Private Ltd. Vs CCE (Supreme Court)

The appellant does not even undertake any loading operation. The primary job of the appellant, as per the contract between the appellant and the Ambuja companies, is of supervising and liasioning with the coal company ...

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