This is assesses’s appeal for the assessment year 2000-01 against the Id. CIT(A)’s order dated 27.1.2006 confirming the AO’s action in holding that the assessee had a business connection in India u/s 9 of the Income Tax Act and that M/s. BBC Worldwide (lndia)
The assessee has filed these appeals challenging the respective orders of Learned CIT (A)-VI Mumbai for the assessment years 2002-03 and 2003-04. As the issue as well as facts are identical hence both these appeals are disposed off by this common order.
The assessee has been carrying out this activity in an organized manner with the help of heavy machinery and computer. Its activity is not as simply as mixing of sand, cement etc. by a labourer on the right side.
Under sec.68, when an amount is found to be credited in the books of the assessee, he has to prove the identity of creditor, his creditworthiness and genuineness of transactions. No doubt, the source of income is there with the creditors but it does not conclusively prove that the amount has come from that source.
) Whether, on the facts and circumstances of the case and in law, the Hon’ble ITAT was justified in treating the income from sale of 7,59,003 shares for Rs. 5,00,12,879/ as an income from short term capital gain and sale of 3,88,797 shares for rs . 6,65,02,340/ as long term capital gain as against the
Thus, according to the Gujarat High Court, when interest is paid on delayed payment, it can be treated as higher sale price which is converse situation to offering of cash discount because the transaction remains the same and there Is no distinction as to the source Looking from” this angle, the interest becomes part of the higher sale price and is clearly
By way of this appeal, the assessee appellant has called into question correctness of order dated 7th February 2006, passed by the learned CIT (A) for the assessment year 2000-091, holding that the assessee is liable to pay tax on short term capital gains on sale of shares.
CFTI cannot be considered as an institute or establishment which is specifically excluded from the definition of “commercial coaching and training centre” under section 65(27) of the Finance Act, 1994; it also cannot be considered as a “vocational training institute” for the purpose of exemption from service tax under the category of “commercial training and coaching service” in terms of Notification No. 24/2004-ST, dated 10.9.2004.
In this year, the assessee filed its return of income on 05.12.1997 declaring total income at Rs. NIL. The return of income was processed u/s. 143(1) of the Act. Thereafter, the AO issued notice on 11.01.2002 u/s. 148 of the Act by initiating proceedings u/s. 147 of the Act.
CIT revised the order u/s 263 to include the sum of Rs.1,75,32,600/- in the total income of the assessee under Sec.41(1) of the Income Tax Act on the ground that there had been a complete cessation of liability in regard to this amount in the previous year relevant to the assessment year 1982-83 – ITAT confirmed the order – held that – when the Assessing Officer took a possible view
