This petition seeks a direction for releasing of 10 kgs. of silver jewellery, belonging to the petitioner but seized from his adoptive father on 20.11.1979 during search under Section 132 of the Income Tax Act, 1961 (
Though the taxpayer may have written off the expenditure in its books of account over a period say of five years, it must be allowed in its entirety in the year in which it was incurred, if it is revenue expenditure, and if it is wholly and exclusively incurred for the purposes of business(Para 15)
ACIT v. Prakash L. Shah – The exchange rate difference pertaining to the exports made in the earlier year shall be part of the export turnover of the year in which such export is made provided such sale proceeds of the eligible goods are realized in India within the period of six months from the end of the previous year or within such further period as allowed by the Competent Authority.
It was held that the order was passed in exercise of power of superintendence under Article 227 of the Constitution of India, 1950 against which the Letters Patent Appeal is not maintainable. The High Court was not justified in holding that the Letters Patent Appeal was not maintainable.
Badar Durrez Ahmed, J.-This writ petition is directed against the notice dated 29-3-2004 issued by the Assistant Commissioner of Income-tax, Central Circle-18, New Delhi under section 148 of the Income-tax Act, 1961 (‘said Act’)
11. We have carefully perused the agreement entered into by the assessee company with the Government of Tamil Nadu vide concession agreement dated 22-12-2000. In this agreement Article 1 deals with the definition of project as defined under:- ” Project” – means the project described in Appendix 1 which the concessionaire is required to design,
undisputedly, the assessing officer has not initiated proceedings under S.14S of the Act, to lax the interest income of Rs.25,83,848 earned on margin money. In fact, the assessing officer has initiated the proceedings under S.148 to bring to tax the reimbursement of income-tax from APTRANSCO. However, during the course of re-assessment proceedings, the assessing officer also noticed that the assessee has earned interest income of Rs.25,83,848 on margin money kept by it for providing bank guarantee in favour of APTRANSCO, in respect of which it has claimed deduction from the total interest income received during the year under consideration.
NICHOLAS PIRAMEL (I) LTD. Versus COMMISSIONER OF CENTRAL EXCISE, THANE-I- The provisions of Rules 6(3)(b) of the Cenvat Credit Rules, 2002 are not applicable when the amount equivalent of the Cenvat Credit attributable to the common inputs used in, or in relation to, the manufacture of exempted final products has been paid prior to the removal of exempted final products from the factory.
What is to be assessed is the income which the Assessing Officer has believed to have escaped assessment and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the reassessment proceedings. One has to see that the issue of notice under section 148 should be on the basis of belief of the Assessing Officer that income chargeable to tax has escaped assessment.
The deletion of the addition of Rs. 33 lacs, which had been made by the Assessing Officer on account of unexplained share capital under Section 68 of the said Act. The second issue pertains to the deletion made by the Tribunal of the addition of Rs. 35,06,292/- by the Assessing Officer on account of alleged unexplained security deposits under Section 68 of the said Act.
