The Commission however felt that there was palpable lack of communication/ internal co-ordination within the Public Authority that needs to be revisited and strengthened within the Public Authority itself.
Where original assessment order was subjected to revision under section 263, interest under section 234B would be charged till completion of assessment under section 143(3) read with section 263.
Though agricultural land sold by assessee had remained barren for a longer period and had been converted by purchaser thereof into non-agricultural land, however, AO could not give any cogent and convincing reason for disbelieving documentary and circumstantial evidence furnished by assessee prima facie establishing the land in question to be an agricultural land, he was not, therefore, justified in treating the same as capital asset.
If the subsidy is intended for meeting a portion of the cost of the assets, then such subsidy should be deducted from the actual cost, for the purpose of computing depreciation. As per Hon’ble Supreme Court, the law is that if the subsidy is asset-specific, such subsidy goes to reduce the actual cost. If the subsidy is to encourage setting up of the industry, it does not go to reduce the actual cost, even though the amount of subsidy was quantified on the basis of the percentage of the total investment made by the assessee.
CIT Vs Ut Starcom Inc. (India Branch) (Delhi High Court)- When we examine the profile of the assessee company vis-à-vis Infosys Technologies Limited in the light of the judgment in CIT vs. Agnity India Technologies Pvt. Ltd. (supra), there is no comparability for benchmarking the international transactions for the reasons inter alia that Infosys Technologies […]
G.S.T. payable on the sale value of the mineral purchased in the e-auction shall be paid by the buyer directly to the lessee and the lessee would be responsible for all compliances as may be required under Act. We further direct that the Monitoring Committee to prepare appropriate proforma and also take steps for carrying proper Tax Identification Number of the respective lessees on the invoices as may be required
Mr. Venkatesh Nayak Vs CPIO & DCIT (OSD) (Central Information Commission) When a Public Authority is largely funded by the Government and performs the duty of bringing back unaccounted money unlawfully kept in bank accounts abroad, it was essentially performing a Public Duty and thus every citizen has every right to know about certain information […]
Depreciation was allowable @10% on public highway road treating the same as building. It was held assessee was granted license for construction against which it had right to use and collect license fee to use of the land. It had right to restrict the people without non payment of toll tax. It was not only road, they had to construct toll booth and provide facilities for the staff for the purpose of their accommodation.
Non-contest in the proceedings under Section 73 cannot be used as a ground or reason to establish and show that requirements of Section 78 are satisfied. The Tribunal after appreciating different aspects, including conduct of the respondent-Corporation has held that penalty should not be levied. The finding is a finding of fact.
Deccan Paper Mills Co. Ltd. Vs CIT-IV (ITAT Pune) Now, coming to the aspect of book profits which was considered by the Commissioner and the order of the Assessing Officer was held to be erroneous and prejudicial to the interest of revenue. In this regard, it may be pointed out that the case of assessee […]
