The petitioner (Contractor) impugns the order dated 30.06.20 14 passed by the Commissioner Valued Added Tax holding that the chemicals/Solvents used in the process of cleaning, amounted to sale of goods and the moment the chemicals were poured on the property of the Contractee, even though used for the purposes of cleaning, amounted to delivery of the same and thus the same was exigible to Tax.
Penalty proceedings for default in not having transactions through the bank as required under Sections 269SS and 269T are not related to the assessment proceeding but are independent of it.
If tax exempted income was earned without interference of any employee but rather through solicitation and advertisement of bank the question of attributing any expenditure cannot arise at all.
This Reference under Section 256(1)of the Income Tax Act, 1961 by the Income Tax Appellate Tribunal (Tribunal) seeks our opinion on two substantial questions of law as framed by it. However, Mr. Rattesar, the learned counsel appearing for the applicant assessee very fairly states that he is not in a possession of evidence to show that the Reference has been served upon the Revenue.
Section 50C of Income Tax Act, 1961 is not applicable while computing capital gains on transfer of leasehold rights in land and buildings.
Foreign exchange fluctuation loss cannot be called notional loss since the fall in the exchange rate has already taken place in the accounting year. Accounting Standards-11 provides that the entire amount of liabilities outstanding as at the balance sheet date should be restated and the loss should be charged to the Profit and Loss account of each year.
The Institute of Chartered Accountants has made the instant Reference under Section 21(5) of the Chartered Accountants Act, 1949 in respect of the respondent being indicted for a misconduct other than such misconduct which is referred to in sub-Section (4) of Section 21.
In a big relied to Baba Ramdev’s Patanjali Yogpeeth, the Delhi bench of Income Tax Appellate Tribunal (ITAT) has allowed exemption status under section 11 and 12 of the Income Tax Act.
Whole issue in the present appeal by Revenue, is about the source, nature and genuineness of the transaction to determine whether the addition made by the AO under section 68 of the Act is sustainable.
Invocation of proviso to section 2(15) of the Act to deny claim of exemption under section 11 and 12 of the Act is not justified. Accordingly, grounds of appeal are allowed
