The services availed by a manufacturer for outward transportation of final products from the place of removal should be treated as an input service in terms of Rule 2(1)(ii) of the Cenvat Credit Rules, 2004 and thereby enabling the manufacturer to take credit of the service tax paid on the value of such services.
It is apparent from the perusal of section 80IB(10) that this section has been enacted with a view to provide incentive for businessmen to undertake construction of residential accommodation for smaller residential units and the deduction is intended to be restricted to the profit derived from the construction of smaller units and not from larger residential units.
It is a matter of record that the assessee had not been allowed the cross examination of the party whose statement has been used against him in making the assessment the addition us thus in violation of principles of natural justice. Not allowing cross examination is a defect of procedural in nature. It is to be allowed in order to make the assessment by using the principal statement, the examination in chief tested on cross examination.
Brokerage could be claimed as collection charges if as per the agreement, it is the responsibility of the broker to collect the rent but provision relating to deduction on account of collection charges in sub-clause (viii) of section 24 stand deleted from Assessment year 1993-94 and collection charges are included in the lump-sum deduction of 1/4th of annual value allowable as deduction under sub-clause (i).
In Ram Commercial Enterprises 246 ITR 568 (Del) {affirmed in Rampur Engineering 309 ITR 143 (Del) (FB)}, the Delhi High Court held that if the AO did not record his satisfaction that the assessee had concealed particulars of his income before completion of the assessment proceedings, the initiation of penalty proceedings
Pursuant to a search under FERA, the premises of the appellant were searched on 11.4.1989. Foreign currency was recovered though no incriminating material was found. In his statement recorded on the same day, the appellant confessed to indulging in various foreign exchange transactions. One Mr. Narendra Mirani also confessed that the foreign exchange seized
12. The phraseology, syntax and language used/employed by the legislature in section 144, as quoted hereinabove, are amply clear. As per this section, inter alia, if a person fails to comply with the terms of a notice under section 143(2), the A.O., after taking into account all relevant material gathered by him shall, after giving the assessee an opportunity of being heard
6.2 In the present case there has been admittedly a default in terms of s. 271F of the Act; the assessee’s legal ground, i.e., in respect of validity of its return, being of no consequence, in view of me. Clear mandate of the provision (s. 271F), as well as the decision by the Hon’ble Apex Court in the case of Prakash Nath Khanna (supra). Further, the assessee’s plea of there being no presumption in law
8. A bare perusal of the ground raised by the assessee, in impugned M. A. reveals that the same pertain to the issues adjudicated by the Bench, on merit, after evaluating the rival submissions, including case laws relied upon by the parties, and the relevant records. The issues considered and decided on merit after due application of mind by the Bench
The sale/transfer of stock-in-trade cannot be equated with the transfer of capital asset under section 2(47). The meaning of the words “otherwise transferred” in section 45(2), should be according to its ordinary popular and natural sense, and it should not include a transaction referred to under sub-clause (v) of sub-section (47) of section 2 in relation to a ‘capital asset’.
