The learned D.R has vehemently contended before us that no assessee can be said to be providing telecommunication services unless such services are provided from one end to the other end. According to him, the assessee is operating as backbone industry and connect the calls received through other service providers and, therefore, does not provide any service to the actual user of the phone. In my opinion, this contention cannot be accepted for the reason that legislature itself has allowed the deduction to telecommunication services through satellite or turnking network.
Commissioner of Income-tax v. Catapharma (India) (P.) Ltd.- Section 80HHC of the Income-tax Act, 1961 – Deductions – Exporters – Assessment year 1997-98 – Whether excise duty and sales tax form part of total turnover while computing deduction under section 80HHC – Held, no.
the Court direct the department to accept the return Forms which are submitted by the taxpayers, subject to a genuine difficulty. After acceptance of those return Forms, on scrutiny if it is found by the concerned officer that there is no genuine difficulty on the part of the taxpayer in giving the details required in various columns, those Forms may finally be treated as not filed as required, and they will be subject to final decision taken by the concerned officer. However, it is also made clear that if under the rules no Annexures are required to be attached then no Annexures shall be attached to the return Form.
Assessing Officer reopened the assessment of A.Y. 1997-98 on the basis of finding that the assessee had not paid tax on the income declared under VDIS, 97 and made the addition of income declared year-wise under VDIS as unexplained investment. It was held that the addition was not justified as the alleged investments were not made in the immediate preceding financial year to the assessment year under consideration.
For the foregoing reasons, the petition succeeds. The three orders namely; (1) the order dated October 6, 1992 passed by the Commissioner of Income Tax, Baroda, declining to accept the claim of the petitioner for interest on refund on the ground that it is not admissible under Sections 243(1)(b), 244(1A) and 214(2) of the Act,
Section 1 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 – Applicability of Act – Whether co-operative banks established under Maharashtra Co-operative Societies Act, 1960, Andhra Pradesh Co-operative Societies Act, 1964 and Multi-State Co-operative Societies Act, 2002, transacting business of banking, do not fall within meaning of ‘banking company’ as defined in section 5(c) of Banking Regulation Act, 1949 and, therefore, provisions of Recovery of Debts Due to Banks and Financial Institutions Act, 1993, by invoking doctrine of incorporation, are not applicable to recovery of dues by such co-operative banks from their members – Held, yes
1. These appeals under Section 260A of the Income Tax Act, 1961 (“the Act” hereinafter referred to as), are filed against the common order dated December 31, 2001, passed by the Income Tax Appellate Tribunal, Bangalore Bench, in three batches of appeals relating to orders under Sections 201(1), 201(1A) and 271C relating to the assessment years 1992-93 to 1996-97.
The question brought before us by the Revenue is, as to whether the income from sale of plants grown directly in the pots and the sale of seeds, can be treated as agricultural income within the meaning of section 2(1) of the Income-tax Act, 1961? The finding of the Tribunal is that the plants were not grown in the pots directly, but they are, after several operations carried out in the land, viz., cutting, gootying and inarching for the plants, transplanted in suitable containers, including pots and kept in the green house or in shade, and the trees were grown on the land directly.
Depending on the facts, nursery income may or may not be agricultural income. We are giving here two HC judgements that will help you. You can always file a return for AY 07-08 claiming nursery income as agriculture income(if facts permit so) and this would not be concealment or furnishing inaccurate particulars of income.
In the present case during the course of assessment proceedings it was noticed that there were credit balance in the names of two parties amounting to Rs.3,52,581/- appearing in the books of account of the assessee. On being asked to verify the same, the assessee agreed to surrender it. The said cessation of liability could not be treated to have been earned from business of export and, thus, shall not form part of the turnover of the export business.
