-
2008 (5) TMI 673
AO disallowed the interest expenses on borrowed capital u/s 36(1)(iii) on the ground that borrowed funds were deployed by the assessee Company in order to purchase equity shares of AEC, which Company is subsequently taken over not by the assessee but by its sister companies - after acquiring the shares of AEC Ltd., the assessee herein has sold the shares at profit – whether it amounts to circular trading with idea of evading tax – matter restored to HC
-
2008 (5) TMI 672
... ... ... ... ..... nticipatory bail if the Petitioner fails to appear before it on any date, as directed by it. 8. It is accordingly, directed that in the event of his arrest, the Petitioner will be released on bail on his furnishing a personal bond in the sum of ₹ 2,00,000/- with one surety in the like amount to the satisfaction of the Respondent, DGCEI. The Petitioner will surrender his passport which will be kept in the custody of the Respondent. The Petitioner will not travel abroad without the prior permission of this Court. He wi....... + More
-
2008 (5) TMI 671
Interpretation of statute - Section 31 of the Copyright Act, 1957 - Grant of compulsory licence - broadcast of the songs in respect whereof the first respondent holds a copyright as owner thereof or by reason of purchase of the copyright belonging to others - Principles of Valuation - royalty and compensation - 'work' defined in Section 2(y). Whether the Copyright Board has jurisdiction u/s 31 (1)(b) of the Copyright Act, 1957 to direct the owner of a copyright in any Indian work or a registered copyright society to issue compulsory li....... + More
-
2008 (5) TMI 670
... ... ... ... ..... (supra) is not applicable but the ratio of Parimisetti Seetharamamma (supra) is applicable in the present case. At the relevant time the assessee was not holding any public post. It is also on record that he did not do any favour or help to Mr. Jain at any time, whether before or after he got elected to the Parliament, so that it can be said that there was quid pro quo for the receipt of the money, The money was in fact received by Mr. Kamal Singh, an election agent of the assessee, who is said to have spent it on the expe....... + More
-
2008 (5) TMI 669
... ... ... ... ..... a manufacturer of books. It was further held by the Court that a publisher may get books printed from any printer as the printer is a mere contractor and the publisher carries on the business of manufacturing and processing of books. In the light of the CBDT circular, the learned CIT(A), observed that it is not necessary for an industrial company to perform all the activities by its manufacturing apparatus in its premises. Even some of the activities carried on by the assessee at Daman unit could be construed as manufactur....... + More
-
2008 (5) TMI 668
... ... ... ... ..... restraining the recipient for a short or limited period, the expenditure incurred can only be called to have incurred to increase the profitability of the assessee and is not in capital expenditure. Keeping in view of the ratio laid down in the aforesaid cases, we find that in the instant case, the assessee has incurred the expenditure to restrain the recipient for 5 years from entering into same trades and business in the same area, as such, it is a revenue in nature and is allowable expenditure. But, this expenditure was....... + More
-
2008 (5) TMI 667
... ... ... ... ..... re, only the profit on transfer of DEPB receipts is to be taken into account for the purpose of computing the export profits under third proviso of the Act. Since the cost part of the DEPB is not to be excluded under clause (baa) of the Explanation, the assessee will not be entitled for the benefit under third proviso to section 80-HHC(3) of the Act in respect of this part of receipts. Similarly the SIL has not been considered as covered by clause (baa), the benefit of first proviso will not be available in respect of SIL ....... + More
-
2008 (5) TMI 666
... ... ... ... ..... f the Central Excise Act. 4. We have gone through the show cause notice and find that there is no mention made in the show cause notice invoking the extended period of limitation. We note that the Tribunal relied upon a decision rendered by it in the case of Gammon India Ltd. v. Commissioner of Central Excise, Goa, 2002 (146) ELT 173 and came to the conclusion that the show cause notice was barred by time. 5. Learned counsel for the Respondent informs us that the Revenue had taken up the decision rendered by the Tribunal i....... + More
-
2008 (5) TMI 665
... ... ... ... ..... lied to the petitioner. 19. At this stage, Mr. Pradeep Jain submits that as and when samples are sent for testing the writ petitioner be given an opportunity to be present. According to me, this is prejudging the issue. The Commissioner of Customs would first have to decide whether or not to accede to the request contained in the letter dated 27-3-2007. I have no doubt once the Commissioner of Customs comes to a conclusion either way, he will follow the principles of natural justice in giving an opportunity to the petition....... + More
-
2008 (5) TMI 664
Gift received from Swiss national - relationship and creditworthiness of the donor not established - all the three authorities have rejected the explanation of the asses see - HELD THAT:- We are not convinced that the transaction is above board. We have in particular considered the quantum of the gifts, the fact that there is inadequate material to show the resources or fi nances of the Swiss national: there is no apparent reason for the assessee being showered with gifts by a person who is stated to be only a family friend and that the same f....... + More
-
2008 (5) TMI 663
... ... ... ... ..... me paper, it had been considered that the value was not actual but the market value and such instances were of investment in HUDA, Agra property and value of shares and FDRs. It was, therefore, held that the CIT (A) was right in deleting the addition made in the hands of Chavan Rishi International Ltd. These findings of the Tribunal given by coordinate Bench will apply mutatis mutandis to the present case as the addition has been made on the basis of that very seized paper and it is held that the Ld. CIT (A) was right in d....... + More
-
2008 (5) TMI 662
... ... ... ... ..... other hand, in the present case, the assessee has not raised any capital in the form of cash which could be utilized over the period of the preference shares. Merely, some part of the interest which was to accrue in future, has been sacrificed by the institutions for which the assessee has been called upon to compensate in the year under consideration. Therefore, there is no question of spreading the expenditure over the period of the preference shares. Finally, we draw support from the same decision for the conclusion we ....... + More
-
2008 (5) TMI 661
Eligibility for deduction u/s 10B - business of export of computer software - shifted its business to new office - 100 per cent EOU - Jurisdiction of order passed by CIT u/s 263 - HELD THAT:- It is pertinent to note here that the plant and machinery which was brought by the assessee at the new place of business was bearing charge of the bank and financial institution against the loan already availed by the assessee. Therefore the assessee could not dispose of these plant and machinery till the repayment of the earlier loan and consequently dis....... + More
-
2008 (5) TMI 660
Transfer Pricing Determine the Arms length price - Disallowance on interest - expenditure attributable to dividend income by virtue to Section 14A - Deduction u/s 80HHF - Advertisement commission income - consideration revived by the assessee by way of cable subscriptions amounts to turnover - Disallowance of security deposit written off - bad debt written off. Transfer Pricing Determine the Arms length price - Grant of deduction of 20% of the total payment for licence fee - Payment to two entities - HELD THAT:- In the instant case the assesse....... + More
-
2008 (5) TMI 659
Running Royalty paid to NR company - Treated as Capital or Revenue expenditure - brand name of United Colors of Benetton - Granted exclusive licence to use the trade-marks in India - whether the assessee acquired assets itself or it was merely granted the license to use the trade-marks on the products being manufactured by it - HELD THAT:- On Persual of the license agreement, it is clear that the assessee was only granted non-assignable licence, right and privilege with reference to the licensed marks to manufacture on the mark and distribute ....... + More
-
2008 (5) TMI 658
... ... ... ... ..... o assigned that right. Hence, what he acquired under the said agreement for sale was therefore, property within the meaning of IT Act, 1961 and consequently a capital asset. The Court further held that his giving up of the right to claim specific performance by conveyance to him of the immovable property was a relinquishment of the capital asset and therefore, there was a transfer of a capital asset within the meaning of the IT Act. Therefore, in the present circumstances and facts of the case and decisions of various Cour....... + More
-
2008 (5) TMI 657
... ... ... ... ..... system, reasons at least sufficient to indicate an application of mind to the matter before the court. The affected party can know why the decision has gone against him. One of the salutary requirements of natural justice is spelling out reasons for the order made. 15. Having regard to the law laid down by the Supreme Court, the clear provisions of section 127(2) of the Act and the documents produced before the court, I am of the view that the impugned decision/action taken by the respondent-revenue in transferring of peti....... + More
-
2008 (5) TMI 656
Whether a Land Revenue Court has jurisdiction to set aside an ex-parte decree? Whether terms for setting aside an ex parte decree should be reasonable?
-
2008 (5) TMI 655
Claim a deduction u/s 35(1)(iv) - Bank guarantee commission paid to relative of directors - Capital Expenditure incurred on R D. Claim for deduction under section 35(1)(iv) - bank guarantee commission paid to relatives of the directors - In CIT vs. Ayurvedic Sevashram (P) Ltd. [1986] 54 CTR (Raj.) 119 : [1986] 159 ITR 112 (Raj.), wherein, on facts also, the assessee company had paid guarantee commission to the relatives of the directors, who had secured finances for the company, and it was found that the deduction had resulted in remuneration ....... + More
-
2008 (5) TMI 654
Whether the effect of Section 37 of Narcotic Drugs and Psychotropic Substance Act, 1985 has not been noticed by either the Trial Court or the High Court?
