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2012 (2) TMI 650
... ... ... ... ..... he basis of the finding in the case of assessee s wife. 18. The deletion of penalty in the aforesaid case was further held to be non leviable because of the plea of the reasonable cause raised by the assessee. The assessee in the present case has also raised the plea of reasonable cause, that the person advancing the loan was agriculturist and had no bank account. In the entirety of the facts and circumstances before us and following the ratio laid down by the Hon'ble Punjab Haryana High Court in CIT Vs Manohar Lal Tha....... + More
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2012 (2) TMI 649
... ... ... ... ..... epreciation allowance not so set off (hereinafter called the Third unadjusted depreciation allowance ) shall be carried forward to the following year. iv. The Third unadjusted depreciation allowance shall be deemed as depreciation u/s 32(1), that is depreciation for the current year in the following year(s) to be set off against income under any head, like current depreciation, in perpetuity. 3. The ld. Counsel has referred to the decision in the case of M/s Parijat Paper Mills Limited. Since the issue has now been decided....... + More
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2012 (2) TMI 647
... ... ... ... ..... rnment before the due date for filing of the return under section 139(1). The Hon ble jurisdictional High Court decided the issue on 23.11.2011 in ITAT No. 302 of 2011 (G.A. No. 3200/2011) in the case of CIT, Kolkata-XI, Kolkata -vs.- Virgin Creations in favour of assessee by following the decision of the Hon ble Supreme Court in the case of R.B. Jodha Mal Kuthiala reported in 82 ITR 570, wherein the Hon ble Supreme Court held that the provision, which has inserted the remedy to make the provision workable, requires to be ....... + More
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2012 (2) TMI 646
... ... ... ... ..... others Vs. Dharmendra Textile Processors and others, in civil appeal nos.10289 -10303 of 2003. In view thereof, ground no.3 in the appeal is dismissed. 10.3 As regards decisions relied upon by the ld. DR, these were rendered on different facts and are not applicable in the facts and circumstances of the case before us. 11. In view of the foregoing, especially when penalty has been imposed merely on the basis of revised income which was offered by the assessee to tax suo motu, much before the issue of a notice u/s 148 of th....... + More
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2012 (2) TMI 645
... ... ... ... ..... et off against such profit and gains of the undertaking would not arise. In that view of the matter, the approach of the assessing authority was quite contrary to the aforesaid statutory provisions and the appellate Commissioner as well as the Tribunal were fully justified in setting aside the said assessment order and granting the benefit of section 10A to be assessee. Hence, the main substantial question of law is answered in favour of the assessees and against the revenue . 9.7 The facts being identical, respectfully fo....... + More
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2012 (2) TMI 644
... ... ... ... ..... mber as well as stamp/seal of the company. Even with regard to the non-production of the original Share Transfer Register, the respondent company has given a legally valid explanation. Moreover, this Court has also perused the annual returns filed contemporaneously in accordance with the statutory provisions by the previous management of the respondent company with the Registrar of Companies for the years 2002, 2003, 2004 and 2005. The certified copies of the said records clearly show that it is the appellant-petitioner s ....... + More
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2012 (2) TMI 643
Principle of `failure of justice' - Effect on not committing an accused in terms of Section 193 of the Code of Criminal Procedure (the Code) in cases where charge-sheet is filed u/s 3(1)(x) of the Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Act, 1989 (the Act) and cognizance is directly taken by the Special Judge under the Act - In the instant case neither the Trial Court nor the High Court appears to have kept in view the requirements of sub-section (3) relating to question regarding failure of justice . Merely be....... + More
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2012 (2) TMI 642
... ... ... ... ..... ron scrap. Therefore, the reply given to the CIT (A) in remand is not in conformity with his own findings in the assessment order. Moreover the assessee has explained that the propellers were sold in the subsequent year the fact of which was verified by the Assessing Officer and the CIT (A). The Revenue has raised Ground No.2 stating the same is not incorporated in the closing stock of the year ignoring the reason for making the addition by Assessing Officer itself that the propellers are outside the books of account. The ....... + More
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2012 (2) TMI 641
... ... ... ... ..... he HUF consists of members of a joint family who are lineally ascendant or descendant of the individual. Outside the limits of coparcenary there is a fringe of persons, males and females, who constitute an undivided or joint Hindu family. Further, there is no limit to the number of persons who can compose it nor to their remoteness from the common ancestor and to their relationship with one another. It consists of a group of persons who are united by the tie of sapindaship arising by birth, marriage or adoption. If this is....... + More
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2012 (2) TMI 640
Additional depreciation on Wind Mill purchased during the year - Whether Electricity is neither an article nor a thing? - Held that:- As decided in Texmo Precision Castings [2009 (10) TMI 140 - MADRAS HIGH COURT] for the application of s. 32(1)(iia) what is required to be satisfied is that the setting up of a new machinery or plant should have been acquired and installed after 31st March, 2002 by an assessee, who was already engaged in the business of manufacture or production of any article or thing and there is no requirement that the settin....... + More
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2012 (2) TMI 639
... ... ... ... ..... action. However, on merit of addition, the ld. CIT(A) found that on the similar facts in earlier year, the Tribunal in assessee s own case has upheld the net profit rate of 6 in the assessment year 2004-05. Since during the year under consideration, the assessee himself has shown net profit rate of 6.45 , the CIT(A) applied net profit rate of 6.5 and computed profit at ₹ 9,37,17,380/-/-, as against net profit of ₹ 9,30,00,580/- shown by the assessee. As the CIT(A) has already taken into consideration the order ....... + More
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2012 (2) TMI 638
... ... ... ... ..... ue to the file of the CESTAT for de novo consideration in the light of the judgment of the Apex Court in the case of Union of India Vs. Rajasthan Spinning Weaving Mills reported in 2009 (238) E.L.T 3 (SC). In this view of the matter, the impugned order of the CESTAT dated 31st May, 2004 (Exhibit-G to the appeal) is quashed and set aside and the matter is restored to the file of the CESTAT for de novo consideration in accordance with law. All the contentions of both the parties are kept open. The appeal is disposed of accordingly with no order as to costs.
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2012 (2) TMI 637
... ... ... ... ..... wed the outstanding amount receivable from various parties. Before us also, the learned Counsel for the assessee could not dislodge the findings of the lower authorities. In these circumstances, we affirm the findings of the Commissioner of Income15 tax (Appeals) on this aspect. The addition made by the Assessing Officer is thus upheld. On this Ground of appeal, the assessee fails. 23. Before parting, we may make an observation which would be relevant for the purpose of computing the ultimate total undisclosed income asses....... + More
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2012 (2) TMI 636
... ... ... ... ..... believe that the tax was not deductible at source from the payment of transaction charges u/s 194J. Although the learned counsel for the assessee has tried to demonstrate before us that the relevant facts involved in the present case are similar to the case of Kotak Securities Ltd. (supra), we are of the view that this stand of the assessee requires verification since this aspect of the matter has come up for consideration for the first time before the Tribunal. We, therefore, consider it fair and proper and in the interes....... + More
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2012 (2) TMI 635
... ...
... ... ..... ER Delay condoned. The appeal is dismissed.
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2012 (2) TMI 633
... ... ... ... ..... ntiffs. In view thereof, I pass the following Order ORDER i) Pending the hearing and final disposal of the Notice of Motion, Defendant Nos.1, 5 and 6 shall not dispose of, alienate, transfer and/or create third party interest in respect of the said cloud computing business of the Defendant No.1. ii) Subject to the convenience of the Court taking Notice of Motion for the year 2011, the above Notice of Motion be placed for hearing and final disposal on 5th March, 2012. iii) In the meantime, the said Report is once again put ....... + More
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2012 (2) TMI 632
Disallowance of the claim for credit of TDS u/s. 199 - Held that:- The fee involved is paid subsequently i.e. after 31.3.1998. Since the assessee follows cash system of accounting it did not account for the total fee involved of ₹ 1017843/- as the same was not received by the assessee. However, the parties involved deducted tax on this amount and paid in government account for the credit of assessee. Since this TDS amount was paid to the credit of the assessee it accounted for amount of TDS as fee received and accordingly it claimed bene....... + More
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2012 (2) TMI 631
... ... ... ... ..... Supreme Court in Administrator, Municipal Committee, Charkhi Dadri (supra) relied upon by the appellants is of no application. Moreover, the Supreme Court in that case held that once acquisition had become final and the title to the land stood divested, the subsequent non-compliance could not undo what already stood done. However, in the present case, we are concerned with different statutory provisions whereunder according to us removal had not attained finality owing to the procedure prescribed therefor having not been f....... + More
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2012 (2) TMI 630
... ... ... ... ..... h (supra) and Mithu (supra) has been universally acknowledged in several jurisdictions across the world and has been accepted as correct articulation of Article 21 guarantee. Therefore, the ratio in Mithu (supra) and Bachan Singh (supra) represents the concept of Jus cogens meaning thereby the peremptory non derogable norm in international law for protection of life and liberty. 102. That is why it has been provided by the 44th Amendment Act of 1978 of the Constitution, that Article 21 cannot be suspended even during procl....... + More
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2012 (2) TMI 629
... ... ... ... ..... /basically a question of fact. The above discussion will clearly lead to the conclusion that the impugned allotment of shares to the Appellants and the impugned appointment of the two additional directors as aforesaid and removal of the Respondents 1 and 2 from directorship is oppressive to them. We agree with the findings of the Company Law Board for the reasons recorded that with a view to bring to an end the matters complained of, it is necessary that the matter be disposed in the terms formulated by the Company Law Boa....... + More
