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2013 (1) TMI 894
... ... ... ... ..... e petitioners that this case is one of the revenue neutrality. After more than a decade of the entire event, we would not be inclined to direct the petitioners to pay the differential duty of ₹ 16.78 Lacs to the Department and then claim cenvat credit of matching amount its cenvat account. There was nothing on record to point that had such cenvat credit remained in the account of the petitioners, the same petitioners were not in a position to utilize or encash as per the scheme of the Government. It is not the sugges....... + More
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2013 (1) TMI 893
... ... ... ... ..... enses relating to exempt income under section 14A of the Act. Under the said provisions, the disallowance of expenses relating to exempt income is required to be computed as per Rule 8D. The Hon'ble High Court of Bombay in the case of Godrej and Boyce Mfg. Co. vs. DCIT (328 ITR 81) have held that Rule 8D is applicable only from assessment year 2008-09 and in respect of prior years, it was held that disallowance had to be made on a reasonable basis after hearing the assessee. In this case, CIT(A) directed the AO to make....... + More
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2013 (1) TMI 892
Whether the income earned from the sale of shares is admissible as business income or capital gains - Held that:- The assessee was carrying business of investment in shares for last 30 years and for the last 25 years was assessed to tax under the head capital gains and not under the head of profit and gains of business by the revenue - The revenue never treated the shares as stock in trade of the respondent assessee - hence assessee is not carrying on business of shares trading- thus no question of law arises - appeal is dismissed in favor of assessee
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2013 (1) TMI 891
Capitalisation as a part of Expenses - Assessee company is engaged in the business of commercial construction claimed deduction in respect to administrative expenses, employee's remuneration and interest. AO said that these costs ought to have been also capitalized and, accordingly, the assessee had under-disclosed profit. Assessee explained that the construction to the extent not sold, i.e., on which no profit stands booked yet, represents only the assessee s work-in-progress (WIP), i.e., stock-in-trade, and not a purchase of any asset/s........ + More
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2013 (1) TMI 890
... ... ... ... ..... eduction in the subsequent years available to the assessee cannot be withdrawn in the absence of the claim for Section 35D of the Act being set aside in the first year i.e. the year when it was examined and granted i.e. assessment year 2000-01. Further, the Tribunal has held that as expenses are of revenue nature, the issue itself becomes academic. In view of the fact that the order allowing amortization of share issue expenses under Section 35D for the first year, that is, the assessment year 2000-01 has been accepted by ....... + More
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2013 (1) TMI 889
... ... ... ... ..... 2009 is therefore annulled. The assessee is requested to attend the assessment proceedings from time to time as and when required so as to enable the Assessing Officer to frame a judicious assessment. o p /o p 14. A perusal of the same demonstrates that the CIT has not come to a conclusion nor has he given a finding on the order passed under Section 143(3) dt. 15.5.2009 by the Assessing Officer was erroneous. o p /o p Nor there is a finding that the order is prejudicial to the Revenue in these conclusions of the Commission....... + More
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2013 (1) TMI 888
... ... ... ... ..... into consideration the business expediency and other relevant factors. In the present case the assessee and its team went to a far away place for the purpose of TV serial shooting. The assessee had made cash payments to various parties, technicians, artists etc. for the period of 2 to 6 days under business compulsions. We find that the above payment was made under business compulsions and therefore by considering all the facts and circumstances of the case and also taking into consideration the business expediency, we are ....... + More
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2013 (1) TMI 887
... ... ... ... ..... ) of the Finance Act, 2012 passed by the Parliament, it has been provided that no Service Tax shall be levied or collected in respect of management or repair of roads, during the period on and from the 16th day of June, 2005 to the 26th day of July, 2009, both days inclusive, and refund shall be made of all such Service Tax which has been collected but would not have been so collected had the sub-section (1) been in force, at all material times. 5. The present case relates to the period between 16-6-2005 to 26-7-2009. In v....... + More
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2013 (1) TMI 886
... ... ... ... ..... d into an international transaction. As the assessee has made comparison of transactions with AEs and Non-AEs for the same financial year, in our considered opinion there is no logic in accepting TPO's stand, who rejected the CUP method on the ground that there was difference in the dates of transaction with AEs and Non-AEs. When we compare the price charged by the assessee from its AEs with Non-AEs, it is palpable that no adjustment is required. It can be seen from page 35 of the paper book that the assessee charged p....... + More
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2013 (1) TMI 885
... ... ... ... ..... n 12AA 80G of the Act, we have no option except to set aside the orders of CIT dated 21.06.2012 for refusal of registration under section 12AA of the Act and refusal of approval under section 80G of the Act. We direct the CIT to grant registration under section 12AA and renewal of approval under section 80G(5)(vi) of the Act with effect from the date from which the assessee requested for grant of registration under section 12AA and for approval under section 80G of the Act. 8. Since the facts are identical, we follow the a....... + More
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2013 (1) TMI 884
... ... ... ... ..... Division Bench of this Court on 04.09.2012, wherein after considering Section 110 of the Customs Act, 1962, the Division Bench observed as under - 9. It can be gathered from the above discussion that the provision of Section 110 (2) in so far as the prescription of a time limit for holding seized goods, is deemed mandatory; the consequence of not issuing a show cause notice within the period or extended period specified is clearly spelt out to be that the ?goods shall be returned to the person from whose possession they we....... + More
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2013 (1) TMI 883
... ... ... ... ..... ssee has been utilized in purchasing these shares as such money derived from sale of these share was his long term capital gain and not the income of the business. Similar controversy has been raised in the assessment year 2005-06 in respect of the assessee. The CIT (A) and the Tribunal relying upon the judgment of the Tribunal in the case of Atul Kanodia allowed the appeal of the assessee and deleted the addition made by the Assessing Officer. The judgment of Atul Kanodia has been upheld by the Division Bench of this Cour....... + More
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2013 (1) TMI 882
... ... ... ... ..... f hearing the ld. counsel for the assessee while reiterating the same submissions as submitted before the A.O. and ld. CIT(A) further submits that the disallowance of ₹ 12,000/- made by the A.O. and sustained by the ld. CIT(A) be deleted. 10. On the other hand, the ld. D.R. supports the order of the A.O. and the ld. CIT(A). 11. We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute inasmuch as it is also not in dispute ....... + More
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2013 (1) TMI 881
... ... ... ... ..... /o p 15. In the result, the appeal of the assessee is allowed. o p /o p 6.3 Therefore, respectfully following the judgement of jurisdictional Tribunal, I direct the AO to allow deduction claimed u/s 54F. These grounds of appeal are allowed. o p /o p 8. No specific error could be pointed out by the CIT/DR in the order of the CIT(A). The CIT/DR has relied on the decision of the Hon'ble Kerala High Court in the case of CIT vs V.R. Desai (supra) which has been considered by the Chennai A Bench of the Tribunal in the case o....... + More
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2013 (1) TMI 880
... ... ... ... ..... t because of the on-going proceedings for realization of the due amount by resorting to the coercive steps. 2. Heard the learned Senior Government Pleader as well, who submits that the appeal preferred by the petitioner appears to be belated, in response to which the learned counsel for the petitioner submits that the I.A filed for condonation delay has already been considered and that the delay has been condoned. 3. In the said circumstance, the writ petition is disposed of, directing the 3rd respondent to consider and pa....... + More
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2013 (1) TMI 879
... ... ... ... ..... ient documentary evidence to prove that the cost of acquisition as on 1.4.1981 should be 150/- per sqyd.. o p /o p Assessee has submitted in this regard a certificate from Nagar Palika and Report from Land Revenue Inspector, copy of Sajra, copy of purchase deed, details of circle rate fixed by the State Governent. o p /o p These documents cogently prove that the assessee s contention that rate of acquisition should be adopted as ₹ 150/- per sqyd. is proved. Since assessee has submitted so many documentary evidence, t....... + More
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2013 (1) TMI 878
Penalty u/s. 271(1)(c) - disallowance of bad debts - Held that:- in absence of any material to indicate any dishonest attempt on the part of the assessee to conceal the income, no penalty can be imposed - the assessee had furnished all the details of its expenditure as well as income in its Return - neither there is any concealment of income nor is there any material to indicate filing of inaccurate particulars of income by the assessee - Decided in favor of assessee
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2013 (1) TMI 877
... ... ... ... ..... he account of Welcare Hospital during the year under consideration was to the extent of ₹ 1,24,095. According to the ld.representative, merely because the Welcare Hospital has not accounted this payment it cannot be added in the hands of the taxpayer. We heard, Shri M Anil Kumar, the ld.DR also. 6. Though the taxpayer claims that cash was received on supply of electrical goods from Welcare Hospital on day today basis no confirmation or document could be filed for receipt of cash. The taxpayer could not reconcile the ....... + More
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2013 (1) TMI 876
... ... ... ... ..... rounds in the COs against the order of the Commissioner of Income Tax (Appeals). Therefore, the COs filed by the assessee are dismissed as infructuous. 12. In the result, all the appeals of the Revenue and Cross Objections of the assessee are dismissed. We have considered the above findings of the Coordinate Bench and also perused the grounds raised by the Revenue in both cases which turn out to be identical. Therefore, we are of the opinion that the CIT(A) has rightly accepted assessee s claim of depreciation. The same is....... + More
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2013 (1) TMI 875
... ... ... ... ..... ely for the purposes of the business or profession shall be allowed in computing the income chargeable under the head Profits and gains of business or profession. Section 40 (b) however places certain restrictions on the deductibility of amount of interest and remuneration payable to partners. The relevant clauses in the partnership deed do not violate the prescription of sec. 40(b) of the Income-tax Act. Therefore, they are admissible for deduction u/s.37. In this view of the matter, it was imperative on the part of the a....... + More
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