Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

The Exchange Agencies Versus Income Tax Officer, Ward-20 (2) , New Delhi

Disallowance of brought forward business loss/ unabsorbed deprecation - Assessee has filed the Application u/s. 154 - Held that:- We are of the view that assessee has elaborately disclosed in the Application u/s. 154 of the I.T. Act to the AO regarding income assessed by the AO as well as the income declared by the assessee. In the Application, the Assessee’s Authorised Representative has submitted that the assessee is in receipt of assessment order wherein income declared by the assessee (befor .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on of the assessee. Thus the issue involved regarding the disallowances of brought forward business loss/ unabsorbed deprecation are required to be reexamined at the level of the AO. Therefore, we set aside the issue involved to the file of the AO to decide the same afresh, under the law, after giving adequate opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes.

Adhoc disallowance on account of telephone expenses and vehicle expenses - .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n the case of the assessee - Decided in favour of assessee. - ITA No. 3352/Del/2013 - Dated:- 24-6-2015 - H S Sidhu, JM And J S Reddy, AM,JJ. For the Appellant : Shri Lalita Krishnamurty, CA For the Respondent : Shri J P Chandrekar, Sr DR ORDER Per H. S. Sidhu, JM. This appeal by the Assessee is directed against the Order of the Ld. Commissioner of Income Tax (Appeals)-XXII, New Delhi dated 30.3.2013 pertaining to assessment years 2009-10. 2. The grounds raised by the Assessee reads as under:- 1 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

24,334/- @20% of claim is arbitrary, unjust and at any rate very excessive compared to previous years more particularly FBT had been paid on such expenses in the relevant year. 4. That the sustaining of adhoc disallowance of vehicle maintenance of ₹ 1,18,400/- @20% of claim is arbitrary, unjust and at any rate very excessive compared to previous years more particularly when FBT has been paid on such expense in the relevant year. 5. That the Assessing Officer be directed to grant consequen .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t. The case was selected for scrutiny and first notice u/s. 143(2) was issued 15.9.2010, which was served upon the assessee through speed post. In response to notices issued u/s. 143(2) and 142(1) Smt. Lalita Krishnamurthy, CA attended the proceedings from time to time. In this case the assessee firm derives from distribution of bread manufactured by Britannia Industries Ltd. as in the past. The assessee has claimed bread dealer discount of ₹ 45,70,903/- to various dealers, which includes .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

24,334/-, which were added to the total income and also disallowed the claim of brought forwarded losses and completed the assessment u/s. 143(3) of the I.T. Act, 1961 vide order dated 29.11.2011. 4. Aggrieved with the aforesaid assessment order dated 29.11.2011, assessee appealed before the Ld. CIT(A), who vide impugned order 30.3.2013 has partly allowed the appeal of the assessee. 5. Against the aforesaid order of the ld. CIT(A), assessee is in appeal before the Tribunal. 6. Ld. Authorised Rep .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

2,363/- as per the Revised Return and not ₹ 13,10,582/- taken in the assessment order. As regards the other disallowances on account of telephone expenses and vehicle expenses, she stated that these disallowances are not warranted in view of the decision of the ITAT, Mumbai Bench in the case of SGS India Private Limited vs. Addl. CIT in ITA No. 3499/Mum/2011. Finally, she stated that the issue involved in ground no. 1 and 2 requires reconsideration at the level of the AO, because the Asses .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

in the case of SGS India Private Limited vs. Addl. CIT in ITA No. 3499/Mum/2011 and the issue involved in ground no. 5 regarding the interest charged u/s. 234B & 234D are consequential. 7. On the contrary, Ld. Departmental Representative relied upon the order of the Ld. First Appellate Authority. 8. We have heard both the counsel and perused the records available on record, especially the orders of the revenue authorities and we are of the view that the assessee has filed a Paper Book conta .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

wherein income declared by the assessee (before adjustment of brought forward losses/unabsorbed deprecation claimed of ₹ 10,52,533/-) has been shown in the last page of the assessment order at ₹ 13,10,582/-. Whereas the income declared by the assessee before such adjustment (as per computation filed undercover with letter dated 28.5.2011) is ₹ 11,72,363/-. The Assessee has also enclosed the computation of income for the assessment years 2005-06, 2006-07, 2007-08 & 2008-09 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Forum: Duty Drawback & Input Credit - under GST

Forum: Input tax credit

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

Highlight: Cenvat credit availed on Club Membership for the Director is not admissible as it cannot be said to be remotely connected with the activity of manufacture

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

Forum: Excise duty credit on finished stock at additional place of business.

Forum: Manpower Service provider

News: Jaitley asks biz not to wait till last day to file GST returns

Circular: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg.

Forum: Construction of single unit bungalow

Forum: Input credit of gst paid on urd

Article: 20 Things You must know about E Way Bills in GST Law

Article: ‘DUTY DRAWBACK’ CANNOT BE EQUATED WITH ‘REBATE OF DUTY’

Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version