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 →

M/s Jalan Distributors Pvt. Ltd. Versus Commissioner of Income Tax, Kolkata

Disallowance of claim of assessee of interest u/s.36(1)(iii) - Held that:- Tribunal had observed that though the Assessing Officer had specifically requested the assessee to file necessary evidence in support of the claim that the premises was used for the purpose of business, the assessee could not submit any evidence to prove that the said premises was used for its business purpose. We further find that on a specific query by the Tribunal the learned counsel had stated that he was unable to su .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ndra Das, JJ. For the Petitioner : Mr Ananda Sen, Adv., Mr M Gupta, Adv. and Mr A Samanta, Adv For the Respondent : Mr M P Agarwal, Adv JUDGMENT Soumitra Pal, J. The Court : This appeal under section 260A of the Income Tax Act, 1961 preferred against the order dated 15th October, 2004 passed by the Income Tax Appellate Tribunal, 'C' Bench, Kolkata for the assessment year 1998-99 was admitted on the following substantial question of law: Whether on the facts and in the circumstances of th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he claim of the assessee was not sustainable is perverse ? The facts, as evident from the stay application filed by the appellant which is a part of the Paper Book, are that the appellant-company is engaged in the business of film production, distribution and exhibition. The residential house of the directors of the company is at 3/1 Queens Park, Kolkata- 700019. The said premises is owned by one of the Directors of the company, namely Pritam Jalan, along with other co-sharers having 50% share t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ection 143(1) of the Income Tax Act, 1961. Subsequently, the case was selected for scrutiny. Accordingly notices under section 143(2) and 142(1) were issued and served on the appellant. The appellant appeared for hearing before the Deputy Commissioner of Income Tax and filed details. On 30th March, 2001, the Deputy Commissioner of Income Tax passed an order under section 143(3) assessing the total income at ₹ 5,17,330/-. Aggrieved by the said assessment order, the appellant preferred appea .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sallowance of ₹ 3,60,000/- and 63,000/- on the ground that the Assessing Officer had incorrectly disallowed the interest expenditure as well as rental expenditure. Aggrieved, the revenue preferred appeal before the Tribunal. The Tribunal by the impugned order allowed the appeal by holding as under: "We have considered the rival submissions. We find that the A.O. specifically requested the assessee to file necessary evidence in support of its claim that the said premises were used for .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as no evidence of any mention of this premises in the insurance policy against fire of the building or in the bank account etc. We find that CIT (Appeals) has decided the issue in favour of the assessee by merely observing that the A.O. should not have drawn any hasty conclusion on non-business use of the premises merely because the assessee had failed to produce any case of the trade licence etc. before him. In the facts of the case we hold that the assessee has failed to lead any evidence to s .....

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     ↓  

News: Notification Issued For GST Actionable Claim On Branded Food Products

News: GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

News: Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

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

Article: MISTAKES IN DRAFTING

Forum: Duty Drawback- Urgent

Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

Notification: Rates for supply of services under CGST Act

Highlight: Acceptance of deposits by companies from its members - conditions relaxed in case of Specified IFSC Public company and a private company - Rule 3 amended

Notification: Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017

News: Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Forum: GST Invoice

Notification: The Customs and Central Excise Duties Drawback Rules, 2017

Circular: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg.

News: GST implementation smoother than expected: Jaitley

Forum: GST - TRAN1 - filed - Data uploaded with Remarks Processed with Error - Not coming in Electronic credit ledger - need suggession guidance

Forum: 3B mistake

Forum: Input tax credit

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

Forum: Due date of Filing TRAN-1

Highlight: Diversion of income at source - Joint venture agreement - 97% of the receipt transfer to M/s TRG Industries (P) Ltd. - scope of the agreement - it is diversion by overriding title - not taxable in the hands of assessee - HC

Highlight: Expenditure on eligible projects or schemes u/s 35AC - After 01.04.2017 the legislature desired to withdraw such deduction. - The Union legislature was competent to introduce such amendment - HC

Highlight: Transfer of trading assets at cost price, the profit component also stood transferred to the outgoing Directors, which otherwise belonged to the Company - the fact that AO has made the addition in the hands of the Directors would not make any difference - additions confirmed - HC

Highlight: The interest u/s 234B of the Act cannot go beyond the stage of S.245D(I) before the Settlement Commission - HC

Highlight: Galvanized iron pipe is a different commercial commodity than a iron pipe, therefore the activity of galvanization in our considered opinion amounts to manufacture - Deduction u/s 80-IB allowed - HC

Highlight: Penalty u/s 271C - non deduction of TDS on interest paid to sister concerns in terms of Section 194A - Levy of penalty confirmed - HC

Highlight: Disallowance of interest - reference to section 179 - The legislature has also recognised, that the doctrine of lifting of veil in the matter of tax dues is to be applied to prevent fraud etc. and not where the company has suffered despite its normal bona fide function. - HC

News: RBI Reference Rate for US $

Notification: Amendment in Notification No. S.O. 3118(E), dated the 3rd October, 2016

Highlight: Discount on ESOP to be allowed as business expenditure u/s 37(1), during the years of vesting on the basis of percentage of vesting during such period, subject to upward or downward adjustment at the time of exercise of option.

Notification: Central Government appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the Companies Act 2013, shall come into force

Notification: Companies (Restriction on number of layers) Rules, 2017

Highlight: Penalty u/s 271(1)(c) - additional income disclosure - surrender of income post survey u/s 133A - he disclosure made by the assessee is voluntary in nature, in the revised return - no penalty

Highlight: Reopening of assessment - notice u/s 148 issued on the directions of JCIT / CIT - a perusal of reasons for initiating reassessment proceedings clearly show that they are against the sprit of provisions u/s 147

Highlight: MAT - Adjustment to book profit - computation u/clause (f) of Explanation-1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A r.w.Rule 8D of I.T. Rules.

Highlight: Addition on account of alleged suppression of service value received - the addition made simply believing the Form 26AS will be an arbitrary exercise of power which cannot be sustained

Notification: Exempts intra state supply of heavy water and nuclear fuels from DAE to NPCIL

Notification: Seeks to amend notification No. 12/2017-UTT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017

Notification: Seeks to amend notification No. 11/2017- UTT(R) to reduce CGST rate on specified supplies of Works Contract Services

Highlight: Liability to pay duty on import of software - Though no authorization was given by the appellant to DHL, it is an undisputed position that the software has, in fact, been ordered by the appellant and have been delivered to them by DHL - the appellant is to be considered as the importer



|| 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