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 Motilal Oswal Commodities Broker Pvt. Ltd., Versus Dy. Commissioner of Income Tax CC -22, Mumbai and vice-versa

Depreciation on membership rights of Multi Commodity Exchange - Held that:- In the present case assessee has paid non-refundable admission fees for acquiring trading rights in Multi Commodity Exchange Ltd. The said capital expenditure was eligible for depreciation u/s 32 of the Act. See case of Techno Shares and Stocks Ltd. [2010 (9) TMI 6 - SUPREME COURT OF INDIA] - Decided in favour of assessee - I .T.A. No.7375/Mum/2010, I .T.A. No.8217/Mum/2010 - Dated:- 7-5-2014 - SHRI P.M. JAGTAP, AM AND 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

ue, the relief allowed by the ld. CIT(A) which is disputed therein is only to the extent of ₹ 7,85,679/- and the tax effect involved in the appeal of the Revenue is less than the monetary limit of ₹ 3 lacs fixed by the CBDT vide Instruction No. 3 of 2011 dated 9-2-2011 reported in (2011) 332 ITR 1 (Statutes) for filing the appeals before the Tribunal. The ld. D.R. has not disputed this position clearly evident from the orders of the authorities below. In CIT vs. Madhukar K. Inamdar ( .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Ltd. decided on 29-8-2011. 3. Keeping in view the judicial pronouncements discussed above and CBDT Instruction No. 3 of 2011 dated 9-2-2011, we hold that the present appeal filed by the Department involving tax effect of less than ₹ 3 lacs is not maintainable and the same is liable to be dismissed at the threshold. 4. In so far as the appeal of the assessee is concerned, the solitary issue involved therein relates to the disallowance of ₹ 1,42,500/- made by the A.O. and confirmed by .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d by the assessee @ 25% on the amount of ₹ 7,60,000/- paid for acquiring rights of Multi Commodities Exchange claiming that it was intangible asset in the form of commercial right as per provisions of section 32(1)(ii) of the income Tax Act, 1961 as amended w.e.f. 1-4-1998. This claim of the assessee, however, was not found acceptable by the A.O. for the following reasons:- 1) The MCX membership right is not an asset but a deposit or a personal privilege granted to a member for trading rig .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ties Exchange. On appeal, the ld. CIT(A) confirmed the said disallowance made by the A.O. holding that the issue was already settled against the assessee by the Hon ble Bombay High Court in the case of CIT vs. Techno Shares & Stocks Ltd. (supra). Aggrieved by the order of the ld. CIT(A), the assessee has preferred this appeal before the Tribunal. 7. We have heard the arguments of both the sides and also perused relevant material available on record. As submitted by the ld. Counsel for the as .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

his Tribunal in the case of Sino Securities (P.) Ltd. Vs. ITO [2012] 134 ITD 321 (Mum) and in the case of Sunidhi Consultancy Services vs. DCIT reported in [2012] 50 SOT 223 (Mum), it is observed that the claim of depreciation made by the assessee in these cases was in respect of shares issued by the Bombay Stock Exchange in lieu of membership cards under the scheme of Corporatisation and Demutualisation and keeping in view the said scheme, it was held by the Tribunal that depreciation claimed b .....

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: Rent a cab operator

Highlight: In view of amendment made u/s 132A of the Income Tax Act, 1961 by Finance Act of 2017, the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal, SC dismissed the appeal of the assessee

Highlight: Validity of Assessment Order - period of limitation u/s 153 (2A) is applicable even if the entire order was not set aside but matter was remanded back for for limited aspects with directions - HC

News: Note ban was a shake-up, achieved its main objectives

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Highlight: Levying interest u/s 234C - interest is to be charged on the returned income and not on assessed income.

Highlight: Accrual of income - sale of right to develop and sell incentive FSI under LOI - till the conditions of LOI are fulfilled transfer is not complete and income does not accrue to the assessee

Highlight: TPA - determination of ALP - TP adjustment by applying Bright Line Test (BLT) is not sustainable on protective basis having no statutory mandate.

Highlight: Safeguard Duty - Advance License Scheme - as there is no exemption from safeguard duty leviable under Section 8C, which is imposed on the goods imported from China, the importer has to pay safeguard duty

Highlight: Manufacture - process of cutting of waste plastic container - Such plastic containers before and after cutting are nothing but waste / scrap - Not a manufacturing activity as no new product emerges.

News: NITI Aayog and Govt. of Assam organizes workshop on health sector reforms in Guwahati; launches SATH- Sustainable Action for Transforming Human Capital

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Forum: GSTR 3B Rectification

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Notification: Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

Forum: 3B mistake

Notification: Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

Notification: Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

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

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

Highlight: Classification printed computer stationary/manifold Business Forms - to be classified under Chapter Heading 4820.00 or under Chapter Heading 4901.90 - items like A4 sheets, advertisement and job card to be classified under Chapter 49

Forum: GST Invoice

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

Article: RCM Applicability to persons not liable to get registered us 23(1)

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

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

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: Due date of Filing TRAN-1



|| 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