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TMI BlogIncome Tax Cases - Deduction u/s 80HHC and claim of for depreciation – Penalty u/s 271(1)(c) - Revenue Expenditure Vs. Capital Expenditure – Cash Credit - Claim of refund of deemed TDS on the basis of DTAAX X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Cases - Deduction u/s 80HHC and claim of for depreciation – Penalty u/s 271(1)(c) - Revenue Expenditure Vs. Capital Expenditure – Cash Credit - Claim of refund of deemed TDS on the basis of DTAA - Commentaries / Editorials Dated:- 15-5-2008 - News - 1 Income Tax - 2008 - TMI - 4036 - MADRAS HIGH COURT Excise duty, sales tax conversion charges will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not be included in total turnover, while computing deduction u/s 80 HHC - whether expenses on replacement of machinery are revenue/capital expenditure will be determined by provisions of IT Act not on basis of accounting practice of assessee - they are revenue expenditure as entire plant machinery are common unit - when no claim for depreciation was made before any authorities to consider quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of block of assets no question of law arise 2 Income Tax - 2008 - TMI - 4035 - ANDHRA PRADESH HIGH COURT AO has to form his own opinion record his satisfaction, of concealment of income or furnishing of inaccurate particulars of income, before initiating penalty proceedings u/s 271(1)(c) - assessment was completed accepting the returned net i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome as per the revised return - both assessment order SCN are silent about such satisfaction of AO - Nothing has been placed by Revenue to show that any other material was available with AO to confirm concealment - penalty set aside 3 Income Tax - 2008 - TMI - 4034 - DELHI HIGH COURT Service charges paid by assessee to Electricity board for lay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the service line for 4th unit - AO held that benefit derived by assessee was of an enduring nature so it is capital expenditure - Setting 4th unit is extension of existing business, not start of new business - held that service lines didn't belong to assessee but to Electricity board were laid to enable assessee to conduct its business more efficiently - benefits are of commercial nature so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... they are revenue expenditure 4 Income Tax - 2008 - TMI - 4033 - PUNJAB AND HARYANA HIGH COURT Genuineness of the credit was doubted AO - considering the explanations furnished by assessee, AO vide its order of assessment held cash credits, to be not genuine and accordingly made additions - Merely because in some case the amount was also shown to h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave been returned does not prove that the transaction in question was genuine or bonafide - No explanation furnished as to why impugned persons have advanced amount to assessee without any interest - addition were justified 5 Income Tax - 2008 - TMI - 4032 - PUNJAB AND HARYANA HIGH COURT Cash credits - assessee had failed to discharge the burden wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich lay upon it to prove the genuineness of the credits shown in its account - therefore, it is not possible to agree with learned counsel that the Assessing Officer had illegally made additions to the income of the assessee - findings - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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