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Highlights / Annotations / Catch Notes For 2013

Home Highlights Year 2013

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Showing 1051 to 1100 of 5273 Records

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November 5, 2013 Case Laws Income Tax

Even if the income is treated under the head income from other sources even then the total income of the assessee would be computed after setting off losses under other.....
November 5, 2013 Case Laws Income Tax

As per section 72(2), unabsorbed business loss is to be first set off and thereafter unabsorbed depreciation treated as current years depreciation u/s 32(2) is to be set....
November 5, 2013 Case Laws Income Tax

The fact of non-provision of the reasons recorded for initiation of proceedings u/s 147 before the completion of assessment proceedings and the furnishing of the said......
November 5, 2013 Case Laws Income Tax

Renting of cinema hall (buildings) - income derived as rent from property must be computed under that specific head regardless of the fact that property had at one point....
November 5, 2013 Case Laws Income Tax

Taxability of grant in aid - funds received by the assessee from State Government and Sugar factories have been spend only for those specific projects and there was no.....
November 5, 2013 Case Laws Income Tax

There cannot be two sets of net profits: one for the general public, financial institutions, stakeholders and for distribution amongst partners and the other for......
November 5, 2013 Case Laws Income Tax

Undisclosed income - Income received from hospital - that the entries found in the crystal college book is with regard to payment made to respective doctors including......
November 5, 2013 Case Laws Income Tax

Disallowance u/s 40(a)(ia) for short deduction of tax - in case of short / lesser deduction of tax, the entire expenditure whose genuineness was not doubted by the......
November 5, 2013 Case Laws VAT and Sales Tax

Penalty u/s 15A(1)(a) of the Trade Tax Act - it is no concern of the department as to whether the purchaser had made payment of price of the goods purchased to the......
November 5, 2013 Case Laws Companies Law

Winding up - Inability to pay debts - The debt being disputed by the respondent for the reasons attributable to the petitioners namely, on account of the terms of the......
November 4, 2013 Case Laws Income Tax

Deduction u/s 80IB(4) on account of insurance claim received on loss of stock – deduction allowed u/s 80 IB - AT
November 4, 2013 Case Laws Income Tax

Penalty u/s 272A(2)(k) – since the tax deduction and payment are made by treasury and there is undisputedly no default - There arises no reason for non-filing of TDS......
November 4, 2013 Case Laws Income Tax

Deduction u/s. 80IB(10) - The meaning of “date of completion” has been given in Explanation (ii) to clause (a) to section 80IB(10) - Date of completion of construction......
November 4, 2013 Case Laws Income Tax

Nature of Lease - In substance, finance lease is a loan from the lessor to the lessee. In an operating lease, the lessor bears the risk of loss, the period is......
November 4, 2013 Case Laws Income Tax

Deduction u/s 80IA - if it was proved that, the assessee-company had obtained the status of a tenderer by virtue of a valid assignment, it should not be denied the......
November 4, 2013 Case Laws Income Tax

Disallowance of Claim of Deduction u/s. 35AB – if the claim of the assessee is within the period of six years from the year in which the expenditure was incurred and the....
November 4, 2013 Case Laws Income Tax

Indo U.S. DTAA - once the assessee was not a P.E. of VGCs, then “Force of Attraction Rule“ will not apply in terms of Article 7(1) of various DTAA. - AT
November 4, 2013 Case Laws Income Tax

Transfer Pricing Adjustment - Transfer Pricing Regulations do not contemplate taking into account future data for the purpose of bench marking - AT
November 4, 2013 Case Laws Income Tax

Arm's length price adjustments - Characterization of Business – On the proper analysis of the assessee's functions, the CIT(A) was justified in holding that assessee was....
November 4, 2013 Case Laws Income Tax

Disallowance u/s 40(a)(i) – TDS u/s 195 - Liable to tax in the contracting State cannot be implied as the person is actually liable to tax but would also cover the......
November 4, 2013 Case Laws Income Tax

Penalty u/s 271(1)(c) - Penalty will not merely be imposed because it was lawful to do so - once the explanation was not held to be false, the penalty cannot be sustained - AT
November 4, 2013 Case Laws Income Tax

Provision for Liquidated Damages - in the absence of any record maintained on the claim raised by the assessee, the CIT(A) had rightly held that the liability in......
November 4, 2013 Case Laws Income Tax

Disallowance of Depreciation on Goodwill – The specified intangible assets acquired under slump sale agreement were in the nature of “business or commercial rights of......
November 4, 2013 Case Laws Income Tax

Disallowance of Administrative and Other Expenses as pre-operative expenses – the assessee had successfully identified certain mineral rich blocks too - the expression.....
November 4, 2013 Case Laws Income Tax

Taxability of Non-Compete fees – post amendment in Sec. 28 with the insertion of Clause (va) to section 28, the Non compete fee of Rs. 5 crores received by the assessee.....
November 4, 2013 Case Laws Income Tax

Expenditure has been incurred in connection with enabling engineers and other technical staff to participate in conferences and discussions organized by the Bio Diesel......
November 4, 2013 Case Laws Income Tax

Assessee contended that since the appeal is filed through legal heir and legal heir is not in a position to pay small tax, therefore, present appeal has been filed. Such....
November 4, 2013 Case Laws Income Tax

Notice u/s 153A to be invalid – The Assessing Officer has not done his job in accordance with the Section 282 of the Act. In fact, he not sent any of the notices by post....
November 4, 2013 Case Laws Income Tax

Assessment of Undisclosed income u/s 69A - It is a well settled proposition of law that the strict rule of evidence is not applicable to the income tax proceedings and......
November 4, 2013 Case Laws Income Tax

Period of limitation for passing the penalty order u/s 275(1)(a) - the limitation period for the levy of penalty will be as provided for under s. 275(1)(a), i.e., six......
November 4, 2013 Case Laws Income Tax

Disallowance of Expenditure on Software for Own Use - AO had not recorded any finding, qua the usage and utility of the software in question and he had simply held that.....
November 4, 2013 Case Laws Income Tax

Allowability of Deduction Claim u/s 80IB (4) - As the assessee's industrial undertaking was 'located in an industrially backward State' of Pondicherry, there was no need....
November 4, 2013 Case Laws Income Tax

Deduction u/s 54(2) – The date of filing the return u/s.139 of the Act has wide scope - The return can be filed u/s.139(1) or u/s.139(4) of the Act - Both the returns......
November 4, 2013 Case Laws Income Tax

Nature of Interest income received u/s 244A cannot form part of business activity of the assessee and the same cannot even be treated as an activity incidental to the......
November 4, 2013 Case Laws Income Tax

Registration u/s 12AA - CBDT Circular clearly stated that the proviso to Section 2 (15) does not apply in the case of education and where the purpose of a Trust or......
November 4, 2013 Case Laws Income Tax

Expenses Debited to P&L Account - Can we determine with reasonable accuracy the surplus or deficit that would arise in a contract execution which is far from complete -.....
November 4, 2013 Case Laws Income Tax

Indo French DTAA - PE - Since there are no findings by the A.O., or the DRP, to the effect that the transactions between the agent and the assessee are not at an arm's......
November 4, 2013 Case Laws Income Tax

Disallowance of expenses - The assessee had filed only bills which only gave the broad nature of promotional activities such as van campaign. There was no evidence......
November 4, 2013 Case Laws Income Tax

Penalty u/s 271(1)(c) – Adopting “Doctrine of continuity“ and concurrence, the penalty in the assessee's case is liable to be confirmed only in the first assessment year - AT
November 4, 2013 Case Laws Income Tax

Capital gain on sale of shares – If the purchases and sales are effective within 90 days then they should be treated as trading of shares and if the transactions are......
November 4, 2013 Case Laws Income Tax

TDS on dividend declared to subscribers - Chit fund dividend to the subscribers does not partake the character of interest defined u/s 2(28A) and accordingly, the......
November 4, 2013 Case Laws Income Tax

Income assessed in hands of HUF – capital gains and interest income - To avoid double taxation the same cannot be assessed again in the individual capacity - AT
November 4, 2013 Case Laws Income Tax

Software consumable expenses – The expenditure was incurred for application software and not for system software – The software was not of enduring nature and would......
November 4, 2013 Case Laws Income Tax

Penalty u/s 271(1)(c) – Inaccurate particulars of income – Penalty u/s 271(1)(c) – Inaccurate particulars of income – Expenses on education of son of managing director......
November 4, 2013 Case Laws Income Tax

Interest on excess tax collected – u/s 244/a - the assessment proceedings didn’t got delayed due to the assessee's failure to submit the details before the authorities –....
November 4, 2013 Case Laws Income Tax

Penalty u/s 271(1)(c) – The assessee has not carried out any business activity during the year under consideration and on the contrary claiming huge expenditure showing.....
November 4, 2013 Case Laws Income Tax

As the relief under section 10A is in the nature of exemption although termed as deduction and the said relief is in respect of commercial profits, such income is......
November 4, 2013 Case Laws Income Tax

Managing Director and whole time Director (Operations) were paid commission on the basis of duly passed Board Resolution and was in accordance with the provisions of the....
November 4, 2013 Case Laws Income Tax

Penalty levied under section 272B – The assessee has failed to furnish the permanent account number of one of the deductees, the assessee has defaulted and is eligible......
November 4, 2013 Case Laws Income Tax

Addition on account of low Net profit ratio – The onus is upon the Revenue to show that either the books of account maintained by the assessee were incorrect or......

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F: Labour Cess applicable on cost of construction without GSt or gross cost

F: Merger of two GSTIN in the same State - Procedure to be followed

F: interest lability on ITC when payment to supplier is made after 180 days

F: GST on Solar Plant

F: ITC Issue in case of Acqusition of Company in Insolvency

F: Stock damaged in recent floods

F: TDS dedudted after 3 years after reporting invoices in GSTR 1

F: Time limit to upload Form GST MOV-09 on GST portal

A: PENALTY ON DIRECTORS CONTRAVENING EXPORT REGULATIONS UNDER FOREIGN EXC...

A: Difference between “License” and “Royalty”

A: Penalty proceedings under Section 130 of the CGST Act cannot be initia...

N: Inland Container Depots for loading and unloading of goods - Seeks to ...

C: Guidelines to Stock Exchanges, Clearing Corporations and Depositories

T: Supreme Court Upholds Validity of Re-Assessment Notices Issued During ...

H: Revision: Hospital receipts verified, partial refunds & fees paid subs...

H: Goods matched documents like e-way bill and invoices; detention order ...

H: Goods Inspection Matches E-Way Bill, Lack of Tax Evasion Intent Quashe...

H: Income tax reassessment validity: AO initiated proceedings u/s 147 ins...

H: Reassessment Rules Interpretation: Taxpayer Wins Over Accommodation En...

H: Sale-purchase loss disallowed unreasonably by tax officer, commercial ...

H: Building sale value can't determine depreciation; actual consideration...

H: Loan to equity conversion attracts income tax on excess share premium ...

H: Property purchase: Joint owners pay via banking channels before regist...

H: Tax exemption limit for leave encashment: Local authorities' employees...

H: Tax assessments beyond 6-year limit quashed, satisfaction note lacked ...

H: Cash found in lockers linked to temple trust and educational foundatio...

H: Microphone Tech Classification: Functionality Over Technology.

H: Exemption from Social Welfare Surcharge on duty-free imports via scrips.

H: Claim for performance pay not an operational debt under IBC; Multiple ...

A: Director Identification Number