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Displaying Judiciary 1 - 10 of 1558 in 156 pages

Whether refund of Self-Assessment Tax is entitled to interest u/s 244A?

By Hetvi Sheth On 01 December 2014 at 12:38

The petitioner filed its return of Income declaring a total income of Rs.13.12 crores. The tax payable on the declared income was Rs.6.79 crores which was paid by way of advance tax and credit for TDS. However as there was still a shortage of tax pay...

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Posted in Others | 0 comments | 190 hits

Whether interest expenditure attributable to a taxable business can be disallowed u/s. 14A/ Rule 8D and whether expenditure on creating assets which do not belong to the assessee is revenue expenditure?

By Hetvi Sheth On 25 November 2014 at 10:43

Questions of law raised were(1) Whether the Tribunal erred in law in deleting the addition made on account of disallowance u/s 14A read with Rule 8D, without appreciating the language and provision of these Sections, more so when the expenditure was ...

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Posted in Others | 0 comments | 245 hits

Whether mere execution of a development agreement results in a "transfer" u/s 2(47((v)/(vi) if the approval of the municality is delayed and the developer has not started work?

By Hetvi Sheth On 24 November 2014 at 11:49

Assessee entered into MOU on 05-08-1994 with M/s Radiant Builder for development of property. Subsequently, the assessee entered into another MOU with M/s Murali realtors on 26.12.1995 & 17.5.1996 and a Deed of confirmation was also executed on 13.11...

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Posted in Others | 0 comments | 196 hits

Whether purchases can be treated as bogus solely on the ground that suppliers are not traceable if the assessee has paid by a/c payee cheques and produced the income-tax and sales-tax documents and bank statements of the suppliers?

By Hetvi Sheth On 20 November 2014 at 10:21

Assessee is a proprietor of M/s Gururaj Metals in the business of supply of Ferrous and non-ferrous metals to SSIs. AO disallowed certain purchases on the ground that suppliers are not traceable. The assessee furnished ledger copy of purchases, signe...

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Posted in Others | 0 comments | 278 hits

Whether bona fide mistake was committed on advice of CA can be a reasonable explanation as per Explanation 1B of s. 271(1) and whether penalty can be avoided?

By Hetvi Sheth On 19 November 2014 at 11:04

Assesse, an individual senior citizen filed return of income wherein long term capital gains on sale of paintings, were offered to tax at the normal tax rate of20% to long term capital gains. The assessee filed revised return wherein the aforesaid lo...

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Posted in Others | 1 comments | 209 hits

Whether employees' contribution to PF etc is allowable if deposited before due date of filing ROI u/s S. 2(24)(x) r.w.s 36(1)(va) & 43B?

By Hetvi Sheth On 10 November 2014 at 12:47

While completing the assessment u/s 143(3) r/w. Section 147 of the I.T. Act, additions were made on account of payment of employees contribution towards provident fund, ESI and pension fund in a sum of `32,03,947/-.While disallowing the claim for ded...

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Posted in Others | 0 comments | 310 hits

Whether rule 8D(ii) & 8D(iii) applies to shares held as stock-in-trade and loss arising out of derivatives from the income arising out of buying and selling of shares?

By Hetvi Sheth On 05 November 2014 at 11:44

Assessee is engaged in the business of trading in shares on self-account, derivative transactions and share broking activity with main intention to earn business profits. According to AO, there is no material difference or any deviation in the nature...

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Posted in Others | 1 comments | 360 hits

Whether Charter hire payment is assessable as royalty, and obligation to deduct TDS arises and whether disallowance u/s 40(a)(i) can be made?

By Hetvi Sheth On 04 November 2014 at 10:54

The issue arises for consideration is non-deduction of tax for payment of ship charter hire charges. Assessee is engaged in the business of import and export of merchandise goods exporting goods mainly to Maldives. For purpose of export of goods the ...

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Posted in Others | 1 comments | 261 hits

Whether loss on foreign currency forward contracts by a manufacturer/ exporter is a speculation loss and not a hedging loss u/s 43(5)(a)?

By Hetvi Sheth On 03 November 2014 at 11:58

Assessee-company,engaged in the business of trading of cut and polished diamonds,filed its return of income declaring loss at Rs.2,19,91,359/-.AO finalised the assessment u/s.143(3) determining the total income of Rs.78,57, 190/-. Effective ground of...

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Posted in Others | 0 comments | 338 hits

Whether gains from sale of agricultural land is exempt even though purchaser intends to use the land for commercial purposes?

By Hetvi Sheth On 01 November 2014 at 11:38

Assessee purchased for a consideration by entering into an agreement of sale in 2002 for a consideration of Rs.13.44 crores and received an advance of Rs.7.70 crores. However, in 2007, assessee as -guarantor- executed irrevocable General Power of A...

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Posted in Others | 1 comments | 339 hits


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Updated on : 21/12/2014 00:08:00

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