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Displaying Judiciary 1 - 10 of 1545 in 155 pages

Whether Notice & Assessment order u/s 143(2) are void for non-application of mind by AO if that case is selected for scrutiny under CASS (Computer assisted Scrutiny Selection) ?

By Hetvi Sheth On 13 September 2014 at 10:39

The case was selected for scrutiny as per computer selection. Appellant contended that there was no application of mind by the Assessing Officer as required u/s 143(2)(i) and that issuance of notice u/s 143(2) is mandatoryand omission on the part of ...

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Posted in Others | 0 comments | 147 hits

ITAT advises ICAI to take disciplinary proceedings against erring members and laments severe fall in standards of CA profession

By Hetvi Sheth On 09 September 2014 at 12:06

The appeals filed by the assessee for AY 1994-95 and 1996-97 were delayed by 2984 days. The assessee claimed that he was advised by his CAM/s Rajesh Rajeev Associatesthat since he had already filed an appeal for AY 1993-94 which was pending before th...

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Posted in Students | 1 comments | 194 hits

Whether Capital Gains would arise on receipt of compensation if the assessee only has tenancy rights in acquisition of land?

By Hetvi Sheth On 05 September 2014 at 11:23

This appeal by the Revenue raised the following substantial questions of law:- -1. Whether the ITAT is justified in law in deleting the addition of Rs.59,63,410/- being the amount of enhanced compensation received by the assessee during the year? 2. ...

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Posted in Others | 4 comments | 149 hits

Whether Section 154 can be invoked for rectification, re-examination and re-computation of subject matter other than a mistake apparent from the record?

By Hetvi Sheth On 04 September 2014 at 11:23

The assessee, a Chartered Accountant, was subjected to search u/s 132 of the Income Tax Act, 1961, for providing accommodation entries in form of share loss or share gain by issuing bills for shares without actual sale and purchase by the party menti...

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Posted in Income Tax | 0 comments | 242 hits

Whether payment of interest for loan borrowed against Foreign Currency Non Resident Loan Account is revenue in nature and allowable as deduction u/s 43A?

By Hetvi Sheth On 01 September 2014 at 11:45

The respondent assessee had issued15% Unsecured Redeemable Non-convertible Debentures carrying interest @15% per annum. In order to repay the debentures, the respondent-assessee borrowed loan against Foreign Currency Non Resident Loan Account [FCNR(B...

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Posted in Others | 0 comments | 177 hits

Whether an industrial undertaking can be formed u/s 80-IB by taking Plant & Machinery on hire and not owning the Plant & Machinery?

By Hetvi Sheth On 30 August 2014 at 15:17

The assesse, a film production unit, claimed deduction u/s 80IB of the Income Tax Act 1961. The AO denied the claim for deduction contending that there is no machinery or plant of the appellant and the business affairs are carried out with hired equi...

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Posted in Others | 3 comments | 186 hits

Whether assessee is entitled to claim depreciation on fixed assets taken over under a Scheme of Amalgamation on original cost of fixed assets or WDV?

By Hetvi Sheth On 26 August 2014 at 10:02

The Assessee, an Indian Company, was a subsidiary of May and Baker Ltd., a U.K. Company which had an industrial undertaking in India. Under a Scheme of Amalgamation, the said industrial undertaking of the U..K. Company was hived off to the Assessee C...

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Posted in Others | 0 comments | 230 hits

Whether costs can be awarded when the action of CIT in canceling registration u/s 12AA(3) is illegal and whether such action of CIT is considered as discharge of duty or malafide?

By Hetvi Sheth On 25 August 2014 at 12:11

The assessee is a trust registered u/s 12A of the IT Act, 1961, engaged in providing medical facility/aid. CIT noted that the assessee trust was carrying on Medical Profession, in the form of a Multi-speciality Hospital, on commercial basis wherein f...

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Posted in Others | 2 comments | 251 hits

Whether reopening of assessment u/s 147 amounts to an impermissible review if “reasons to believe” are not based on new “tangible materials”?

By Hetvi Sheth On 20 August 2014 at 12:12

The respondent AO re-opened the assessment by notice u/s 147 after sending a notice of scrutiny and questionnaire. The petitioner responded to notice requesting reasons for reopening the assessment be furnished. The Revenue acceded to the petitioner-...

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Posted in Others | 0 comments | 326 hits

Whether interest paid on a loan taken to avoid premature encashment of fixed deposit is deductible u/s 57(iii) against interest earned on fixed deposit?

By Hetvi Sheth On 19 August 2014 at 10:43

The assessee had made a fixed deposit of Rs 1,00,00,000 with ICICI Bank and earned interest of Rs 11,77,574 on these deposits. The assessee claimed a deduction of Rs4,36,705 on account of interest paid on loan of Rs 75,00,000 taken, on the securityof...

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Posted in Others | 0 comments | 341 hits


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Updated on : 18/09/2014 08:56:00

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