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Displaying Judiciary 1 - 10 of 1600 in 160 pages

Whether expenditure allowable u/s 35D can be capitalized to asset for claim of depreciation u/s 32?

By H_K_S On 16 March 2015 at 11:01

In the Assessment Year 1980-81, the assessee had issued 6,25,000 equity shares of Rs.10/- each. Accordingly, a sum of Rs.62.50 lakhs was adjusted by issue of shares and the balance application money was refunded to the subscribers. The increase in th...

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Posted in Others | 2 comments | 310 hits

Subsequent reversal of Cenvat credit initially availed but not utilized, tantamount to non-availment of Cenvat credit

By bimal jain On 09 March 2015 at 10:17

The Hon-ble CESTAT, Delhi relying upon the judgment of Hon-ble Allahabad High Court in the case Hello Minerals Water (P) Ltd. Vs. Union of India [(2004 (7) TMI 98] which was based on the Hon-ble Apex Court judgment in the case of Chandrapur Magnet Wi...

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Posted in Excise | 0 comments | 355 hits

Whether transaction of loan between a firm and its partner attractsSection.269SS of Income Tax Act?

By H_K_S On 02 March 2015 at 10:29

Assessee is a Partnership firm involved in the business of banking and registered under the Kerala Money Lending Act.Notice u/s 148 of the Act was issued to the respondent-assessees. The firm had accepted payments from the partners, during the releva...

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Posted in Income Tax | 0 comments | 549 hits

No extended period if demand arose out of correct figures shown in ST-3 Returns

By bimal jain On 27 February 2015 at 10:35

The Hon-ble CESTAT, Ahmedabad, relying on the decision in the Meghmani Dyes case, held that if prescribed Returns are filed by Assessee giving correct information, then extended period of limitation cannot be invoked. In the instant case also, prescr...

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Posted in Service Tax | 0 comments | 510 hits

Pre-deposit has to be waived off if Assessee’s case is a good/ strong prima facie case covered by a binding precedent

By bimal jain On 26 February 2015 at 10:55

The Appellant filed an appeal before the Hon-ble CESTAT, Delhi. The Hon-ble Tribunal vide a non-speaking Order dated February 26, 2013 (-Impugned Order-) ordered pre-deposit of 40% of the demand under Section 35F of the Central Excise Act, 1944 made ...

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Posted in Service Tax | 0 comments | 519 hits

Whether assessments which have attained finality u/s 153A can be disturbed or varied if no incriminating material is found qua the addition made?

By H_K_S On 25 February 2015 at 10:26

Assessee is an individual having salary income and income from other sources. Return of income for A.Y. 2002-03 was filed on 31.03.2003 u/s 139 and for A.Y.2004-05, return was filed on 31.03.2005 u/s 139. After the filing of the return of income, no ...

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Posted in Others | 0 comments | 533 hits

Whether transaction of call/put options in foreign currency are "derivatives" and whether loss suffered therein is a "speculation" loss?

By H_K_S On 24 February 2015 at 13:21

Assessee is an Investment Management Consultant. During Scrutinyassessment, the AO noticed that the assessee had claimed a loss of Rs.93,63,235/- on account of loss on foreign currency futures. The AO disallowed the loss considering the provisions of...

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Posted in Others | 0 comments | 530 hits

Interest on delayed refund is permissible from expiry of 3 months’ from the date of filing of Refund application and not from the date of Refund Order

By bimal jain On 23 February 2015 at 10:21

The Hon-ble CESTAT, Ahmedabad relying upon the decision in the Ranbaxy Laboratory case held that under Section 11BB of the Excise Act, there is no provision that relevant date for determining the rate of interest will be postponed in any eventuality....

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Posted in Excise | 0 comments | 534 hits

Whether Statutory reserve created u/s 45-IC of RBI Act is a "diversion of income at source" and can be excluded from book profits?

By H_K_S On 23 February 2015 at 10:21

The appellant is a NBFC engaged in the business of leasing of commercial vehicles, infrastructure construction machinery/equipment and financing of infrastructure projects equipment/machinery. The total income of the appellant-assessee was assessed u...

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Posted in Others | 0 comments | 561 hits

Sum paid as a pure agent of service recipient is not includible in value of services

By bimal jain On 18 February 2015 at 10:30

The Hon-ble High Court of Chhattisgarh after discussing provisions under Section 67 of the Finance Act, 1994 (-the Finance Act-) read with Rule 5 of the Service Tax (Determination of Value) Rules, 2006 (-the Valuation Rules-), upheld the Order of the...

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Posted in Service Tax | 0 comments | 645 hits


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Updated on : 02/04/2015 13:08:01

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