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Deduction under Section 54 of ITA cannot be denied as long as there is a Residential unit

By Ketaki Kumar On 22 July 2014 at 16:19

n this appeal, the order passed by the ITAT confirming that of the Commissioner of Income Tax was questioned. The assessee had bought 3 flats, one in his own name, another in the name of his wife and his own and the third in the name of his wife. The...

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Posted in Income Tax | 0 comments | 34 hits

Physical Meetings cannot be substituted by postal ballots

By Guest On 12 July 2014 at 13:30

The issue raised before the Bombay High Court was that whether a resolution for approval of a Scheme of Amalgamation can be passed under Section 110 of the Companies Act, 2013 and SEBI Circular dated May 21, 2013, by a majority of the equity sharehol...

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Posted in Others | 0 comments | 114 hits

Whether expenditure on education of director is personal expenditure and allowable as deduction under section 37(1)?

By Hetvi Sheth On 11 July 2014 at 12:14

The appellant had paid fees to a Management & Research institute on behalf of one of its director as training fees of director and had also paid salary to the director. Both were disallowed by the Assessing Officer during scrutiny. Aggrieved, the app...

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Posted in Others | 1 comments | 189 hits

Which tax rate should be applied at capital gains on depreciable assets which are held for more than three years even when they have to be treated as STCG u/s 50?

By CA Neha Bhuwania On 04 July 2014 at 13:19

An assessee sold his depreciable business asset (a flat) for 35 Lakhs and computed capital gains u/s 50 at Rs. 12.52 Lakhs after deducting the WDV of the block of assets from the sale price received. However, as per the AO, the stamp duty value of th...

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Posted in Others | 2 comments | 367 hits

Whether loosely assembled fiber web in roll form emerging at a stage before the exempted finished jute carpet, is marketable and therefore liable to excise duty

By Hetvi Sheth On 01 July 2014 at 11:36

The Appellant is a manufacturer of products falling under Chapters 56 and 57 of the Central Excise Tariff Act 1985. According to the Department, the Appellant had not paid Central Excise Duty on the intermediate product viz. -non-woven fabrics- falli...

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Posted in Others | 0 comments | 267 hits

Whether foreign assessees are liable to interest u/s 234B if the business profits cannot be subjected to tax in India in accordance with DTAA?

By Hetvi Sheth On 26 June 2014 at 11:12

The assessee Nortel Networks India International Inc. is a company incorporated in USA, a leading supplier of hardware and software productsfor GSM Cellular Radio Telephones System. During the year underconsideration, the assessee has supplied teleco...

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Posted in Others | 0 comments | 331 hits

In case the stamp duty valuation is higher than the consideration received by the assessee, then is the AO authorized to compute the capital gain based on such higher stamp duty valuation?

By CA Neha Bhuwania On 25 June 2014 at 12:37

The assessee had a piece of land which he had sold for Rs. 10 Lakhs and invested the sale proceeds in the bonds specified under Section 54EC.However, the market value of the land as assessed by the District Sub Registrar was Rs. 35 lakhs for the purp...

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Posted in Others | 0 comments | 394 hits

Whether payer can be held liable to deduct TDS on payment made and suffer disallowance u/s 40(a)(ia) on account of subsequent retrospective amendment?

By Hetvi Sheth On 25 June 2014 at 12:36

The assesse company is engaged in the business of distributing cable signals. It receives satellite signals from various channel companies like Star Den Media Ltd., U.T.V. Global Broadcasting etc. in the capacity of Multi System Operator. for which t...

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Posted in Income Tax | 0 comments | 355 hits

Whether addition can be made in a search assessment u/s 153A which is not pending?

By Hetvi Sheth On 24 June 2014 at 11:08

A search and seizure operation u/s 132 of the Income-tax Act, 1961 was carried out on 31.07.2008. Assessee filed returns pursuant to notice u/s 153A for the year under consideration declaring long term capital loss of ` 5,87,272/- on sale of flat. As...

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Posted in Others | 0 comments | 301 hits

ITAT fines CIT & AO on account of improper action against the assessee

By Hetvi Sheth On 23 June 2014 at 12:02

Assessee company engaged in the business of developing, buildingandimplementing hydroelectric projects on built, own and operate basis declared Nil income for the previous year ended on 31.03.2007.During the course of scrutiny proceedings the AO disa...

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Posted in Others | 0 comments | 297 hits


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Updated on : 23/07/2014 09:00:17

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