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Displaying 40 - 50 of 1440 in 144 pages

Claim made through invalid revised return can also be considered

By CS Bijoy On 24 November 2012 at 12:45

The appellant has raised following grounds of appeal:- (1) “The learned CIT(A) has grossly erred on the facts of the case and in law upholding disallowance of actual incurred expenditure of Rs.3,20,514/- being the management fee paid to ICICI Prud...

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Posted in Income Tax | 0 comments | 1407 hits


The Court is not bound to answer in the negligence of appellant

By CS Bijoy On 24 November 2012 at 12:45

This case was listed for hearing before the Tribunal on 15-10-2012 and for this assessee was informed. Today i.e. on 15-10-2012 when the case was called on board, none appeared on behalf of the assessee nor any request for adjournment has been filed ...

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Posted in Income Tax | 0 comments | 1088 hits


It is enough to proved the source of investment

By CS Bijoy On 23 November 2012 at 12:55

The facts as per the relevant orders are that a search was conducted on the assessee on 15.01.2009, together with searches in the Gopal Zarda group of cases. The assessee individual is a partner in certain firms and has, during the year, derived inco...

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Posted in Income Tax | 0 comments | 617 hits


Amendment in section 194H by insertion of provision 3 is not applicable retrospectively

By CS Bijoy On 23 November 2012 at 12:55

The present case is identical and similar to the issue decided by COD’s and the amendment made through the Finance Act, 2007 wherein it has been provided that tax shall not be deducted on payments of commission or brokerage payable by Bharat Sanchar ...

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Posted in Income Tax | 0 comments | 734 hits


Depreciation of asset of the institution under section 12A to be deducted to arrive at income available for charitable purposes

By CS Bijoy On 22 November 2012 at 13:20

On the facts and in the circumstances of the case, the Ld. CIT(A) erred in allowing depreciation on certain fixed assets, particularly when full cost of such assets stood allowed in earlier years as application of income and further allowance by way ...

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Posted in Income Tax | 0 comments | 835 hits


Liability appearing in BS not attract section 41(1) and expenses on business promotion without supporting is disallowed subject to limit

By CS Bijoy On 22 November 2012 at 13:20

The Learned CIT(A) has erred in law, on facts and circumstances of the case in assuming jurisdiction for giving direction for disallowing expenditure in the year which was not before him such directions are beyond the scope of statutory powers of CIT...

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Posted in Income Tax | 0 comments | 797 hits


In the interests of justice issue can restore back to the file of the learned CIT(A) with appropriate direction

By CS Bijoy On 21 November 2012 at 12:15

This is an appeal filed by the assessee against the order dated 3.08.2010 of the Commissioner of Income-tax (Appeals)-XIX, New Delhi pertainng to the Assessment Year 2003-04 on various grounds. However, at the time of hearing the assessee filed an a...

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Posted in Income Tax | 0 comments | 629 hits


Order not supported by reasoning deserve to be set aside

By CS Bijoy On 21 November 2012 at 12:15

The relevant facts borne out from the assessment order are that as against the returned income of Rs.89,130/- the income was assessed at Rs.6,18,135/- wherein the Assessing Officer made additions on account of undisclosed capital gain; unexplained ag...

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Posted in Income Tax | 0 comments | 578 hits


As per section 11(2) parties can agree the appointing of arbitrator and in the absence of such agreement section 11(3) to be followed

By CS Bijoy On 20 November 2012 at 13:11

These appeals have raised the question about the procedure that is being followed by Calcutta High Court in consideration of the applications under Section 11 of the Arbitration and Conciliation Act, 1996 (for short, ‘1996 Act’). When the special...

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Posted in Income Tax | 0 comments | 637 hits


Willful concealment is not an essential ingredient for attracting civil liability and prosecution under section 276C

By CS Bijoy On 16 November 2012 at 12:59

After analysing the facts of this case, considering the submissions made by the learned Advocates for the parties and the materials placed before us, we cannot brush aside the fact that the assessee ompany is a well known and reputed Chartered Accoun...

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Posted in Income Tax | 0 comments | 753 hits




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