CIT can set aside 143(3) assessment if creditors not been verified during the Assessment Posted: 31 Dec 2011 01:49 AM PST Southern Metals & Alloys Vs. ACIT (ITAT Chennai)- The assessing authority had asked for details in respect of various creditors and in respect of the above stated trade creditors. The assessee had not furnished any particulars before the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Cash seized should be adjusted advance-tax liability from the date of seizure Posted: 30 Dec 2011 10:17 PM PST Shri Ram S Sarda vs DCIT (ITAT Rajkot) - ITAT, Mumbai Bench in the case of Sudhakar M Shetty vs ACIT held that the department has to adjust the seized amount towards the advance-tax from the date when it was seized and accordingly directed the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Re-assessment proceedings cannot, be initiated on the ground that the Assessing Officer was legally wrong and had misapplied and wrongly understood the law/legal position Posted: 30 Dec 2011 09:31 PM PST BLB Limited Vs. ACIT (Delhi HC) - If in the course of original assessment proceedings, the Assessing Officer has considered and examined a particular aspect, the said aspect cannot be made a ground to reopen and initiate reassessment proceedings.... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Power to reopen an assessment cannot be exercised to reopen what formed subject matter of an appeal to Commissioner (Appeals) Posted: 30 Dec 2011 09:15 PM PST ICICI Bank Ltd. V. DCIT (Bombay HC) - Second proviso to Section 147 stipulates that the Assessing Officer may assess or re-assess such income other than the income involving matters which are the subject matter of any Appeal, Reference or Revision,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Return treated as non est and 'invalid' cannot be treated as allowance or deduction – So Interest waived by bank cannot be charged to tax under s. 41(1) Posted: 30 Dec 2011 08:32 PM PST NJP Surya Cold Storage Pvt Ltd. vs. ITO (ITAT Hyderabad)- In this case, it is on record that in earlier years, returns were non est. returns and the interest claimed cannot be considered as allowed to the assessee in the earlier years. This being... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| ITAT may dismiss appeal for non attendance by the Assessee Posted: 30 Dec 2011 08:32 PM PST M/s Panwar Roshin & Turpentine Co. Ltd. Vs ITO (ITAT Delhi)- The appeal was filed on 08.12.2010 when an acknowledgement cum- notice was served on the bearer under which the appeal was fixed for hearing on 10.02.2011. None attended on that... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| TDS U/s. 194C not deductible on Packing or Printed material supplied to us as per pur specification Posted: 30 Dec 2011 08:32 PM PST DCIT Vs. Elgie Engineering Works (ITAT Calcutta)- On perusal of the bills of parties, it is seen that the payments are for manufacture and supply of items such as Buckstay Slings, Economiser coils, Lifting beams etc. The bills show that the price is... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Tribunal may allow additional documents to be produced or witness to be examined or affidavit to be filed or may allow such evidence to be produced Posted: 30 Dec 2011 08:31 PM PST Pradeep Khanduja Vs ITO - ITAT Delhi - even after passing of the assessment order, the assessee did not move any application before the ld. CIT(Appeals) for admission of additional evidence, which has now been filed before us, and which is sought to... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Expenditures for value addition and for competing in the market are revenue Expenditure Posted: 30 Dec 2011 08:30 PM PST ACIT Vs. Kannappan Iron and Steel Co. Pvt. Ltd. (ITAT Chennai) - The Tribunal found that the expenditures were not incurred for setting up of any business or initiating an expansion programme. The expenditures were incurred as a measure of value... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Genuineness of Unsecured Loan if assessee furnished copies of P&L Account, Balance Sheet, I. T. Returns, bank statement alongwith Confirmation Posted: 30 Dec 2011 08:30 PM PST Shri Rajeev Kumar Jain Vs ITO (ITAT Kolkata)- Assessee stated that the assessee during the year under consideration took loan of Rs. 3,00,000/- from one Shri Amit Kr. Jain, a close relative, by account payee demand draft. The assessee furnished... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| In case of revival of any order, all the connected matters are also liable to be revived Posted: 30 Dec 2011 08:30 PM PST ACIT Vs. L&T Western India Toll Bridge Ltd (ITAT Chennai) - It was yelled by the ld.AR that merits of the grounds taken in the cross objection should not be washed away permanently and the assessee should be given an opportunity to revive these...
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