AO Can not change his opinion regarding need for special Audit unless new fact emerges

Matter remanded if additions are made by TPO without working capital adjustments Posted: 21 Oct 2012 12:35 AM PDT The assessee made a claim for working capital adjustment before the TPO. The TPO made a detailed analysis exhibiting how such an adjustment is to be granted. According to the assessee, the TPO made reference to Rule 10B(3) demonstrating comparability adjustment. On the strength of this Rule, the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Carry forward business losses & depreciation cannot be set off against profits of an undertaking while working out claim u/s. 10B Posted: 21 Oct 2012 12:11 AM PDT Since the provisions of section 10A and 10B are similar in nature and as the jurisdictional High Court decided the issue while considering the provisions of section 10B also respectfully following the above, we uphold the contention of assessee that carry forward business losses and depreciation... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] AO Can not change his opinion regarding need for special Audit unless new fact emerges Posted: 21 Oct 2012 12:05 AM PDT It is necessary to examine the question whether it is open to the Assessing Officer, having already formed an opinion that no special audit was necessary, and not having communicated the same to the petitioner, to change his mind and form an opinion subsequently that a special audit is necessary... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No Capital gain tax firm if it doesn't distribute any capital asset to retiring partners Posted: 20 Oct 2012 10:39 PM PDT Allocation of assets of the firm to the retiring partners is the basis for invocation of provisions of Section 45(4). In the case under consideration, neither there was any dissolution nor other event took place that had an effect of allocation of exclusive interest in any capital asset to the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] New provisions of section 10A provides for deduction & not exemption Posted: 20 Oct 2012 10:19 PM PDT  Ostensibly, while denying the assessee's claim of carried forward unabsorbed loss/depreciation assessed under the normal provisions of the Act, the Assessing Officer has proceeded on the basis that section 10A of the Act provides an exemption and, therefore, loss suffered in such unit is not... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Request of director for postponement of board meeting must be treated as leave of absence & not vacation of office Posted: 20 Oct 2012 09:57 PM PDT It is a fact that the company holds three board meetings consecutively on March 31, 2011, June 9, 2011 and September 29, 2011. It is also a fact that the petitioner has challenged the validity of the board meeting dated March 31, 2011. Even otherwise, the petitioner has requested the company to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 32(1) not applicable If assessee is only permitted to use trade mark /brand name of foreign collaborator with certain conditions Posted: 20 Oct 2012 09:51 PM PDT With regard to the contention of the revenue that the assessee has acquired intangible asset and therefore depreciation is allowable under section 32(1); it is opined that the provisions of section 32(1) are applicable when the assessee acquires on or after 1-4-1998 and owns wholly or partly any... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Vicarious liability of director of a private company for 'tax due' u/s. 179(1) from it does not extend to interest & penalty Posted: 20 Oct 2012 09:21 PM PDT Section 179(1) provides for a vicarious liability of the director of a public company for payment of tax dues which cannot be recovered from the company. However, such liability could be avoided if the director proves that the non recovery cannot be attributed to any gross negligence, misfeasance... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] If DRP dismissed objections filed by assessee in a summary manner without proper application of mind, matter needed reconsideration Posted: 20 Oct 2012 11:33 AM PDT The giving of reasons in support of their conclusions by judicial and quasi-judicial authorities when exercising initial jurisdiction is essential for various reasons. First, it is calculated to prevent unconscious, unfairness or arbitrariness in reaching the conclusions. The very search for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] SION for new product "Copper Based Pre-alloyed Powder R-800" under Engineering Product Group Posted: 18 Oct 2012 07:49 AM PDT Public Notice No: 24 (RE: 2012)/2009-2014 In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14 and Paragraph 1.1 of the Handbook of Procedures (Vol.1), the Directorate General of Foreign Trade hereby notifies a new SION bearing number C- 2049 in respect of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]