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Oct 22, 2012

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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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