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Apr 20, 2013

Sec. 54EC exemption for investment of Rs. 50 Lach each in 2 Financial Years but within 6 M from transfer date

Sec. 54EC exemption for investment of Rs. 50 Lach each in 2 Financial Years but within 6 M from transfer date

Posted: 20 Apr 2013 04:39 AM PDT

Assessee eligible for S. 54EC benefit of Rs. 50 Lakh each made in two different financial years but within six months from transfer of capital asset The first condition mentioned in Section 54EC(1) is that the investment has to be made within a period of six months from the date of transfer of...

If No Books of Account then no question of audit & no penalty for not getting tax audit done

Posted: 20 Apr 2013 04:36 AM PDT

In exercise of the executive powers and while framing rule 6F of Income-tax Rules, the executive authorities prescribed the books of account in respect of professionals in Rule 6F(1) of the Act. We find that there is an obvious omission in respect of civil contractor in Rule 6F(1) of the I.T....

No additions for mere violation of RBI's norms on valuation of shares sold by non-resident to resident

Posted: 20 Apr 2013 04:26 AM PDT

Undoubtedly, the RBI Guidelines are Guidelines for the banks, issued for FEMA purposes. Clause 2.3 (supra) of these Guidelines refers to Regulation 10B (2) of the Foreign Exchange Management (Approval or Issue of Security By a Person Resident Outside India) Regulations, 2000. The very opening...

Reopening for negligence / recklessness on the Part of A.O. not permissible

Posted: 20 Apr 2013 04:17 AM PDT

Since the present case did not suffer from non-disclosure or omission to disclose 'fully and truly' the facts by the assessee, the Assessing Officer could not have been held, and was rightly not held by the learned Tribunal, to have had the jurisdiction to re-open the assessment and...

AO cannot make addition on ground, which is not subject matter of remand proceedings

Posted: 20 Apr 2013 03:47 AM PDT

Assessing Officer while making certain additions by restricting 90% of the receipts by applying clause (baa) of Explanation to sec. 80HHC has travelled beyond his jurisdiction and scope of enquiry as directed by the Commissioner of Income Tax (Appeals) because it was not the subject matter of...

S. 80IC Deduction duly supported by Form 10CCB cannot be denied on mere non-disclosure in tax audit report

Posted: 20 Apr 2013 03:30 AM PDT

We have heard the rival contentions. and perused the material on record as no controverting material has been brought on record by the revenue as to why the deduction u/s.80-IC be denied to the assessee merely because the auditor in a report u/s.44AB in Col. "deduction under Chapter VIIA has...

Reassessment inquiry on return filed can be done only after issuing notice u/s. 143(2)

Posted: 20 Apr 2013 03:21 AM PDT

It is an admitted position that no notice under Section 143(2) had been issued while making assessment under Section 143(3) read with Section 147. The Apex Court in the case of National Thermal Power Co. Ltd. v. CIT [1998] 229 ITR 383 has held that the Tribunal has discretion to allow or not to...

ST – Deliberate Splitting of consideration with nomenclature of reimbursement of expenses not permissible

Posted: 20 Apr 2013 03:02 AM PDT

Facts and circumstances of the case suggests that the appellant has adopted a novel way of splitting the consideration with nomenclature of reimbursement of expenses. Deliberate splitting is not possible to be ruled out when splitting is not intended by law. Once splitting is attributable to a...

Tribunal can rectify an apparent error found in order by replacing it with another

Posted: 20 Apr 2013 03:00 AM PDT

In the entire scenario, we note that admittedly, a wrong order got issued (as the mistake happened in the hands of Steno) without noticing the facts of the present case, the replacement of said order cannot be considered to be a review of the same. The entire order, which got issued was a mistake...

TPO can select method other then the one selected by Assessee to determine true income

Posted: 20 Apr 2013 02:51 AM PDT

It is seen that the assessee has itself accepted that TNMM is similar to CPM excepting that CPM is based on gross margins whereas TNMM is based on net margins. The assessee has also accepted that if proper selection criteria are adhered to application of TNMM would also result in the fact that the...

Salary income which is subject to TDS, cannot be categorised as undisclosed income

Posted: 20 Apr 2013 12:15 AM PDT

In case of Ashok Taksali (supra), the Rajasthan High Court came across a similar question. The Bench was of the opinion that once a salary income of the block year has been taxed and such tax has been deducted at source, there is no question of holding that the income of the assessee was...

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