Deduction can be claimed in respect of a crystallized liability

Deduction can be claimed in respect of a crystallized liability Posted: 19 Jul 2013 08:51 PM PDT Though the questions are multiple, issue is single, namely, the deduction of Rs.61,08,500/- claimed by the assessee towards expenditure being part of development charges. The assessee had paid such sum to Surat Municipal Corporation towards water connection charges. Assessee was engaged in the...

Expenditure cannot be considered excessive merely by comparing it with preceding year's expenditure Posted: 19 Jul 2013 08:37 PM PDT The AO merely made comparative study of the expenses for the year under consideration with the preceding assessment year and found that expenses incurred in the preceding assessment year were 2.89% on turnover but in the assessment year under appeal it was 4.78% on the turnover. The expenses were,...

ITAT can permit a "Legal Contention" at the appellate stage even if it is raised for the first time Posted: 19 Jul 2013 06:53 PM PDT The Tribunal in the assessee's appeal considered several grounds titled as "Additional grounds". However, upon close perusal of such so-called grounds, we notice that such grounds were nothing but legal contentions and arose out of order of CIT(Appeals) which was under challenge before the...

Customs – Standard Unit Quantity Code (UQC) – regarding Posted: 18 Jul 2013 07:37 PM PDT The issue of poor quality of trade data has been engaging the attention of the Government. Further, an analysis of National Import Data Base (NIDB) reveals that there are at times variations between the lowest and highest unit values of the same item, which might escape detection on account of the...

Notification No. 35 / 2013 – Customs Dated 18th July, 2013 Posted: 18 Jul 2013 11:40 AM PDT Notification No. 35 / 2013 – Customs New Delhi, dated the 18th July, 2013 G.S.R. 491  (E).— In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to...