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Assessees claim of 25% Depreciation was rejected on ground of wrong valuation.
Oct. 30, 2015
Assessee claimed 25% depreciation on intangible assets. AO accepted it. Survey u/s 133A was carried out on assessee. Certificate issued by valuer was only for internal use of company & could not be used for claiming depreciation. AO issued notice u/s 148. On writ HC held that notices have not been issued on basis of change of opinion but on basis of fresh tangible material obtained during survey. Thus AO was correct in issuing notices.-000278
Additions made by AO on ground of unexplained investment upheld by HC.
Dec. 11, 2015
Assessee purchased plot for consideration of Rs. 3.70 lakhs. After survey u/s 133A, filed a revised return, declaring sale considerat'n at Rs. 38 lakhs. AO opined that there was unexplained investment of Rs. 34.30 lakhs on part of assessee & made addit'n in light of facts. CIT(A) & ITAT upheld it on appeal. On appeal HC held, assessee was unable to refer to any contradict'n in statements of his vendors or any evidence to rebut material on...
SEZ covered by Sec. 115JB(6) irrespective of claiming deduction u/s 10A I.T.Act.
Dec. 10, 2015
Assessee mfd. gold jewellery. It claimed deduct'n u/s 10A of I.T. Act against income generated out of unit located in SEEPZ. AO, held said deduct'n should be granted against total income available after setting off of brought forward losses & dep & determined book profit u/s 115JB of I.T.Act. CIT(A) upheld it. On appeal ITAT held, unit in SEZ will be covered by Sec. 115JB(6) irrespective of fact that those units were claiming deduction u/...
Assessee allowed registration u/s12A(1) & u/s12AA as charitable society.
Nov. 02, 2015
Assessee filed application u/s12A(1) for registration u/s12AA, as charitable society. Commissioner rejected it, as filed 18 years after establishment & requisite audited accounts not filed. On appeal, ITAT found, society was held to be exempted u/s 10(23C)(iiiad) & allowed registration. On appeal HC upheld Tribunal decision as delivered on merits of activities of society holding that activities of society were of general public utility u/s 2(15)....
Amount invested by assessee in bonds, entitled it to benefits u/s 54E, HC.
Nov. 02, 2015
As income had accrued to assessee-company u/h of Long-term capital gain on transfer of asset in respect of its two units, it was taxed by AO. On appeal tribunal upheld it. On appeal HC held, as assessee had made relevant disclosure in return for relevant assessment year when enhanced compensation was received transfer took place. Amount invested by assessee in bonds, which entitled it to certain benefits u/s 54E. Notice u/s 148 quashed.-010549
Admission of writ denied on ground that same would be abated u/s 245HA.
Oct. 30, 2015
Settlement Commission ordered settlement applications to be proceeded further on ground that settlement applications were invalid due to incomplete & false disclosure of all material facts of income & manner in which income was earned. On writ HC held, as time - limit of 18 months stipulated in section 245D(4A) will lapse. Thus, settlement applications would abate u/s 245HA, Hence, writ petition at could not to be entertained. -000279
Amt. received on parking charges was held assessable to tax in assessm'nt, HC
Dec. 09, 2015
Assessee was builder & developer. It followed project completion method for paying its taxes. AO issued notice u/s 148 on ground of non-filling of return & income received from parking charges was assessed to tax. On appeal ITAT held, amt. received on parking charges has nothing to do with assessee's project & was assessable to tax in assessm'nt. This has been accepted by assessee. & upheld levying of interest too. On appeal, HC u...
Allowed of only 1% exp. towards brand building exp. held correct by HC.
Dec. 11, 2015
Assessee received royalty against brand lease agreem't for tobacco related products.AO held, reason for booking said advert. exp. was to inflate profit of brand lease holder Co's. Thus, he only allowed 1% exp. towards brand building exp. CIT(A) deleted disallowance made by AO. ITAT upheld it. On appeal HC held, wh. assessee was wise & prudent in incurring exp., is not within domain of examinat'n by AO, unless premitted & allowed under sta...
Reduct'n in net profit rate by CIT(A) held justified as per facts of case,ITAT
Dec. 08, 2015
Assessee-company executed work contracts of civil construct'n, labor supply & shares trade. AO rejected books of a/c of assessee on ground of non product'n of complete vouchers & thumb impression of all payers were not in register.Thus, calculated net profit at 8% of gross contract receipt . CIT(A) reduced it to 4%. On appeal HC held, definitely there would be lower profit in case of assessee. Hence, CIT(A) rightly estimated net profit ra...