Pidilite Industries Limited Vs DCIT (ITAT Mumbai) - Section 80-IA(5) provides that notwithstanding anything contained in provision of this Act, the profits and gains of an eligible business to which the provisions of sub-section (1) apply, shall for the purposes of determining the quantum of deduction under that sub-section for the assessment year immediately succeeding the initial assessment year or any subsequent assessment year
Mid-Day Multimedia Ltd Vs Dy.CIT (ITAT Mumbai)- The provisions of rule 8D of the Rules which have been notified with effect from March 24, 2008, would apply with effect from assessment year 2008-09. Even prior to assessment year 2008-09, when rule 8D was not applicable, the AO had to enforce the provisions of sub-section (1) of section 14A. For that purpose
ACIT Vs Bank Of India (ITAT Mumbai) As per the provisions of section 115JAA(2), the amount of tax credit of MAT to be carried forward is determined and it is not provided therein that first the taxes paid are to be adjusted and then credit of MAT is to be given. In the case of Chemplast Sanmar, cited supra, the Chennai Bench of the Tribunal has held while deciding he issue u/s.234B and 234C that the tax credit u/s.115JA(2) is advance tax retained by the Department for being set off against the tax liability of future years. We are in agreement with the ld
ITO V/s. Tropicana Beverages Company (ITAT Delhi)- when it is established that the machinery on which depreciation has been claimed by the assessee, had been provided by the assessee to Dynamix for the purpose of manufacturing the product of the assessee, necessarily the machinery was used for the purpose of the business of the assessee. That being so, “used for the purposes of the business” in section 32 of the Act is applicable to the assessee.
Society For The Small & Medium Exporters Vs DIT (ITAT Delhi)- in a case where the objects of the society may be charitable, but, in the absence of carrying on those activities despite the fact that the activities which were carried on were for the purpose of generating income, the society is not entitled for registration for that year. Therefore, it is held that for assessment year 2008-09 and for subsequent years in which the assessee does not carry out charitable activity, the assessee has been rightly refused to get benefit of registration as charitable institution.
Ankur Cm Food Products (Guj) Ltd vs Dy.CIT (ITAT Rajkot)- Ground No.2 of appeal of revenue is in respect of deletion of addition of Rs.7,01,1 19 on account of excess stock of packing material. During the course of survey at factory premises empty bags and empty pouches numbers 1,02,98,914 were found against the book stock of 83,39,051. There was excess stock of packing material of 19,59,863 pouches valuing Rs.7,01,1 19. In the statement, Shri Ashok Parekh, director of the company while answering question No.3 9 stated that packing material of outside parties for which the assessee is doing job
ACIT Vs. Oxford Softeck Pvt. Ltd. (ITAT Delhi)- If it is supposed that all the conditions are fulfilled but then also the same cannot be added as income in the hands of the payer company as such amount can be added only to the income of a person as dividend who is a shareholder to whom such loan and advances made. Keeping in view these facts and the aforementioned case law relied upon by ld. CIT(A) and also the provisions of the Act, we are of the opinion that addition in the hands of the assessee company has rightly been deleted by ld. CIT(A) and to that extent we uphold his order and it is h
Acer India Pvt. Ltd. Vs. DCIT (ITAT Bangalore) - Provision for warranty stood crystallized as soon as the sale was made which a customer would like to be fulfilled within the warranty period and is at the cost of an assessee ‘sgoodwili Therefore, the residual amount purported to have been held by the AO as an excess provision cannot be considered as a contingent provision and not an ascertained liability.
CIT Vs DCM Limited (Delhi HC)- Whether a mere proposal for enhancement of property tax would result in crystallization of liability qua that portion of rateable value which was sought to be enhanced. There can be no dispute that liability does not cease to exist merely because the quantification of the liability is deferred. From the facts ascertainable from the records
Amit Jain Vs ITO (ITAT Kolkatta) - Assessee made a foreign trip to Roam, Dubai and Kathmandu and claimed expenses at Rs.1,45,151/-. Assessing Officer required the assessee to produce the evidence and also business purposes. Assessee stated that foreign tour was for surveying interiors of foreign hotels and resorts at the request of his client Arneja Creation & Hotels (P) Ltd.
CIT Vs Mahavir Irrigation Pvt Ltd (Delhi HC)- In this case, there is no finding that any details supplied by the assessee in its Return were found to be incorrect or erroneous or false. Such not being the case, there would be no question of inviting the penalty under Section 271(1)(c) of the Act. A mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such claim made in the Return cannot amount to the inaccurate particulars.
Reynolds Pens India Pvt. Ltd. vs. Regional Provident Fund Commissioner (Madras High Court) - The Madras High Court in aforesaid case has held that certain allowances such as conveyance, educational allowances, food concession, medical allowance, special holidays, night shift incentive, city compensatory allowances etc. should be treated as part of basic wages under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (‘EPF Act’.) and acordingly, provident fund contributions should be remitted on such allowances.
