Unexplained investment on sales affected outside books of account has to be worked out on proportionate basis : P&H HC

Unexplained investment on sales affected outside books of account has to be worked out on proportionate basis : P&H HC Jay Kay Feeds (P.) Ltd

Delhi HC grants approval u/s 10(23C) to ICAI

Exemption u/s 10(23C)(iv) allowed to Institute of Chartered Accountants of India in absence of profit motive in its activities; Existence of ‘profit motive’ would be a vital indicator in determining whether an organisation is carrying on business or not; ICAI’s activities of conducting coaching and campus placements integral to main activity of promoting accountancy courses; […]

Chennai ITAT Allows 100% depreciation on salt pans including expenses on stone bunds

Allows 100% depreciation on salt pans including expenses on stone bunds; Assessee engaged in business of manufacturing and trading in industrial and edible salt; Stone bunds are a part and parcel of salt pans and cannot be treated differently; Rejects Revenue’s contention that 100% depreciation available only on salt pans, reservoirs and condensers, etc. made […]

Upholds AO’s inherent power to suo-moto rectify mistakes in assessment orders. But strikes down rectification order u/s 154 which in fact was a reassessment order.

Upholds AO’s inherent power to suo-moto rectify mistakes in assessment orders; Interprets Section 21 of the General Clauses Act; However, strikes down rectification order u/s 154 which in fact was a reassessment order; Confirms ITAT ruling : Uttarakhand HC in Karjat Trade Place Pvt. Ltd. karjat trade place

Notices of demand under section 156 cannot reduce normal period of recovery from 30 days on apprehension that assessee would be exploring legal options to delay and obstruct recovery and put in tax avoidance scheme

Section 156, read with section 220, of the Income-tax Act, 1961 – Notice of Demand [Time limit] – Assessment years 2007-08 to 2012-13 – Petitioner-assessee received notices of demand under section 156 – Revenue reduced time for payment from normal period of 30 days to a period of 5 days in some notices on apprehension […]

Assessing Officer bound to accept value determined by Valuation Officer, if lower than stamp duty valuation, as per Sec. 50C.

Assessing Officer bound to accept value determined by Valuation Officer, if lower than stamp duty valuation, as per Sec. 50C r.w.s 16A of Wealth Tax Act; Assessee contended for higher rebate over market value due to irregular shape of plot transferred; ITAT rejects assessee’s contention for further reduction in the value determined by Valuation Officer […]

Cars in the Name of Directors ; Depreciation allowable in the hands of Company : Ahmedabad ITAT

Assessee entitled to deduction for depreciation & interest on loan in respect of cars registered in director’s name; Cars utilized for business purpose & formed part of assessee’s block of assets; Term ‘own’, ‘ownership’ and ‘owned’ to be assigned such meaning as to enable assessee to secure benefit intended to be given by Legislature; SC […]

Gauhati HC distinguishes Liberty India on eligibility of deduction u/s 80-IB on transport subsidy

meghalya steels-liberty india distinguished