Facts of the case :- Assessee received certain sum from his brother’s wife, ‘N’ .Assessee claimed said sum to be exempt under section 56(2)(v) . In her statement, ‘N’ stated that she gave impugned amount to assessee because of family settlement deed arrived at among family members . Issue :- Assessing Officer added impugned amount… Read More »
A leading construction company has disclosed its accounting policy regarding valuation of inventory as raw materials, work-in-progress and store & spares are valued at cost or net realisable value, whichever is lower. It has not disclosed cost formula used for valuation. Whether, the disclosure of accounting policy regarding valuation of inventory made by the company… Read More »
Whether it is absolutely necessary that reasons recorded for formation of belief that income of assessee has escaped assessment, are supplied to assessee so that he may be in position to question legality of re-assessment proceedings initiated on all available grounds ? Held, yes Whether where Assessing Officer issued reassessment notice to assessee but reasons… Read More »
Period April, 2002 to January, 2003 Facts of the Case :- On ground of fraudulent procurement of inputs under bond without payment of duty claiming an Exemption Notification, Department issued notice dated 27-11-2009 . Issue :- Assessee argued that notice was time-barred, being beyond 5 years from relevant date Tribunal held that department came to… Read More »
Facts of the Case ;- Assessee sold capital assets and invested a part of it in a new residential house and claimed exemption under section 54F . Issue : Commissioner disallowed same by holding that assessee owned more than one residential houses on date of transfer of original asset . Held Even if, incomes… Read More »
Facts of the Case :- Assessee firm made payments to retiring partners over and above their capital in firm for acquiring commercial rights and disclosed as goodwill . Issue : Assessee claimed depreciation on said goodwill Assessing Officer was of view that assessee was not eligible to claim depreciation of goodwill and accordingly disallowed claim… Read More »
Where allegations of cheating and fraud had been levelled against partners of company, regarding which FIR had been registered in Delhi, Delhi Court had summoned accused and Magistrate at Delhi had taken cognizance of matter, petitioners could not have approached a different High Court for quashing of complaint HIGH COURT OF PUNJAB AND HARYANA Rakesh… Read More »
MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 11th September, 2015 G.S.R. 693(E).—In exercise of the powers conferred by sub-section (1) read with clauses (i), (j), (jj), (jjj) and (k) of sub-section (2) of section 73 of the Prevention of Money laundering Act, 2002 (15 of 2003), the Central Government makes the following… Read More »
Whether outstanding or unpaid salary/wages of workman/employee is a ‘debt‘ to be paid by company ? Held, yes Whether no provision of Companies Act excludes dues to be received by employee be it, in service or former employee, from character of a debt to be paid by company ? Held, yes Whether workman is a… Read More »
Facts of the Case :- Assessee was engaged in software development and export . Assessee was registered as STPI unit on 4-3-2000 . Assessee claimed deduction under section 10A . Issue : According to department, assessee was entitled to benefit of deduction under section 10A only in respect of profits earned after it had been… Read More »