Fixed assets demolished A company (say Company X) is engaged in development, operation and maintenance of a hospital. The company wants to increase the number of beds in the hospital which requires demolition of certain part of the hospital. The demolition shall be that of building structure, furniture and fittings and other assets. The demolition… Read More »
Assessing Officer cannot refer international transactions for determination of ALP that were carried on in any of past years and whose assessments had already been completed IN THE ITAT MUMBAI BENCH ‘K’ Perstorp Chemicals India (P.) Ltd. v. Income-tax Officer, 10(2)(3), Mumbai D. MANMOHAN, VICE-PRESIDENT AND B.R. BASKARAN, ACCOUNTANT MEMBER IT APPEAL NOS. 6078,6079 AND… Read More »
While determining annual letting value in respect of properties which are subject to rent control legislation and in cases where standard rent has not been fixed, Assessing Officer shall determine same in accordance with relevant rent control legislation HIGH COURT OF BOMBAY Vimal R. Ambani v. Deputy Commissioner of Income-tax S.C. DHARMADHIKARI AND A.K.… Read More »
Facts of the case are :- Periods 1996-1997 to 2000-2001 Assessee cleared non-woven carpets to Maruti paying duty based on invoice price .On inquiry from Maruti, department found that assessee had received additional amount on account of price escalation and therefore, raised demand of duty thereon .Tribunal held that duty is payable at ‘price’ at… Read More »
Brief facts of the Case are :- Assessee was manufacturing plastics laminated flexible packing material, viz., shrink sleeves’ and printing was done thereon as per requirement of customer . Assessee Claim :- Assessee claimed that since it was used for shatter resistance, puncture resistance and tamper proof packing, it was classifiable as ‘Plastics and articles… Read More »
Flats allotted to landowner under a development agreement are prima facie liable to service tax based on price charged by assessee builder on flats sold to other flat owners HIGH COURT OF MADRAS Southern Properties & Promoters v. Commissioner of Central Excise R. SUDHAKAR AND R. KARUPPIAH, JJ. CIVIL MISC. APPEAL NO. 3470 OF 2014… Read More »
Where lease equalisation fund was a mere book entry made to comply with Guidance Note issued by ICAI so as to meet Accounting Standards, assessee was justified in reducing amount credited in profit & loss account for purposes of determining income chargeable to tax HIGH COURT OF BOMBAY Commissioner of Income-tax -3 v. Reliance Industrial… Read More »
Interest before commencement of business Where assessee, engaged in business of developing, operating and maintenance of power projects, received certain interest on surplus funds, that were deposited in Government securities, prior to implementation of its projects, amount so received was to be treated as capital receipt IN THE ITAT AHMEDABAD BENCH ‘B’ Adani Power Ltd.… Read More »
Embroidery work performed on grey synthetic cloth i.e. sari amounted to manufacturing activity and, thus, machinary used in said activity was entitled to receive additional depreciation IN THE ITAT AHMEDABAD BENCH ‘C’ Income-tax Officer, Ward – 6 (4), Surat v. Yash Creation RAJPAL YADAV, JUDICIAL MEMBER AND ANIL CHATURVEDI, ACCOUNTANT MEMBER IT APPEAL NO. 1107… Read More »
Income covered under section 10A is “chargeable to tax” under section 4 and is includible in total income under section 5 but no tax is charged because of the exemption given u/s10A only for a period of 10 years. The exemption u/s 10A does not make the income not leviable to income tax. Therefore, the… Read More »