Appeal not maintainable if complaint filed for dishonour of cheque was not authentic –SC Posted: 24 Mar 2013 07:34 AM PDT We have noticed that although the respondent might have failed to discharge the burden that the cheque which the respondent had issued was not signed by him, yet there appears to be a glaring loophole in the case of the complainant who failed to establish that the cheque in fact had been issued by...  |
| CBDT Instruction fixing monetary limits on filing of IT appeal is retrospective Posted: 24 Mar 2013 07:25 AM PDT Karnataka High Court in CIT v. Ranka & Ranka [2012] 206 Taxman 322 wherein the Division Bench has considered Instruction No.3 and the National Litigation, Policy, had held as under: (i) Instruction No.3/11 is also applicable to the pending appeals. (ii) As the tax effect in the...  |
| S. 269SS not violated if Assessee borrows in cash from Relatives to meet urgent needs Posted: 24 Mar 2013 07:12 AM PDT In our considered view, in the light of the relationship between the assessee and her father-in-law, the Tribunal has rightly held that the genuineness of the transaction is not disputed, in which, the amount has been paid by the father-in-law for purchase of property and the source had also been...  |
| ?Validity of Reopening based on retrospective amendment? Posted: 24 Mar 2013 07:09 AM PDT The original assessment was made on 30-11-2006 under section 143(3). The Finance Act, 2008 inserted clause (h) of Explanation 1 to section 115JB retrospectively from 1-4-2001. The effect of this clause was to increase the book profit by the amount of deferred tax and the provision therefor. It is...  |
| S. 263 Revisionary power cannot be exercised on a debatable issue Posted: 24 Mar 2013 06:59 AM PDT In this case, the record reveals that the AO had issued notice, and held proceedings on several dates (of hearing) before proceeding to frame the assessment. He added nearly Rs. 2 crores to the income at that time. The Commissioner took the view that the assessment order disclosed an error, in that...  |
| Notional foreign exchange gains or losses is to be taken into account in computation of income Posted: 24 Mar 2013 05:38 AM PDT The dispute is regarding allowability of loss on account of foreign exchange fluctuation in respect of foreign currency loan taken by the assessee. The assessee had been restating foreign exchange loan liability on the balance-sheet date which resulted into loss which has been claimed as deduction....  |
| Depreciation not allowable on assets never been put to use Posted: 24 Mar 2013 05:33 AM PDT The machinery which was purchased by the assessee in the course of expansion of new Project was installed in the year 1996-97 relevant to the Asst. Year 1997-98. There is nothing on record to suggest that the assessee had put the machinery to use during the Asst. Year 1998-99. It appears that the...  |
| Interest paid on business loan cannot be netted against interest on fixed deposits Posted: 24 Mar 2013 05:28 AM PDT In view of decision of the ITAT in assessee's own case for earlier year, respectfully following the same, it was held that interest income earned during the year by assessee, from the fixed deposits made out of borrowed funds was rightly taxed by Assessing Officer under the head 'income...  |
| No disallowance U/s. 43B for Interest payable on deep discount bond Posted: 24 Mar 2013 05:22 AM PDT In the instant case, the interest is payable in respect of amounts deposited by financial institutions with the assessee by subscribing to the bonds issued by the assessee. The interest is payable in respect of certain deposits received by the assessee and not in respect of any loans, advances or...  |
| ROC may ask company to make good the default in filing from No. 8 Posted: 24 Mar 2013 05:03 AM PDT In the instant case, the respondent-company failed to file Form No. 8 with the concerned RoC. Therefore, the RoC, is directed to exercise his powers under section 234(1) by calling information with regard to filing of Form No. 8 and direct the respondent-company to make good the default in...  |
