| Thursday, January 21, 2010 | ||||
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1) CIT Kanpur Vs M/s Saran Engineering Co.- Allahabad High Court- Section 256(1) The following questions of laws have been decided by the High Court in favour of the assessee “Whether on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in holding that the expenditure of Rs.1,66,516 incurred by the assessee for the asstt. year 1976-77 under the head “Repairs to Factory Building Account” was of Revenue nature and not of a capital nature ? Whether on the facts and in the circumstances of the case,the Appellate Tribunal was justified in law in holding that bywriting back the amount of Rs.1,50,729 in the asstt. Year 1976-77, there was no cessation of liability for payment of gratuity and that this amount was not includible in the taxable income of the assessee for the assessment year 1976-77 ? Whether on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in holding that the assessee was entitled to claim deduction of bonus on the basis of actual payment as well as on accrual basis for the assessment year 1977-78 and that the amount of Rs.4,25,500/- was allowable to the assessee as a deduction for bonus for that year?”
2) E.E.Minor Irrigation Banda Vs CIT Kanpur- Allahabad High Court Section 272A(2)(c) - In this case the assessee had deducted the tax at source and deposited the same in the accounts of the Goverement However failed to file TDS return on time The AO levied penalty u/s206 ITAT confirmed the High Court deleted the penalty observing as under;- Where there is no loss of revenue in the sense that the tax deducted at source has been deposited within stipulated period, mere late filing of the return by itself is not sufficient to levy penalty
3) B Nanji Finance Ltd Vs ACIT- Gujarat High Court
Condonation of Delay in filing appeal before the CIT (A)- Hon’ble High Court has condoned the delay of four months occurred because of the illness of the partners of the firms and restored the matter to the CIT(A) for fresh consideration
What's New a. Click here for AP (Dir Series) Cir No. 26 - Remittance of Salary - Relaxation
b. Click here for Guidelines on trading of Currency Futures in Recognized S.E.
c. Click here for RBI-RRBs-Computation of NDTL
d. Click here for Quote Registration number in audit reports
e. Click here for MCD relief for professionals
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"Voice of CA"
CA. Kapil Goel, Moderator-Direct Taxes, Mob:9910272806, cakapilgoel@gmail.com CA. Sidharth Jain, Co-Moderator, sidhjasso@yahoo.com CA. Mukesh K Bansal, Co-Moderator-FEMA, mkak@rediffmail.com
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