1) CIT vs ACC Rio Tinto Exploration Ltd.- Tinto Section 35E Mineral Exploration Etc: Held:
“Going
through the objects of the assessee company and the permission granted
by the FIPB, the Tribunal, in our view rightly so, came to the
conclusion that the assessee was not in the business of mining ores or
mineral and that it was only in the business of prospecting or
exploring the ores and minerals. Consequently, the argument of the
Assessing Officer, that the assessee had not commenced its business,
was held to be incorrect. We agree with this conclusion, which is based
purely on the facts of the present case … 9.
In the present case, the Tribunal has, on facts, come to the conclusion
that the assessee company‘s objects did not include mining of ores or
minerals or commercial production, in the sense understood within the
meaning of Section 35 E of the said Act. Consequently, the Tribunal
agreed with the assessee‘s contention that there would never be
commercial production of any mineral or ore as a
part of the activities of the assessee in view of the very objects of
the assessee company and the FIPB permission given to the assessee
company. Consequently, the provisions of Section 35 E would not be
applicable to the facts and circumstances of the present case as there
was no possibility of any commercial production. We agree with this
reasoning.”
(Click here for judgment)
2) CIT vs Anil Bhalla - DHC: Host of Issues on Search Assessment (refer Order enclosed) P&h High Court on Addition on basis of Valuation report: Up Held:
”It was also found that the revenue did
not bring anything on record suggesting that expenses incurred were
more than the one declared and the Valuation report alone cannot
constitute basis for making additions.”
(Click here for judgment)
[Contribution by CA. Rajat Mohan, author is available on Mobile No. 9910044223 / email-id: rajat.mohan@icai.org ]
3) GST : Understanding Department of revenue reply: This article would analyze the DOR reply in detail.
[Click here for Article]
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