1. GUJARAT GAS FINANCIAL SERVICES LTD V.s INCOME TAX OFFICE [Gujarat High Court]
After hearing the parties, it transpires that the Tribunal has initially decided appeals under Interest Tax Act and thereafter sought to apply the said findings in relation to the appeals under the Income Tax Act. Apparently, this has led to a situation where despite the provisions under both the Statutes being different, same yardstick and legal principles have been applied without realising the difference in the language employed by Legislature under both the Statutes..."
(Click here for Judgment)
2. H K BUILDCON LTD. V.s INCOME TAX OFFICER [Gujarat High Court]
A plain reading of the reasons recorded would indicate that the assessing officer is of the opinion that the method of accounting employed by the assessee was to be given a go-bye and estimated profit had to be worked out by applying rate of 10% to the value of work in progress. In the entire reasons recorded, there is nothing on record to show as to what income had escaped assessment for which the assessing officer received information subsequently, either from external source, or from any other source... Thus, it is apparent that, on the same set of facts and material available on record, the successor assessing officer has come to form a different opinion and recorded reasons thereupon without establishing any lapse on part of the petitioner or any fresh information....(148 notice quashed under Writ Jurisdiction)
(Click here for Judgment)
3. EAGLE FASHION PVT LTD V.s DY. COMMISSIONER OF INCOME-TAX, CIRCLE - 1 [Gujarat High Court]
The petitioner is a Private Limited Company, engaged in the business of manufacture of yarn and cloth and is eligible for deduction under section 80-IB (4) of the Act. For the assessment year 2003-04, the petitioner filed return of income on 29.10.2003 declaring income of Rs.5,66,114/- after claiming deduction under section 80-IB(4) of the Act in respect of the income of Unit II at Silvasa. For claiming deduction under section 80-IB(4) of the Act, audit report under section 80-IB read with section 80-IA(7) in Form No.10-CCB is required to be filed. However, the petitioner had not filed the report with the return of income, but had filed the same during scrutiny assessment proceedings.
(Click here for Judgment)
What's New
a. I. Tax. Notification No. 48/2010 - Section 80CCF of the Income-tax Act, 1961 – Deduction (Click for detail)
b. I. Tax. Notification No. 49/2010 - Income-tax (Seventh Amendment) Rules, 2010 – Amendment in rule 12 (Click for detail)
c. Proprietary trades in Delhi to become costlier now (Click for detail)
d. Govt Probes Defaults in NSS,KVP, Small Savings (Click for detail)
e. Long term capital gain cannot be excluded from net profit for purpose of computing book profit under section 115JB (Click for detail)
f. In assessment proceedings pursuant to order under section 263 assessee cannot seek to show that there was some other benefit in favour of revenue which was prejudicial to interest of assessee (Click for detail)
g. A non-resident company having received charter fee for hiring its shipping vessels to assessee in shape of 85 % of fish catch in India, sale of fish and realization of sale consideration of fish by it outside India shall not mean that there is no receipt in India (Click for detail)
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"Voice of CA"
CA. Sanjay Kumar Agarwal, Founder - Voice of CA
Member Central Council - ICAI
Former Chairman - NIRC
Mob : 9811080342, agarwal.s.ca@gmail.com
CA. Kapil Goel, Moderator-Direct Taxes
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CA. Sidharth Jain, Co-Moderator
sidhjasso@yahoo.com
CA. Mukesh K Bansal, Co-Moderator-FEMA
Mob:9540022533, mukbansal80@gmail.com
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