| Saturday, June 6, 2009 |
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. In the case of Samir Bio Tech Pvt Ltd, DHC in context of section 68 of the Act after taking note of latest SC ruling in Lovely Exports 216 CTR 195 (FIRST TIME ANY HC TAKING NOTE OF SAID SC RULING) has concluded that once shareholders are identified (by filing of income tax particulars, shareholders audited balance sheets etc) and the transaction is conducted through banking channel, no addition can be made for unexplained cash credit, in view of aforesaid SC ruling.
2. In the case of JSRS Udyog Limited, DHC in context of section 148 of the Act, placing reliance on its latest ruling in Haryana Acrylic case (3/11/2008), while allowing assessee's writ petition has concluded as under:
There is no indication of any specific information with regard to any accommodation entry being provided by the assessee / petitioner. Apart from merely saying that the receipts of the share application money were bogus and sham transactions, there is nothing indicated either in the reasons or in the impugned order dated 28.11.2008 to enable us to arrive at such a conclusion.
In a recent decision in the case of Haryana Acrylic Manufacturing Company v. CIT [WP(C) 4074/2007 decided on 03.11.2008], in a somewhat similar circumstances, we had made the following observations... “We feel that the present case is entirely covered by that decision. Consequently, we set aside the order dated 28.11.2008 and quash the impugned notice u/s 148 dated 28.03.2008."
3. In the case of Integrated Databases India ltd., DHC in context of section 10B(5) dealing with filing of audit report with tax return, has interpreted the said requirement as directory in nature (can be submitted any time before completion of assessment), holding the said provision to be similar to section 80IA(7) and section 80J(6A).
4. In the case of Rani Mishra, DHC in context of section 17(3)(iii) dealing with taxability of profits in lieu of salary, has concluded that compensation received by assessee for being discriminated in offering of job (as also no job offered) by a government organization, is capital receipt non chargeable to tax and is not covered under said provision.
NOTE :Last date for submission of online application for Multipurpose Empanelment Form (MEF) for the year 2009-2010 is 15-06-2009. ( source : www.meficai.org ) And submission of hard copy of declaration of MEF for the year 2009-2010 to The Director, PD Directorate, ICAI, New Delhi - 110002 is 30-06-2009.
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