The assessee ,an owner of a hotel at Gwalior, had an immovable property at Pune . The assessee constructed a hotel on the said land in Pune and sold a portion of undivided share in the land and structure of Palace for certain consideration. In addition, the assessee was also paid a non-compete fee of [...]
Section 50: Relief Can’t Be Denied Unless fact is Eastbalished !
September 19, 2012 by Leave a Comment
Section 2(22)(e):Funds Misappropriated by Shareholder Not Covered !
September 18, 2012 by Leave a Comment
An amount of Rs. 32,00,000 was transferred from the bank account of a company by the name of Capsulation Services Private Limited (CSPL) to the account of the assessee maintained in the Chembur Branch of the State Bank of India. Mr. Vikram Tannan was a Director of CSPL. He held over 10 per cent of [...]
Section 197:CIT Can Invoke Power u/s 264 on Rejection of Application by A.O?
September 16, 2012 by Leave a Comment
Whether an assessee can file an application u/s 264 of the Income Tax Act against rejection of application u/s 197 by the Assessing Officer was an issue in the case of Larsen & Toubro Ltd. vs Assistant Commissioner of Income-tax (TDS) 2(1) [2010] 190 TAXMAN 373 (BOM.) . The facts of the case is that [...]
Draft Order Can Not give Rise to Demand for Any Other Purpose.
September 14, 2012 by Leave a Comment
The assessee ,a non-resident company operates in India with branches at New Delhi and Mumbai and is engaged in the business of providing consultancy on strategic planning and related activities. The assessee has filed returns in India from assessment year 1993-94. On 8-1-2010 the petitioner made an application under section 195(3) of the Income-tax Act, [...]
Can Tribunal Extend Stay of Demand Beyond 365 Days?
September 7, 2012 by
The assessee in this case is a company which moved its applications before the Tribunal being S.A. Nos. 196 to 198/Mum./2009 seeking extension of stay of outstanding demand already granted beyond the period of 365 days. The outstanding demand sought to be stayed was on account of penalties imposed by the Assessing Officer under section...
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