Gujarat State Co-OP Bank Ltd. [2017] 85 taxmann.com 259 (Gujarat) 22-08-2017
Followed T.R.F. Ltd. v. CIT [2010] 323 ITR 397/190 Taxman 391 (SC)
Write back of provision for which expense has not been claimed can not result into addition u/s 41:Gujrat High Court
Gujarat State Co-OP Bank Ltd. [2017] 85 taxmann.com 259 (Gujarat) 22-08-2017
Para 10 “…………..When provision was never claimed as deduction, there cannot be any occasion to bring to tax reversal of such a provision. The entire exercise of creating this provision, and reversing the same – partly or fully, is completely tax neutral. The fact that income was eligible for deduction under section 80P, even if that be so, is wholly irrelevant in this context…………”
Where donors have instructed that interest earned on corpus donations shall also form part of the corpus, the Interest income is entitled to exemption u/s 11(1)(d) : Kerala High Court
Mata Amrithanandamayi Math [2017] 85 taxmann.com 261 (Kerala) AUGUST 22, 2017
The “reason to believe” and “reason to suspect “ u/s 132/132A can not be disclosed to any authority (Amendment brought by FA 2017 retrospectively). Hence question of challenging action u/s 132A of seizing gold on the report of GRP held not tenable by SC in NK Jewelers
N.K. Jewellers [2017] 85 taxmann.com 361 (SC) 13-09-2017
ITAT Asr: Disallowance for higher consumable stores without rejection of books or declaring expenditure bogus where stock register is not maintained is not sustainable
Shivam Metal Shaper :I.T.A No. 123/(Asr)/2017: 15-09-2017
Cases Followed
P&H High Court in KS Bhatia 269 ITR 577
Chhattisgarh High Court in Roop Chand Tharani 249 CTR 326
ITAT Asr Harpreet Singh Gulati ITA 317/ASR/2013
PMS Diesel ITA 317/ASR/2013
Kashmir Steel Rolling Mills ITA 509/Asr/2016 dtd 04-09-2017
P&H High Court in KS Bhatia 269 ITR 577
“……………..in the absence of a definite finding that the case of assessee comes within the provisions of section 145(1) that it was not possible for Assessing Officer to make additions to the gross profit. It has been further held that mere fact that profits as compared to earlier year were lower does not warrant an addition…………………….”
Chhattisgarh High Court in Roop Chand Tharani 249 CTR 326
“………………without pointing out any specific mistake in the books of account, the Assessing Officer cannot reject the books of account………………..”
Kashmir Steel Rolling Mills ITA 509/Asr/2016 dtd 04-09-2017
“……….the assessee was not able to produce some of the expenditure vouchers…………… a disallowance @ 1/10 of these expense is being made………………….. The Assessing Officer in its assessment order dated 28.12.2006 had not rejected the books of account of the assessee and there is no finding given by the Assessing Officer in its assessment order that the books of account are not reliable or unverifiable…………………. there is no question of making any ad-hoc disallowance towards consumption of bagasse…………………….”
ITAT Asr : Abhishek Industries 286 ITR 1 is not applicable where disallowance u/s 36(1)(iii) is made inspite of availability of owned capital
M/s. N.R.C. Industries Ltd.:ITA No.139/(Asr)/2017 dtd 31/08/2017
Followed :
1.Punjab and Haryana High Court in the case of The Dy. CIT, Central Circle-II, Jalandhar. Versus of M/s Holy Faith International Pvt. Ltd., ITA no. 87/2017 O & M, decided on 24-07-2017
2. CIT-1, Ludhiana Vs. Rakesh Gupta, ITA No.37-2014, dated 2.07.2015
3. ACIT Vs. Omax Bikes Limited’ ITA No.l085/Chd/2013 dated 06.08.2015.
ITAT Asr condones delay in filing penalty appeal before CIT A in substantial interest of justice.
Jai Durga Cement Private Limited
ITA 154 & 155 /ASR/2017 dtd 24-07-2017
If refund is made based on the order of appellant authority, then would interest be paid
Yes, interest (at a rate not exceeding 9%) would be computed and paid for the period starting from expiry of 60 days from the date of application consequent to the order till the date of actual refund of tax. It is pertinent to note that the Government vide Notification No. 13/2017 – Central Tax dated June 28,2017, has prescribed the rate of interest @ 9%.
(ICAI FAQ PUBLICATIONS 06-09-2017 INTEREST ON DELAYED REFUNDS: FAQ NO. 31)
How would the interest be computed and paid
Interest would be computed and paid for the period after expiry of 60 days from the receipt of refund application till the date of actual refund of tax.
(ICAI FAQ PUBLICATIONS 06-09-2017 INTEREST ON DELAYED FUNDS: FAQ NO. 30)
How would the interest be computed and paid
Interest would be computed and paid for the period after expiry of 60 days from the receipt of refund application till the date of actual refund of tax.
(ICAI FAQ PUBLICATIONS 06-09-2017 INTEREST ON DELAYED FUNDS: FAQ NO. 30)