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· Income Tax : Capital Gains - Transfer u/s 2(47) - whether receipt of advance against agreement of sale (duty registered) would constitute transfer or relinquishment of the asset and extinguishment of any right - held No - Tri
Section 10(23C) cannot be interpreted regressively to deny exemptions
· Income Tax : Capital Gains - Transfer u/s 2(47) - whether receipt of advance against agreement of sale (duty registered) would constitute transfer or relinquishment of the asset and extinguishment of any right - held No - Tri
IT : Where assessee received only a meagre amount out of sale consideration and had not parted with possession of property, transaction could not be treated as transfer within meaning of section 2(47)
IT : Deletion of addition in hands of recipient cannot be a ground to disallow expenditure incurred by assessee for business purpose
IT : Expenditure incurred in earlier years for setting up business cannot be allowed as deduction
IT : When assessee had incurred expenditure wholly and exclusively for purpose of business, it could not be disallowed on reason that it was not stipulated in memorandum of understanding
IT : In real estate business, payment of sub-agents' fee is allowable
IT : Expenditure incurred by assessee engaged in real estate business towards consultancy services provided by architect with regard to site plan, etc., was allowable
IT : Expenditure incurred by assessee for keeping constant surveillance over its land was allowable as business expenditure
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[2013] 32 taxmann.com 373 (Hyderabad - Trib.)
IN THE ITAT HYDERABAD BENCH 'A'
Mali Florex Ltd.
v.
CHANDRA POOJARI, ACCOUNTANT MEMBER
AND SAKTIJIT DEY, JUDICIAL MEMBER
AND SAKTIJIT DEY, JUDICIAL MEMBER
IT APPEAL NOS. 891 & 1017-1018 (HYD.) OF 2011
[ASSESSMENT YEARS 2007-08 & 2008-09]
[ASSESSMENT YEARS 2007-08 & 2008-09]
SEPTEMBER 28, 2012
Section 10(23C) cannot be interpreted regressively to deny exemptions
May be, worth commenting !
Petition u/s. 397/398 cannot be dismissed for mere signature mismatch SIGNATURE MISMATCH - how relevavnt and when ?...
<> In the reported case the court has been required to deal with, in extenso, the serious allegations founded on ‘mismatch’ of signature (s); of difference in the questioned and the admitted signatures.
In a different context, the SC had an occasion to adjudicate on a dispute pertaining to dishonour of a cheque by reason of the signatures of its drawer not matching with the specimen signatures on the record of drawee- bank; ref. Laxmi Dyechem vs State of Gujarat *. In settling the issues, the implications of the relevant section 138 of the Negotiable Instruments Act have been gone into and eminently analyzed.
The observations of the SC make for quite an intelligent reading; hence requiring to be closely read and clearly understood, for a proper appreciation of the grounds / reasoning given for the view taken.
CA Journal February 2013
Reflecting on this type of disputes often being taken to courts, but if viewed out-of-box, one is perforce provoked to recall : In recent times, the criminal acts such as ‘forgery’ and ‘impersonation’, once upon a time regarded a ‘sin’ against the society have increasingly come to be practiced without fear or feeling of guilt; more so, to such an alarming extent as to be regarded as one more fine art. So much so, have been in a way responsible for the inescapably surrounding,- ‘identity crisis’ ; thereby forcing the government to think of any number of newer ways to take on, try and tackle the menace/social evil of the gravest kind. Of them, Worth mentioning is the ubiquitous “Aadhaar”; apart from the varying other types of forensic investigation, etc.
As a renowned foreign cartoonist of yester years is remembered to have said: the world is, contrary to the common belief, neither flat nor round; it is crooked.
The word “forensic”, as a concept by itself, brings to one’s mind instantly what it connotes, and specially signifies. That is an area which must be of special interest and particular concern to CAs, in practice. For, it acquires all the importance of a very vital nature, if it were used as a prefix to the other commonly known concepts of, – ‘accounting’ and ‘audit’.
Those who are endowed with a special aptitude, inborn or through training, and an urge / quest for ‘knowledge’, are sure to find nemerous helpful and informative sources on popular websites / eminent blogs.
Samples (random)>
# Govt urges Tax Payers to disclose true income & pay Tax &
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Taxation on Fixed Deposits
It deals with and has focussed on some of the areas which are known or expected to be commonly known. But one very worrisome aspect requiring to receive the attention of the highest executive authority pertans to
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