Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT Audit :: form 3cd :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT RATES :: TDS :: cpt
 
 
« From the Courts »
  Commissioner Of Income Tax, Delhi-Iv Vs. DLF Universal Ltd.
 Commissioner Of Income Tax, Delhi-Iv Vs. DLF Universal Ltd.
 Jcb India Ltd. Vs. Deputy Commissioner Of Income Tax &
 Saheb Ram Om Prakash Marketing Pvt Ltd Vs. Commissioner Of Income Tax & ORS
 Tulsi Tracom Private Limited Vs. Commissioner Of Income Tax – 9
 M/s Brothers & Sisters Enterprise vs. JCIT (ITAT Kolkata)
 PCIT vs. Delhi Airport Metro Express Pvt. Ltd (Delhi High Court)
 CIT vs. Deepak Kumar Agarwal (Bombay High Court)
 Bumper quarter of mergers and acquisitions
  Pr CIT vs. Mera Baba Reality Associates Pvt Ltd (Delhi High Court)
 CIT vs. Parle Bisleri Ltd (Bombay High Court)

ITAT to decide on plea
April, 13th 2010

The Supreme Court has asked the Income Tax Appellate Tribunal (ITAT) to decide the validity of a department notice seeking to initiate reassessment proceedings against Swaraj Engines Ltd. The issue has been remanded to the tribunal in view of the revenue departments appeal pending before it.

The tax authorities had initially allowed deductions to Swaraj Engines, a joint venture between Kirloskar Group and the Punjab government, for the assessment year 1990-91 and six successive years from 1991-92 to 1996-97, under Section 80-I of the Income Tax Act 1961.

While the deduction under Section 143(1)(a) of the Act was confirmed for 1997-98, the department had issued notice to the firm in 2002 purporting to withdraw deductions on the grounds that the assessee, in its annual report for FY 1988-89 had indicated sales of 346 engines manufactured before March 31, 1989.

Taking into account the particulars of sales, the revenue department stated that the manufacturing or production of engines had allegedly started during 1989-90, and thus the firm was not entitled to the benefit during 1997-98. Even the Punjab and Haryana High Courts had dismissed Swaraj Engines plea against initiation of the reassessment proceedings.

However, while the appeal was pending in the apex court, the commissioner of income tax (appeals) (CIT) had allowed deduction for 1997-98, saying that assembling of the engine did not amount to manufacturing for the purposes of claiming deduction.

However, the departments appeal against the CITs order is pending before the tribunal. While additional solicitor general, Vivek Tankha, argued the case for the department, senior counsel ML Verma represented the assessee.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions