Search Results For: adjustment


Vijay Singh Kadam vs. CCIT (Delhi High Court)

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DATE: April 25, 2016 (Date of pronouncement)
DATE: April 27, 2016 (Date of publication)
AY: 2006-07
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CITATION:
S. 245: Approach of the department of setting off / adjusting refund against demand without serving a prior s. 245 intimation to the assessee and without providing opportunity of hearing to assessee & without arriving at a satisfaction to the effect that such adjustment of refund can only be the mode of recovery of demand is bad in law. Dept directed to refund the amount set off / adjusted together with interest

In our view, the power under Section 245 of the Act, is a discretionary power given to each of the tax officers in the higher echelons to “set off the amount to be refunded or any part of that amount against the same, if any, remaining payable under this Act by the person to whom the refund is due.‟ That this power is discretionary and not mandatory is indicated by the word “may”. Secondly, the set off is in lieu of payment of refund. Thirdly, before invoking the power, the officer is expected to give an intimation in writing to the Assessee to whom the refund is due informing him of the action proposed to be taken under this Section

Padinjarekara Agencies Pvt. Ltd vs. ACIT (ITAT Cochin)

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DATE: October 17, 2014 (Date of pronouncement)
DATE: October 21, 2014 (Date of publication)
AY: 2005-06
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CITATION:
S. 115JB: AO entitled to tinker with P&L A/c if assessee's claim not permitted by accounting principles

The question that had arisen was whether the Assessing officer was entitled to disturb the net profit shown by the assessee in the profit and loss account prepared as per the Companies Act, 1956.in order to enable anybody to understand

DCIT vs. EDAG Engineers & Design India Pvt Ltd (ITAT Delhi)

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DATE: October 13, 2014 (Date of pronouncement)
DATE: October 18, 2014 (Date of publication)
AY: 2005-06
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CITATION:
Adjustment for capacity underutilization has to be in the results of the comparables and not the tested party. A 100% captive unit has to show that underutilization was for reasons beyond its control

The CIT(A) granted impugned relief by making adjustments, on account of capacity underutilization, in the results shown by the tested party and thus computing hypothetical financial results which the tested party would have achieved in perfect conditions. Such an exercise

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