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DATE: January 30, 2015 (Date of pronouncement)
DATE: February 9, 2015 (Date of publication)
AY: 2008-09
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CITATION:
Property introduced by a partner into firm becomes the asset of the firm even if there is no registered deed. Though the asset is held by the firm as a depreciable asset and though the investment in s. 54EC bonds is made in the names of the partners, the firm is eligible for s. 54EC exemption

Under s. 239 of the Indian Contract Act and s. 14 of the Indian Partnership Act, for the purpose of bringing the separate properties of a partner into the stock of the firm it is not necessary to have recourse to any written document at all, that as soon as a partner intends that his separate properties should become partnership properties and they are treated as such, then by virtue of the provisions of the Contract Act and the Partnership Act, the properties become the properties of the firm and that this result is not prohibited by any provision in the Transfer of Property Act or the Indian Registration Act

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DATE: December 31, 2014 (Date of pronouncement)
DATE: January 7, 2015 (Date of publication)
AY: 2009-10
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(i) S. 40(a)(ia) disallowance cannot be made if the assessee has not claimed a deduction. (ii) S. 80-IB(10) deduction cannot be denied on the ground that the completion certificate has not been issued by the Municipality if the assessee has completed construction before the due date

Explanation (ii) to section 80IB(10)(a) of the Act prescribes that the date of completion of construction of the housing project shall be taken to be the date on which the completion certificate in respect of such housing project is issued by the local authority

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DATE: October 28, 2014 (Date of pronouncement)
DATE: November 4, 2014 (Date of publication)
AY: 2007-08, 2008-09 & 2009-10
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S. 80-IB(10)(c): Area of projected terrace (open to sky) is not liable to be included within the meaning of expression “built-up area”

The issue to be decided is as to whether the area of projected terrace (open to sky) is liable to be included within the meaning of expression “built-up area” contained in clause (c) of section 80IB(10) of the Act. (i) …

Naresh T. Wadhwani vs. DCIT (ITAT Pune) Read More »

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DATE: October 30, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2009-10
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Though approval of Director of STPI to EOU is sufficient for s. 10A, it is not so for s. 10B. For s. 10B, the approval of the Board appointed under I(D&R) Act is necessary. Claim for s. 10A can be made before CIT(A)

(1) The fact that the assessee is a 100% EOU approved by the Director, STPI does not mean entitle the assessee to deduction u/s 10B if the undertaking is not been approved by the Board appointed in this behalf by …

Clarion Technologies Pvt. Ltd vs. DCIT (ITAT Pune) Read More »

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DATE: September 15, 2014 (Date of pronouncement)
DATE: October 21, 2014 (Date of publication)
AY: 2010-11
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Grant given to safeguard the interests of depositors, though used for meeting SLR requirements of RBI relatable to its banking activity, is still capital in nature

The objective of the Government of Maharashtra to give grant to the assessee was to protect the interests of farmers and depositors from the Nanded district and for the said purpose the Government deemed it fit to provide financial assistance …

The Nanded District Central Co-op. Bank Ltd vs. DCIT (ITAT Pune) Read More »

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DATE: September 17, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
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Change of method of accounting to value the stock of its investments / securities at lower of cost or market value is valid.

A premise which can be drawn is that for the purposes of valuation of the closing stock it is permissible for the assessee to value it at the cost or market value, whichever is lower. In-fact, the Hon’ble Supreme Court …

ACIT vs. Bank of Maharashtra (ITAT Pune) Read More »

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DATE: September 17, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
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For s. 80-IA(4) a developer is a person who designs and creates new projects whereas a contractor is a person who has a contract to do work

Having regard to the scope of work executed by the assessee, it is difficult to comprehended that assessee was merely acting as a contractor. In common parlance, a contractor is understood as a person who carries out the assigned work …

Kirloskar Brothers Limited vs. DCIT (ITAT Pune) Read More »