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Topics - PANKAJ JAIN

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Discussion / Ajanta Pharma SUpreme Court decision
« on: September 13, 2010, 01:04:19 PM »
S. 115JB “book profits” have to be reduced by deduction “eligible” u/s. 80HHC & not “actual” deduction

Does it mean that the Assessee can still claim the benefit of 80HHC eligible profit in computing book profit under section 115JB as 80% deduction of eligible profit has been reduced to 0%, but there is no change in the provisions related to computation of eligible profits.

2
Discussion / 80IA deduction on Carbon Credit
« on: March 22, 2010, 06:26:09 PM »
Dear All,

The Department is of the view that, deduction udners section 80IA is not available to a power generating unit in respect of income from sale of carbon credit relying on the recent decision of Supreme Court in the case of Liberty india (317 ITR 218).

Is comparision of earning of carbon credit with Export incentive correct/ justifiable?
 

3
Discussion / Daga Capital
« on: June 02, 2009, 11:53:32 AM »
Dear Freinds,

Is Daga decision (SB on applicability of section 14A) been referred to larger bench ?

4
Discussion / Long Term Loss - STT Paid
« on: March 10, 2009, 01:57:36 PM »
Dear Freinds,

On first principle basis, if the income is exempt from tax, even the loss is exempted from tax i.e.loss is not available for any set off.

However, can the Assessee take a stand that claiming of exemption is the previllage of the Assessee (e.g.exemption u/s 10A, courts have held that the Assessee has an option to claim the exemption). Accordingly can he have a case to claim set off of such loss.

Is there any other ground available for such a claim?

is there any specific provision in the law or an S Court rulling directly on this issue?

Best Regards,

5
Discussion / Business Vs Investment
« on: November 21, 2008, 01:21:16 PM »
Dear All,

After the introduction of exemption or lower rate of tax on capital gains where STT is paid, the AO's are tempted to treat the investment activity as business activity and tax it at the full rate (business income) on one or other pretext.

What is the legal situation in the case where a HNI places his money with investment advisor under POA or PMS.

Can AO treat the same as business income on the ground that the transactions of sale and purchase are numerous?

Is there any decided case, circular or clarification on this issue (i.e.investments made under POA or PMS)?

Thanks and Best regards,
 ???


6
Discussion / MAT Credit Under section 115JAA
« on: September 16, 2008, 12:12:21 PM »
Dear All,

Can MAT credit be claimed against tax before surcharge and education cess?

Best Regards,

7
Discussion / Recent decsion of ITAT
« on: August 18, 2008, 07:17:10 PM »
INCOME TAX
Tribunal ruling to help cos save tax on share sale

Maharashtra : Corporates, brokerages and banks can take advantage of a recent ruling on taxation of gains from sale of shares. The income-tax tribunal has said that if a company sells stocks after moving the securities held as `stock-in-trade’ (or trading portfolio basket) to capital assets (equivalent to an investment portfolio), then the gain from such transaction will be considered as `capital gain’. The case pertains to a small Mumbai-based investment company, Bright Star Investment. The firm had bought shares of a particular company and reported them as `stock-in-trade’ in its books.

Source : The Economic Times-18/8/2008.

A copy of deciosn or citation will be of great help........

Thanks and Regards,

8
Discussion / Citation?
« on: August 12, 2008, 05:57:00 PM »
Dear Friends,

Can any one give me the reference or citation of the following Delhi High Court decison :

Publication:Economic Times Delhi;
Date:Aug 12, 2008;
Section:Policy; Page Number:13      


Prior period expenses

IN A recent ruling, the Delhi high court had an occasion to deal with the tax treatment of prior period expenditure. The court held that the question as to the year in which a deduction is allowable may be material when the rate of tax chargeable is different in different years. The court opined that where tax is levied at a uniform rate, it is immaterial whether the deduction is allowed in one assessment year or another. The tax department is not at loss in any event. The high court also observed that the tax department should restrain itself from raising points which do not affect the taxability of the assessee or the tax that the Department is likely to collect from the assessee in one year or other.

Thanks and Best Regards,

9
Discussion / Revenue Expenditure-Year of deductibility
« on: August 06, 2008, 02:42:47 PM »
Dear Friends,

A Co.(following accrual system of accounting) has incurred expenditure on software devlopment, which was held to be revenue in nature by the AO. However the expenditure was spread in two years and was claimed as deduction in the year in which the software was operationalised i.e year 2. The AO disallowed the portion of expenditure incurred in year 1 on the ground that the expenditure was not incurred during the relevant previous year.

Can the principle of put to use/available for use be applied in the case of revenue expenditure? ???


10
Dear Friends,

Bare reading of the clause (iv) to Explanation to section 115JB reveals that the Export profit computed under sub section (3) of section 80HHC has to be reduced. According, can one take a inference that the export profits computed under sub section (3) of section 80HHC can be reduced from 115JB inspite of the fact that no deduction under section 80HHC is available n the relevant assessment year. Attention is also invited to the latest decison of Mum ITAT in the case of Ajanta Pharma (2 DTR 241) where in the above view was taken by the Tribunal.

Best Regards,

11
Discussion / Book Profit Visa Vis Dividend Distribution Tax
« on: October 28, 2007, 04:48:48 PM »
Dear Friends, 8)

Just wondering, whether Dividend Tax paid U/s 115-O is deductible in computing book profit under section 115JB. Is there any judicial pronouncement / clarification from CBDT?

Can't we treat tax U/s115O at par with FBT and rely on the circular No.8 for claiming the deduction of 115-0 tax from book profit?

Best Regards, ???

12
Discussion / Reopening of Block Assessment
« on: September 25, 2007, 06:00:58 PM »
Dear All,

If inocme has escaped assessmet for any assessment year it can be reopened under section 147. However, can a Block Assessment Order passed under section 158BC be reopened under section 147, as the order is not for any assessment year, also the condition of time limit cannot be applied in the case of block assessment. Is their any judicial pronouncement on the matter.

Best Regards,

13
Discussion / Expl 1 to Section 271(1)(c)
« on: February 23, 2007, 11:53:09 AM »
Expl.1 to section 271(1)(c) provides for the presumption regarding the concealment of income in case where icome is enhanced/expenses are disallowed.

Q.1.Would this explanation also applies in the case of proceedings  initiated for "Furnishing of inaccurate particulars"?

Q.2.If no, whether SC decision in the case of Anwar Ali still hold good law in case of furnishing of inaccurate particukars of income?

14
Discussion / Book Profit U/s 115JB
« on: February 12, 2007, 04:43:02 PM »
In computing the book profit under section 115JB, is it the amounts of Profit eligible for deduction as computed under section 80HHC (3)(a)-(c)/(3A) or it is an amount of deduction claimed under section 80HHC (as computed under section 80HHC)? If it is the amount of profit eligible for deduction, can we still claim this deduction for AY 2007-2008 as the eligible profits can still be computed under section 80HHC(3)(a)-(c) /3A?

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