1.  A Useful Presentation on Important aspects of Section 14A - of the Income Tax Act, 1961

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2.  COMMISSIONER OF INCOME TAX-II Vs PRIYANK GEM, Tax Appeal No. 2343 of 2010, Dated: May 09, 2011, HIGH COURT OF GUJARAT

Whether when there are two possible views, the one which favours the assessee should be accepted.

The entire issue is based on appreciation of evidence on record. The Tribunal has given cogent reasons to come to the conclusion that several facts pointed to the seized diamonds being those shown by the assessee in the books of account. The declaration by the assessee, even before the search, in the course of return previously filed and the valuation of the closing stock and the valuation of the seized diamonds as per the Department were same. All these factors persuaded the Tribunal to come to the conclusion that the seized diamonds did not form part of undisclosed source of the assessee. The Tribunal's finding cannot be said to be perverse. At best, the view taken by the AO, as confirmed by the CIT [A] could also be one of the plausible views. Nevertheless, when the Tribunal, on the basis of evidence on record, has come to a certain factual findings, simply because the Tribunal's view was different from the one held by the AO, this would not permit the Court to interfere with the order under challenge.

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3.  COMMISSIONER OF INCOME TAX-2, MUMBAI Vs TATA SSL LTD, Income Tax Appeal No. 1321 OF 2010, Dated: June 08, 2011, HIGH COURT OF BOMBAY

Whether expenditure incurred for CNG connection is revenue expenditure.

In the present case, the finding recorded by the Tribunal is that the assets remained the property of Mahanagar Gas Ltd. and that the sole object of payment was to get gas to facilitate the manufacturing activity carried on by the assessee. In these circumstances, no fault can be found with the decision of the Tribunal that the expenditure was incurred as an integral part of the profit earning process and not for acquisition of an asset of a permanent character.

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4.  [Contribution by  CA. Manoj Gupta, and contributor is available on Mobile No. 9899686676 / email-id: mgupta2803@gmail.com ]

A Useful Article on “MOTIVATION”

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