II. Today's Tenders Info.
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UTTAR PRADESH STATE HIGHWAYS AUTHORITY
MULTI LOCATION - MULTI STATE - India
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DIRECTORATE OF SHIKSHA ABHIYAN
SRINAGAR - JAMMU AND KASHMIR
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III. Judicial Pronouncement
1. M/s PEICO ELECTRONICS & ELECTRICALS LTD (NOW KNOWN AS PHILIPS INDIA LTD) Vs. COMMISSIONER OF INCOME TAX, WEST BENGAL-IV & ANR, ITA No. 353 of 2004, Dated: August 12, 2011 High Court of Calcutta
Whether the assessee is entitled to set off the amount of depreciation being less than the amount of loss as claimed in the books of account for the preceding year while computing book profits u/s 115J.
Once loss is held to be arrived at after taking into account depreciation, the amount of depreciation under the Companies Act of Rs. 13,85,66,473/- is to be set off in terms of clause (iv) of the Explanation to Section 115 J of the Act. Thus, it was the duty of the AO to set off the said amount as the said duty falls within the purview of the limited power of making increases and reductions as provided for in the Explanation to the said section.
(Please click here for judgment)
2. TRIUMPH INTERNATIONAL FINANCE INDIA LTD. Vs. ASST COMMISSIONER OF INCOME TAX, IT(SS)A No. 160/Mum/2007, Block Period: 1.4.90 to 3.3.2001, Dated: June 30, 2011 ITAT – Tribunal
It is an undisputed proposition of law that, though the levy of penalty u/s 158BFA(2) is not automatic and mandatory; but the Assessing Officer has to take into consideration all relevant facts and circumstances and particularly whether the undisclosed income computed in the block assessment is based on the evidences/material found as a result of search or requisition of books of account or other documents and material or information available with the Assessing Officer and relatable to such evidences. It has to be taken into consideration whether the undisclosed income computed in the block assessment represents the income, which would not have been offered by the assessee or detected by the authorities, if the same was not detected in the search action or a result of evidence found in the search or consequent investigation on the basis of the material found during the course of search ++ since the assessee’s case does not even fall in the first proviso as the assessee disclosed nil undisclosed income in the return of income and therefore, exception provided in the first proviso would not be attracted in the case of the assessee. Once the case does not fall in the proviso to sub section 2 of section 158 BFA then, the Assessing Officer or the CIT(A), as the case may be is empowered to impose penalty on the person when the undisclosed income determined under clause (c) of sec. 158BC is in excess of the undisclosed income returned by the assessee in pursuant to the notice u/s 158BC/BD.
(Please click here for judgment)
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