Judgements by CS Bijoy

Applicability of IT Rules on Plot Society and Flat Society are not similar

CS Bijoy 29 February 2012 at 13:13

On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in deleting the premium on transfer fees of Rs. 10,60,000 received from members relying on the decision of the Mumbai High Court in the case of Sind Coop. Hsg. Soc

Posted in Income Tax | 1422 Views

As per sec 92 (1) in international transaction not only the item of income but expenses and interest are also covered

CS Bijoy 29 February 2012 at 13:13

Ground nos.1 and 2 deal with the deletion of addition of ‘.49,99,680 on account of adjustment made to arm’s length price (ALP) in respect of international transaction with Associated Enterprise (AEs). Briefly stated the facts of these grounds are tha

Posted in Income Tax | 1761 Views

In assessment under sec 143(3) opportunity to the assessee to prove that it had fulfilled the condition of 3rd provision of sec 80HHC(3) is o be given

CS Bijoy 27 February 2012 at 12:07

Briefly stated facts of the case are that the assessee firm is engaged in the business of export. The scrutiny assessments u/s 143(3) were completed for the assessment years 2002-03 and 2003-04 on 31.1.2005 and 14.9.2005 determining the total income

Posted in Income Tax | 3476 Views

As per sec 254(2) if period of limitation is given for rectification of the order than application for rectification is to be accepted made within the period

CS Bijoy 27 February 2012 at 12:07

Firstly it is noticed that this ground arises very much from the order passed by the learned CIT(A). Secondly a letter dated 08.11.2007 addressed to the Registry, I.T.A.T, by Shri Pankaj Kumar, ACIT, Circle 1(1), Mumbai is there on record containing

Posted in Income Tax | 1437 Views

In order to take benefit of sec 68 of receive of amount from relative exempt under sec 56(1) the definition of relative should be fulfilled

CS Bijoy 25 February 2012 at 16:04

The short issue in the present appeal by the assessee is with reference to addition of Rs.9,45,000/-, a gift received from the sister of the assessee brought to tax under section 68 of the Income Tax Act. The Assessing Officer was of the view that th

Posted in Income Tax | 1728 Views

As per sec 251 of the Act CIT has no power to set aside any matter to the file of AO for fresh verification without considering additional evidence

CS Bijoy 25 February 2012 at 16:03

In the facts and in the circumstance of the case, the Ld.CIT(APPEAL) erred in bifurcating the interest free advance of Rs. 2.43 crores granted to M/s. Tarajyot Polymers Pvt. Ltd. partly as business advance for the part of the year and partly as non-b

Posted in Income Tax | 2249 Views

Advance receipt for providing any facility cannot be consider as income and in the absence of Income from property sec 28 is not applicable

CS Bijoy 22 February 2012 at 12:37

It was observed that certain advances were received by the assessee from the intending buyers in terms of agreement dated 30.01.1999 for providing electrical connection and fire fighting equipments. These advances were not considered to be receipts i

Posted in Income Tax | 1618 Views

In assessment under sec 143(3) difference with books of account should properly explained or addition can be made and interest under sec 234B can be charged.

CS Bijoy 22 February 2012 at 12:37

It was observed that the balance in the shares account is Rs.23,52,580/- whereas as per books of account and as per trial balance it is Rs.22,93,130/- and assessee has failed to explain the difference or substantiate his plea that there is no differe

Posted in Income Tax | 1649 Views

Once the matter was decided in a earlier appeal than new appeal cannot on the same subject be raised before the same appellate authority

CS Bijoy 22 February 2012 at 12:36

When these facts were brought to the notice of the ld. counsel for the assessee, he fairly submitted that the second appeal could not have been filed against the same order when the first appeal had already been dismissed by the ld. CIT(Appeals). On

Posted in Income Tax | 1711 Views

In Case issue involved is identical and facts are similar than the order can be setaside and restore the case in the file of the AO

CS Bijoy 21 February 2012 at 14:24

At the time of hearing, the learned AR submitted that the assessee company has not received assessment order passed by the Assessing Officer u/s 148 r/w section 143(3) for the assessment year 2002-03 as stated by the Assessing Officer that the order

Posted in Income Tax | 1296 Views