Molasses produced in sugar factory is Scrap exigible to TCS

ITAT ASR in Nawanshahar Co-op. Sugar Mills Ltd; I.T.A. Nos. 311, 312, 313 & 314(Asr)/2012 upheld the decision of CIT A quated below:

Transport Subsidy is not eligible for Deduction u/s 80IB

Maken Cement Industries 7-11-2012 ITAT ASR ITA 63/2011
Followed: Sterling Foods(SC) 237 ITR 579 and Pandian Chemicals Ltd 262 ITR 278 (SC)

AIR Information Case onus does not completely shift to the assessee

Just because an AIR indicating the PAN of assessee, the onus does not shift completely to assessee. Provision of section 69 couldn't be applied if assessee claims that the entries in AIR represent sale transactions, and the AO fails to prove otherwise
[2012] 27 taxmann.com 321 (Mumbai - Trib.)
Threadneedle Investment Fund ICVC Asia Fund NOVEMBER 27, 2012

For transportation charges paid in pursuance of contract for purchase no TDS is attracted

[2012] 27 taxmann.com 304 (Gujarat)

HIGH COURT OF GUJARAT

Commissioner of Income-tax (TDS)

v.

Krishak Bharati Cooperative Ltd.*

JULY 12, 2011

Service Tax is payable on value of study material and mock tests

CESTAT, NEW DELHI BENCH

Aditya Kumar

v.

Commissioner of Central Excise, Lucknow

MISC. ORDER NO. ST/M/190 of 2012-CUS.

STAY ORDER NOS. ST/S/543-544 of 2012-cus.

APPLICATION NOS. ST/STAY/3227 & 3363 OF 2011 & ST/COD/409 OF 2011

APPEAL NOS. ST/1527 & 1607 OF 2011

APRIL 30, 2012

Instructions of DIT Systems for procedure for adjustments of demand

As per Instructions dated 27-11-2012 F.No. DIT(S)-III/CPC/2012-13, procedure for adjustments of refunds has been given to be followed by AOs and CPC:
- CPC to issue prior intimation u/s 245 before adjusting demand against refund
- CPC shall fortnightly inform CCIT about intimations sent under his charge.
- Assessee can reach AO with in 15 days from intimation of demand regarding grievance relating to demand.
- AO to rectify or confirm demand with in 30 days from receipt of grievance
- Modifications of demands to be made by AO following verification of documents submitted by assessee.

E-filing of Vat 20 from 1-12-2012/5-12-2012

1. It has been decided that the Annual VAT Returns for the year 2011-12 will be received in form VAT-20 online through the e-Return module being implemented by the Excise and Taxation Department, Punjab. All concerned are requested to note that the annual return will now be filed from 1st December 2012 to 31st December 2012.  “No manual return in form VAT-20 will be received in the offices of the Excise and Taxation Department after 31thOctober 2012.”
2. The annexures which are to accompany the VAT-20 shall be submitted after filing of the return to the respective AETCs in-charge of the district. The annexures must be accompanied by the system  generated acknowledgment of e-Return. The last date for this activity shall be 4thJanuary 2013.
3. Those dealers who have already filed their returns for this period to their respective AETC need not file again.
4. The procedure for e-filing the  Annual VAT returns will be the same as the procedure prescribed for e-filing of the quarterly returns. The facility shall be available on the Department’s website www.pextax.com from 01.12.2012.( Vide Notice on 1-12-2012 date changed to 5-12-2012)

Lucky Coupon Scheme of Vat Department for retail purchase between 4-11-12 to 31-12-2012

The Punjab Government is offering attractive prizes to the customers/retail purchasers who take retail invoices (bills) from their respective shopkeepers for their retail Purchases.  The prizes of amount up to Rs. 10 Lakhs per division will be awarded on the basis of lucky draw in all the seven excise and taxation divisions of the department. These prizes shall be awarded not only to the retail consumers but also to the shopkeepers who have issued these bills. This scheme is applicable for all the retail purchases made by the consumers from 04-11-2012 to 31.12.2012.

          The procedure for the conduct of the draw and prizes shall be intimated later on. All the consumers are requested to get the bills for the items purchased from the shop keepers and keep the bills with them till these bills are submitted to the department as per procedure laid down. However, this scheme will not be applicable for petroleum products.    

Quality of Scrutiny Assessment to be improved

IMPROVING QUALITY OF SCRUTINY ASSESSMENTS - CENTRAL ACTION PLAN ('CAP') FOR FINANCIAL YEAR 2012-13

LETTER DO F.NO. 225/97/2012/ITA.II, DATED 25-9-2012

As you are aware, the CBDT has laid special emphasis in the CAP 2012-13 for improving the quality of assessments. In this regard, a strategy has been mentioned at Annexure-II (pgs. 38-43) of CAP Document.

2. The then Member (IT) had asked the Chief-Commissioners of Income-tax ('CCsIT') to send list of top 100 quality assessments in respective charges. This direction of Member was not complied with by many of CCsIT which has been viewed seriously by the Board. It is expected from the field-formation that in future the directions of the Board will not be ignored.

3. Some CCsIT have forwarded the list in mechanical manner without bringing out the quality aspect of the assessments. The analysis of the information supplied to the Board shows that the quality of assessments in the FY 2011-12 has been far from satisfactory in majority of cases.

4. The CCsIT are therefore requested to sensitize the Assessing Officers in their Region to pay focused attention towards the pending assessments to be completed till March, 2013. The strategy mentioned in CAP document should be followed by each Assessing Officer to bring out the quality in assessments. The steps suggested in the guidelines for scrutiny cases should also be scrupulously adhered to.

I am confident that if proper attention is paid to this aspect of work at this stage it will help not only in improving quality of assessments but also in augmenting the post assessment tax revenues.

Tax Accounting Standards u/s 145(2) dated 26-10-2012

Section 145(1) of the Income-tax Act, 1961 ('the Act') provides that the income chargeable under the head "Profits and gains of business or profession" or "Income from other sources" shall [subject to the provisions of sub-section (2)] be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Section 145 (2) provides that the Central Government may notify Accounting Standards ('AS') for any class of assessees or for any class of income.

No notice u/s 148 can be issued by predecessor AO

The case of assessee was transferred from Mumbai to Pune. No notice u/s 148 can be issued by Pune ACIT /CIT who quashed the transfer orders secretly at their end without informing assessee.

Fiat India Automobiles Ltd IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CIVIL APPELLATE JURISDICTION WRIT PETITION NO.8657 OF 2012

Arrears of demand not to be adjusted against refunds for AY 2012-13 unless certified correct by AO

Letter dated 5-11-2012  F.No. DIT(s)-III/CPC/2012-13-14161-78

No penalty for human error of invoice being left in vehicle when excise delivery challan was produced by the driver

Punjab and Haryana High Court
M/s. Desai Brothers VAT Appeal No.36 of 2012(O&M)
Date of decision: 26.09.2012

Cancellation of sales of immovable property held as stock in trade entitles assessee to revise return under section 139(5)

[2012] 27 taxmann.com 15 (Mumbai - Trib.)

IN THE ITAT MUMBAI BENCH 'A'

Lok Housing and Constructions Ltd.

v.

Assistant Commissioner of Income-tax-8(3)(OSD)

Cessation of liability to repay loan for capital asset is capital receipt

Section 41(1) of the Income -tax Act, 1961 - Remission or cessation of trading liability - Repayment of loan - Assessment year 2004-05 - Whether cessation of liability to repay a loan taken to purchase a capital asset does not result in a revenue receipt and it is not taxable under section 41(1) - Held, yes [Para 8 & 9] [In favour of assessee]

Section 28(iv) of the Income-tax Act, 1961 - Business income - Value of benefit arising from exercise of business or profession - Whether cessation of liability to repay a loan taken to purchase a capital asset does not result in a revenue receipt and it is not taxable under section 28(iv) - Held, yes [Para 8 & 9] [In favour of assessee]

[2012] 26 taxmann.com 333 (Bombay)

HIGH COURT OF BOMBAY

Commissioner of Income-tax-3

v.

Xylon Holdings (P.) Ltd.*

S.J. VAZIFDAR AND M.S. SANKLECHA, JJ.

IT APPEAL NO. 3704 OF 2010†

SEPTEMBER 13, 2012

No addition can be made u/s 69A on th basis of statement recordrd at the back of assessee

Section 69A read with section 132 of the Income-tax Act, 1961 - Unexplained money - Opportunity of hearing - On basis of search conducted against third person and his statements recorded therein, assessment for assessee was reopened and additions were made under section 69A - Tribunal deleted additions on ground that Assessing Officer violated principles of natural justice as assessee was not provided with statements and materials on basis of which additions were made - Whether though Tribunal's reasoning about denial of opportunity to assessee could not be faulted with, but in light of decision of Supreme Court in ITO v. M. Pirai Choodi [2011] 334 ITR 262/20 taxmann.com 733, matter was to be remitted back for fresh consideration by Assessing Officer who would proceed to make available necessary documents adverse to assessee - Held, yes [Para 5] [Matter remanded]

[2012] 27 taxmann.com 9 (Delhi)

HIGH COURT OF DELHI

Commissioner of Income-tax

v.

PC Chemicals*

S. RAVINDRA BHAT AND R.V. EASWAR, JJ.

IT APPEAL NOS. 281, 282, 285 TO 287 & 364 TO 366 OF 2012

SEPTEMBER 13, 2012

Excise duty not to be included in value of stock

Supreme Court [2012] 26 taxmann.com 331 (SC) SEPTEMBER 19, 2012
Section 145 of the Income-tax Act, 1961 - Method of accounting - Valuation of stock - Excise duty - Assessment years 1995-96 and 1997-98 - Whether where assessee is following net method of valuation of closing stock, excise duty is to be excluded from value of closing stock of finished goods at end of accounting period - Held, yes [Para 5] [In favour of assessee]
The judgement of the Bombay High Court in the case of CIT v. Indo Nippon Chemical Co. Ltd. [2000] 245 ITR 384/112 Taxman 555 squarely applies to this case and the same has been affirmed by this Court, which is reported in CIT v. Indo Nippon Chemicals Co. Ltd.[2003] 261 ITR 275/130 Taxman 179 (SC)

Cenvat Credit of duty paid more than liability can be claimed

Learned counsel for the appellant submits that even if the duty has been paid in excess of the amount finally held to be payable, unless the excess duty paid has been refunded, the assessee could claim cenvat credit as the department could not get the duty twice. Reliance has been placed on order of this Court dated 22-7-2010 in CEA No. 42 of 2010 Commissioner Central Excise v. Guwahati Carbons Ltd. (Punj. & Har.) wherein after referring to earlier judgments of this Court in CCE v. Ranbaxy Labs Ltd. 2006 (203) E.L.T. 213 (Punj. & Har.) andCCE v. Swaraj Automotives Ltd. 2002 (139) E.L.T. 504 (Punj. & Har.) and judgment of Madras High Court in CCE v. CEGAT, Chennai 2006 (202) E.L.T. 753 the plea of the assessee was upheld. Learned counsel for the respondent is unable to distinguish the applicability of the judgment relied upon on behalf of the appellant.

Vat on Builders

The Bombay High Court today dismissed a bunch of petitions filed by builders against two circulars of the Maharashtra Sales Tax department which levied VAT on all property transactions between 2006 and 2010.

No reasessment after four years from the expiry from relevant assessment year if income escaping assessment is less than 1 lakh

ITAT Asr 31-10-2012  in I.T.A. Nos.522 & 523 (Asr)/2011 Harniranjan Kaur
Cases relied upon:

1) CIT vs. Atlas Cycle 180 ITR 319 (P&H)
2) Sagar Enterprises vs. CIT 257 ITR 335 (P&H)
3) Prashant S. Joshi vs. ITO 324 ITR 154 (Bombay)
4) P.V. Doshi vs. CIT 113 ITR 22 ( Gujarat)
5) Smt. Meera Ananta Naik  Ors vs. DCIT 221 CTR 149 (Bom.)

Appeal is liable to be dismissed for non presence of counsel

Held by ITAT Asr in ITA 246 & 247/2010 on 30-10-2012:
The law assists those who are vigilant and not those who sleep over their rights. This principle is
embodied in the well known dictum “VIGILANTIBUS, NON DORMENTIBUS, JURA SUBVENIUNT’. Considering the facts and keeping in mind the provisions of Rule 19(2) of the Appellate Tribunal
Rules and by relying on the decision of the ITAT Delhi Bench, in the case of C.I.T. Vs. Multiplan India Ltd; 38-ITD-320 and the judgment of the Hon’ble Madhya Pradesh High Court in the case of Estate of Late Tukoji Rao Holkar Vs. CWT (1997) 223-ITR-480,  the appeals are dismissed for want of prosecution

SLP filed against decision of High Court

SLP filed against decision of High Court even if admitted by SC is of no avail unless order of High Court is stayed by SC
ITA (Asr)/65/2010 dated Vinod Jain c/o VK Metals and ITA 68/2010 Balaji Rosins (SB) 26-10-2012

ITAT Asr on 2(22)(e)

ITA 148/2011 15-10-2012 Satish Kumar Aggarwal
During the year under consideration the company M/s. Satish Agg Private Limited enagged in lending of money lent money to partnership firm M/s Satish Agg & Co in which partners held more that 20% share. Held by ITAT Asr no addition can be made in hands of firm for money advanced by company to firm.
Cases relied upon:
Bhaumic Colour (Spl Bench of ITAT)
Hiltop (Rajasthan HC) 313 ITR 116
ITA No.331(Asr)/2009 dated 26.08.2009

ITAT Asr on road contractor

ITAT Asr allowed the appeal of assessee who is road contractor holding that nature of business of road contractor is such that earth has to be used hence expenses should be allowed although assessee could not produce the proper evidence supporting the expenses in respect of payments made to truck owners. Moreover the assessee had shown better net profits as compared to last year.
ITA 148/2011 15-10-2012 Satish Kumar Aggarwal

No addition can be made for trade creditors u/s 68

Addition u/s 68 with regard to trade creditors i.e., the creditors from whom purchases have been made in regular course of business.
It has been held in the following cases that no addition can be made in the case of persons from whom purchases have been made in the regular course of business:-
• CIT vs. Pancham Dass Jain 205 CTR 444 (All)
• Annamaria Travels & Tours (P) Ltd. 95 TTJ 71 (Del)
• CIT vs. M.K. Brothers 163 ITR 249 (Guj.)

Addition u/s 68 for unexplained creditors not sustainable where trading results are accepted

M/S. Divine International Delhi ITAT ITA 1493/2011 dated 30-9-2011.

Underwriting commission and interest on bonds earned by a co-op bank is entitled for deduction under section 80P

[2012] 25 taxmann.com 237 (SC)

SUPREME COURT OF INDIA

Commissioner of Income-tax, Jalandhar

v.

Nawanshahar Central Co-op. Bank Ltd.*

S.H. KAPADIA, CJ.

MADAN B. LOKUR, J.

CIVIL APPEAL NOS. 5975 & 5976 OF 2004

AUGUST 30, 2012

Section 80P of the Income-tax Act, 1961 - Deduction - Income of co-operative society - Whether a Co-operative bank is entitled for deduction under Section 80P(2)(a)(i) in respect of income earned from underwriting commission and interest on PSEB Bonds and IDBI Bonds - Held, yes [In favour of assessee]

CASE REVIEW

---

CIT v. Nawanshahar Central Co-op Bank Ltd. [2007] 160 Taxman 48 (SC) (para 2) followed.

ORDER

---

Heard learned counsel on both sides.

The civil appeals are dismissed.

No order as to costs.

ORDER

---

Heard learned counsel on both sides. In these appeals, following questions of law arise for determination:

"[a]  Whether the High Court was justified in holding that the Respondent-Assessee was entitled for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961 in respect of income from underwriting commission and interest on PSEB Bonds and IDBI Bonds?

[b]  Whether the High Court was justified in affirming the decision of the Tribunal that the income earned by the Assessee which was derived from underwriting the issue of bonds and investments in PSEB Bonds was in the nature of income from banking business and hence qualified for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961?"

In view of the decision of this Court in the case of Commissioner of Income Tax, Jalandhar v. Nawanshahar Central Cooperative Bank Limited [Civil Appeal No.2499 of 2005/[2007] 160 Taxman 48 (SC) @ S.L.P. (C) No.3826 of 2004], these civil appeals filed by the Department are dismissed.

No order as to costs.

Payments made by assessee manufacturer of milk products to milk producers through an agent in cash for purchase of milk are covered by exception clauses (f) and (l) of rule 6DD

[2012] 25 taxmann.com 209 (Hyderabad - Trib.) Heritage Foods (India) Ltd.*

CIT can not reject stay of demand without reasons

Order rejecting stay on demand should be reasoned one - Application for stay of demand of tax cannot be rejected without considering assessee's submissions and without giving reasons for rejection
Balaji Universal Tradelink (P.) Ltd. [2012] 25 taxmann.com 256 (Bombay)

No TDS on Reimbursement of Charges

Reimbursement of validation charges in respect of testing of medicine manufactured under contract 
[2012] 26 taxmann.com 7 (Bangalore - Trib.) Allergan India (P.) Ltd.

WDV of an asset which had been written off from books on ground of its being obsolete, has to be reduced from WDV of block of assets

Allergan India (P.) Ltd. [2012] 26 taxmann.com 7 (Bangalore - Trib.)

Ignorance of law by Non Resident is valid excuse for penalty

Where foreign company having deputed assessee-non-resident in India, paid salary to him after deducting taxes payable, failure of assessee to show said income in his return was to be regarded as bona fide mistake for which penalty under sec. 271(1)(c) could not be levied
Emilio Ruiz Berdejo [2012] 26 taxmann.com 24 (Pune - Trib.)

Where land sold by assessee to builder had been acquired by Government and assessee had received no compensation, no capital gains arose to assessee even though he received consideration from builder

Tej Singh [2012] 25 taxmann.com 573 (Agra - Trib.)
Anil Kumar Forma (HUF) v. CIT [2007] 289 ITR 245/163 Taxman 182 (Mad.) and CIT v. Karambir Singh [2008] 303 ITR 231/169 Taxman 85 (Punj. & Har.) (para 6.3) followed.

Institute providing academic services and applying income towards same is entitled to registration - Where assessee - Institute was registering students to write exams conducted by ICS, London, and providing necessary academic support to them and applying income towards purpose of Institute, registration u/s 12AA could not be denied

[2012] 25 taxmann.com 289 (Chennai - Trib.) Institute of Chartered Shipbrokers

No addition for investment in property can be made where rental income is disproportionately high

[2012] 25 taxmann.com 550 (Delhi) Dinesh Jain HUF
Valuation provisions of wealth tax also can not be used

Details disclosed in Income-tax returns are exempt from disclosure under RTI Act unless disclosure justified in larger public interest

Girish Ramchandra Deshpande [2012] 25 taxmann.com 525 (SC)

Where there was difference of opinion between judicial authorities on allowance of credit u/s 88E and view taken by Assessing Officer in course of assessment was in accordance with judicial precedents, revision was not justified

[2012] 26 taxmann.com 55 (Kolkata - Trib.) Todi Securities (P.) Ltd.

No denial of section 54F exemption on registration of residential property in name of minor daughter - Exemption under section 54F will be admissible even where assessee has registered residential house property in name of his minor daughter

N. Ram Kumar [2012] 25 taxmann.com 337 (Hyderabad - Trib.)
Mir Gulam Ali Khan v. CIT [1987] 165 ITR 228/[1986] 28 Taxman 572, CIT v. Ravindra Kumar Arora [2012] 342 ITR 38/[2011] 203 Taxman 289/15 taxmann.com 307 (Delhi) and Third ITO v. S. Vardarajan [1989] 33 TTJ 466 (Mad.) (para 7) followed.

Jainarayan v. ITO [2008] 306 ITR 335 (Punj. & Har.); Parkash v. ITO [2009] 312 ITR 40/[2008] 173 Taxman 311 (Mum.) and ITO v.Prakash Timeji Dhanjede [2002] 258 ITR (AT) 114 (Nag.) (para 7) distinguished.

Where Assessing Officer undertakes scrutiny assessment, raises queries and after that does not make any addition, Assessing Officer can be said to have formed an opinion and reopening of such an assessment would be held to be due to mere change of opinion

Gujarat Power Corpn. Ltd. [2012] 26 taxmann.com 51 (Gujarat)

No disallowance of interest for debit balance in partner capital account

If debit balance in partners' capital account is due to loss and not due to any amount withdrawn there can be no dis allowance of interest u/s 36(1)(iii)
Meerut Rubber Factory ITA 5114/2010 ITAT DELHI

Capital Asset must be created before making application for grant of registration u/s 12AA

Hardayal Charitable and Educational Trust [2012] 25 taxmann.com 288 (Agra - Trib.)    In the instant case, the building of educational  institution was still under construction and no educational activity was carried on till date of making application u/s 12AA. Hence ITAT asked to make fresh application when activity is started. 
Self Employers Service Society v. CIT [2001] 247 ITR 18/[2000] 113 Taxman 703 (Ker.) (para 13) followed.

Amount paid to wife of late partner was allowed as deduction.

The issue before the Tribunal was whether the amount paid by the assessee to Mrs Mehru Minoo

Shroff, wife of late Dr M.S.Shroff is first charge on receipts of firm in terms clause 13 of the partnership deed executed on 1-4-2003. Held that, as there was an absolute contractual obligation imposed on the continuing firm/partners by the partnership deed to pay an amount of 2% of the gross receipts subject to maximum of 3 lakhs p.a. to the legal heir of the deceased partner, it was a first charge on the receipts of the continuing firm/partners and constituted a diversion of income by overriding title. The claim of assessee was allowed

Shroff Eye Centre v. ACIT ( Delhi)(Trib.) www.itatonline.org

If developer has taken any steps in relation to construction of flats, on the basis of development agreement, then it has to be considered as transfer under section 2 (47)(v)

When an owner enters into an agreement for development of the property and certain rights are assigned to the developer who in turn has made the substantial payment and taken steps to construction of flats , then the transaction is held to be a transfer under section 2(47)(v). Legal ownership continued with the owner does not have bearing on taxability of capital gains. Though total profits received in later year for the purpose of capital gains tax the year of transfer is relevant. On the facts of the case the provisions of section 53A of Transfer of Property Act is held to be applicable
ACIT v. A. Rama Reddy ( 2012) 52 SOT 521 (Hyd.)(Trib.)

Service Tax Return for April to June 2012 to be submitted till 25-10-2012

As per notification 47/2012 dated 28-9-2012, service tax return for QE 30-6-2012 only to be submitted till 25-10-2012

Investment out of cash accumulated by assessee accepted

Santokh Ram ITA 24/2011 dated 25-7-2012 of ITAT ASR


The cases relied upon by the assessee are as under:
 i) Shivcharan Dass vs. CIT 126 ITR 263 (P&H)
ii) Bhawna Sareen vs DCIT, Jalandhar, ITA No.217(Asr)/2010 (Amritsar Bench).
iii) ITO vs. Chaman Lal Nagpal , ITAT, Amritsar Bench (2006) 102 TTJ(Asr) 890.
iv) Asstt. CIT vs. Jagdish Raj Chauhan, ITAT, Amritsar  Bench (2006) 100 TTJ (Asr) 64
v) CIT vs. K. Sreedharan 201 ITR 1010
vi) R.K.Dave vs. Ito , ITAT Jodhpur Bench (2005) 94 TT

S. 54F exemption can be claimed if amount invested although construction not completed

IN THE ITAT AMRITSAR BENCH

Smt. Usha Vaid

v.

Income-tax Officer, Dasuaya

IT Appeal No. 98 (Asr.) of 2011

[Assessment year 2006-07]

July 27, 2012

This view is supported by the decision of the Hon’ble Madras High Court in the case of  CIT vs. Sardar Mal Kuthari 302 ITR 286. The Ld. counsel for the assessee has also placed reliance on the following decisions : 

i)  Mrs. Seetha Subramanian vs. ACIT 56 TTJ 417 (Mad)  

ii)  Smt. Ranjit Sandhu vs. DCIT 133 TTJ (Chd)(UO) 46 (2010). 

S.54 and S.54EC can be claimed simultaneously

IN THE ITAT MUMBAI BENCH ‘D’

Assistant Commissioner of Income-tax, Cr-23(2)

v.

Deepak S. Bheda

IT APPEAL NO. 5011 (MUM.) 2010

[ASSESSMENT YEAR 2007-08]

JUNE 15, 2012

Transactions in commodity exchange to be treated non speculative w.e.f. 01-04-2006

Held by ITAT Mumbai in ITA 2742/2011 in case of Arnav Akshay Mehta on 12-09-2012
ITAT held that s.43(5)(d) to apply retrospectively w.e.f. even if MCX recognized  on 22-5-2009
The issue that 43(5)(d) applies to securities and not commodities not dealt in the case

Cash Receipt of Share Application Money is not contravention of 269SS

 INCOME TAX APPELLATE TRIBUNAL, DELHI

ITA No.2858/Del/2012 – Assessment year: 2008-09

Deputy CIT V/s.  M/s Alpex Exports (P) Ltd.

Date of pronouncement 28-08-2012

Addition can not be made only on the basis of low GP ratio

1. ITA 4126/Del/2010 (ITAT Delhi) Sh. Prem Chand vs ITO
2. ITA 1406/2012/Del (ITAT) ITO vs Sai Internaitonal
3. 296 ITR 45 (Gau) Madnani Cosntruction Corporation
4.  38 ITR 579 S.N. Namasivyam Chhettiar
5. 26 ITR 159   Pandit Bros.
6. S. Veeriah Reddiar 38 ITR 152 Ker
7. International Forest Co. v. CIT [1975] 101 ITR 721 (J&K)                                                                                                       
8. Aluminium Industries (P.) Ltd. v. CIT [1995] 80 Taxman 184 (Gauhati)
9. CIT v. Paradise Holidays [2010] 325 ITR 13 (Delhi).                                                                               The accounts which are regularly maintained in the course of business and are duly audited, free from any qualification by the auditors, should normally be taken as correct unless there are adequate reasons to indicate that they are incorrect or unreliable. The onus is upon the Revenue to show that either the books of account maintained by the assessee were incorrect or incomplete or that the method of accounting adopted by him was such that true profits of the assessee cannot be deduced therefrom