Daily Archives: August 20, 2015

CENVAT credit on Capital Goods when depreciation on duty element reversed in revised ITR

By | August 20, 2015

CENVAT credit on Capital Goods when depreciation on duty element reversed in revised ITR Q: Whether CENVAT credit on Capital Goods will be allowed if depreciation claimed on duty element has been reversed in the revised  income tax return ? Where depreciation was originally claimed on duty paid on capital goods  but, later revised return… Read More »

Delay in filing appeal against auction

By | August 20, 2015

Q: When will  Delay in filing appeal against auction be condoned? SARFAESI : Where respondent-bank had neither published an auction notice in newspaper in respect of auction of property of which petitioner was joint owner nor had bank served a personal notice on petitioner in respect of same, there was no occasion for petitioner to… Read More »

Interest on loan from Debtor disallowed

By | August 20, 2015

Q : When will Interest on loan from Debtor disallowed? Where assessee-company received loan of certain sum from its holding company, ‘F’ and claimed interest on said loan, since ‘F’ was a debtor of assessee-company of more than double amount of loan, allowance of deduction was amount to diversion of income of assessee-company; interest paid… Read More »

when registration under section 12A can be denied to school

By | August 20, 2015

Q : when registration under section 12A can be denied to school? Assessee-trust filed an application for registration under section 12A and claimed exemption on ground that school ran by it was imparting education and, therefore, trust was meant for charitable purpose . Commissioner made an enquiry and was of opinion that assessee intended to… Read More »

No TDS on sum paid for services rendered outside india

By | August 20, 2015

No TDS on sum paid for repairing of aircraft where the fees are payable in respect of services utilised in a business or profession carried on by such person outside India or for the purposes of making or earning any income from any source outside India Q; When Assessee  engaged in wet leasing of aircrafts to foreign… Read More »

Section 11 exemption to Cricket Association

By | August 20, 2015

Question: Where the Assessee is not conducting any business activity and not providing service to any trade, commerce or industry, it is eligible for exemption under section 11 ? It is BCCI, the parent organization, which is organizing and conducting T-20, one-day matches or IPL matches. The role of the assessee-society(TNCA) is only to provide stadium… Read More »