INCOME TAX REPORTS (ITR)
Business income --Capital gains--Long-term capital gains--Short-term capital gains--Gains from share transactions--Assessable as short-term and long-term capital gains--Income-tax Act, 1961-- CIT v. Nita Madhu Patel (Guj) . . . 107
Capital or revenue expenditure --Expenditure incurred on filling up pond--Advantage for the enduring benefit of business of assessee--Capital expenditure--Income-tax Act, 1961-- Budge Budge Co. Ltd. v. CIT (Cal) . . . 101
Depreciation --Suspension of work--Lock-out--No malice in suspension of work--Plant lying ready for use--Assessee entitled to depreciation--Income-tax Act, 1961, s. 32-- Budge Budge Co. Ltd. v. CIT (Cal) . . . 101
Search and seizure --Assessment in search cases--Undisclosed income--Voluntary offer on account of suppression of professional receipts--Payment made to third party outside books of account--Assessee trying to correlate transaction with surplus balance of cash available--No direct presumption that assessee made investment to that extent from available cash balance--Addition to that extent justified--Income-tax Act, 1961, s. 153A-- Prakash K. Kankariya v. Joint CIT (Bom) . . . 110
Appeal to Appellate Tribunal --Powers--Power to extend stay of demand beyond period of three hundred and sixty-five days--Tribunal to pass speaking order on each application and record satisfaction--If Revenue aggrieved by such extension in a particular case--Revenue can challenge before High Court--Income-tax Act, 1961, s. 254(2A)-- Deputy CIT (TDS) v. Vodafone
Essar Gujarat Ltd. (Guj) . . . 23
Essar Gujarat Ltd. (Guj) . . . 23 ----Powers of Tribunal--Constitutional validity of provisions--Power to grant stay of proceedings--Amendment of section 245 by Finance Act, 2008, empowering Tribunal to grant stay beyond 365 days even if delay not attributable to assessee--Provision violative of article 14 of Constitution--Provision struck down--Tribunal has power to grant extension of stay beyond 365 days in deserving cases--Income-tax Act, 1961, s. 254--Constitution of India, art. 14-- Pepsi Foods P. Ltd. v. Asst. CIT (Delhi) . . . 87
----Power of Tribunal to grant stay--Limited to total period of three hundred and sixty-five days from date of initial stay--Assessee’s appeal listed for hearing but not taken up for reasons not attributable to assessee--Stay continued till disposal of appeal--Tribunal directed to expedite disposal of appeal--Income-tax Act, 1961, s. 254(2A)-- New Delhi Television Ltd. v. Deputy CIT (Delhi) . . . 51
stay--Limited to total period of three hundred and sixty-five days from date of initial stay--Assessee’s appeal listed for hearing but not taken up for reasons not attributable to assessee--Stay continued till disposal of appeal--Tribunal directed to expedite disposal of appeal--Income-tax Act, 1961, s. 254(2A)-- New Delhi Television Ltd. v. Deputy CIT (Delhi) . . . 51 ----Rectification of mistakes--Powers--Power to rectify any mistake apparent from record and make amendments--Order of Tribunal challenged in higher court--No bar either on assessee or on Revenue to invoke power of rectification--Principle of judicial propriety has no application--Income-tax Act, 1961, s. 254(2)-- R. W. Promotions P. Ltd. v. ITAT (Bom) . . . 126
----Remand--Entire matter relating to assessments considered by Assessing Officer and Dispute Resolution Panel--Remand to be made to Dispute Resolution Panel and not Assessing Officer--Income-tax Act, 1961, s. 254-- Shanghai Electric Group Co. Ltd. v. Director of Income-tax (Delhi) . . . 46
Group Co. Ltd. v. Director of Income-tax (Delhi) . . . 46 Assessment --Additional tax--Adjustment made by assessee correct according to law on date of filing return--Subsequent Supreme Court decision not permitting adjustment--Additional tax not automatic--Additional tax could not be levied--Income-tax Act, 1961, s. 143(1)(a), (1A)-- Deputy CIT (Assessment) v. Surat Electricity Company Ltd. (Guj) . . . 121
Company Ltd. (Guj) . . . 121 Business --Business income--Cessation of liability--Amount claimed to be loan--Forfeiture of loan--No deduction of such amount--Amount not assessable under section 41(1)--Income-tax Act, 1961, s. 41(1)-- CIT v. Velocient Technologies Ltd. (Delhi) . . . 131
Cash credits --Amount shown as loan--Burden of proof on assessee to prove genuineness of transaction--No evidence that amount received as loan--Addition of amount to income under section 68--Justified--Income-tax Act, 1961, s. 68-- CIT v. Velocient Technologies Ltd. (Delhi) . . . 131
--Amount shown as loan--Burden of proof on assessee to prove genuineness of transaction--No evidence that amount received as loan--Addition of amount to income under section 68--Justified--Income-tax Act, 1961, s. 68-- CIT v. Velocient Technologies Ltd. (Delhi) . . . 131 Exemption --Educational institution--One of objects clauses providing trust could run business--No finding recorded that predominant object of trust to do business--Trust entitled to exemption--Income-tax Act, 1961, s. 10(23C)(vi)-- Harf Charitable Trust (Regd.), Malerkotla v. Chief CIT (P&H) . . . 110
Export --Special deduction--Assessee investing for a short period funds not immediately needed in regular business of export --Interest earned from such investment--No direct and proximate nexus--Assessable as “Income from other sourcesâ€--Income-tax Act, 1961, s. 80HHC-- Reliance Trading Corporation v. ITO [FB] (Raj) . . . 53
Corporation v. ITO [FB] (Raj) . . . 53 ----Special deduction--Earning of income convertible from foreign exchange by way of interest--Not a test for determining whether deduction is allowable in respect of income derived from profits retained for export business--Income-tax Act, 1961, s. 80HHC-- Reliance Trading Corporation v. ITO [FB] (Raj) . . . 53
----Special deduction--Insertion of sub-section (4B) excluding interest for purposes of section 80HHC--Will affect deduction of interest under section 80HHC for period prior to amendment--Income-tax Act, 1961, s. 80HHC-- Reliance Trading Corporation v. ITO [FB] (Raj) . . . 53
Corporation v. ITO [FB] (Raj) . . . 53 Loss --Business loss--Loss on sale of debentures--Finding that transactions of purchase and sale of debentures genuine--Loss deductible--Income-tax Act, 1961-- CIT v. Abhinandan Investment Ltd. (Delhi) . . . 153
Penalty --Concealment of income--Furnishing inaccurate particulars of income--Seized record showing assessee making payment to U. P. Distillers Association--Omission on part of assessee to answer question as regards payment--Presumption of concealment of income--Assessee disclosing additional income only after investigation by Director of Income-tax with certain evidence--Levy of penalty justified--Income-tax Act, 1961, s. 271(1)(c)-- CIT v. Balarampur Chini Mills Ltd. (Cal) . . .1
Reassessment --Grounds for reassessment--Failure to disclose material facts necessary for assessment--Failure to disclose details of transaction during assessment proceedings--Reassessment proceedings valid--Income-tax Act, 1961, ss. 147, 148-- CIT v. Velocient Technologies Ltd. (Delhi) . . . 131
----Notice--Validity--Restructuring arrangement between assessee-company and its subsidiary--Unexpired value of contracts transferred to subsidiary in exchange for shares--Assessment of income subsequent to transaction after enquiry by Assessing Officer and Dispute Resolution Panel--Subsequent reassessment proceedings on ground that transaction gave rise to capital gains--Change of opinion--Reassessment proceedings not valid--Income-tax Act, 1961, ss. 147, 148-- Lahmeyer Holding GmbH v. Deputy DIT (Delhi) . . . 70
transferred to subsidiary in exchange for shares--Assessment of income subsequent to transaction after enquiry by Assessing Officer and Dispute Resolution Panel--Subsequent reassessment proceedings on ground that transaction gave rise to capital gains--Change of opinion--Reassessment proceedings not valid--Income-tax Act, 1961, ss. 147, 148-- Lahmeyer Holding GmbH v. Deputy DIT (Delhi) . . . 70 Art. 14 --Appeal to Appellate Tribunal--Powers of Tribunal--Constitutional validity of provisions--Power to grant stay of proceedings--Amendment of section 245 by Finance Act, 2008, empowering Tribunal to grant stay beyond 365 days even if delay not attributable to assessee--Provision violative of article 14 of Constitution--Provision struck down--Tribunal has power to grant extension of stay beyond 365 days in deserving cases-- Pepsi Foods P. Ltd. v. Asst. CIT (Delhi) . . . 87
. 14 --Appeal to Appellate Tribunal--Powers of Tribunal--Constitutional validity of provisions--Power to grant stay of proceedings--Amendment of section 245 by Finance Act, 2008, empowering Tribunal to grant stay beyond 365 days even if delay not attributable to assessee--Provision violative of article 14 of Constitution--Provision struck down--Tribunal has power to grant extension of stay beyond 365 days in deserving cases-- Pepsi Foods P. Ltd. v. Asst. CIT (Delhi) . . . 87 S. 10(23C)(vi) --Exemption--Educational institution--One of objects clauses providing trust could run business--No finding recorded that predominant object of trust to do business--Trust entitled to exemption-- Harf Charitable Trust (Regd.), Malerkotla v. Chief CIT (P&H) . . . 110
S. 41(1) --Business--Business income--Cessation of liability--Amount claimed to be loan--Forfeiture of loan--No deduction of such amount--Amount not assessable under section 41(1)-- CIT v. Velocient Technologies Ltd. (Delhi) . . . 131
S. 68 --Cash credits--Amount shown as loan--Burden of proof on assessee to prove genuineness of transaction--No evidence that amount received as loan--Addition of amount to income under section 68--Justified-- CIT v. Velocient Technologies Ltd. (Delhi) . . . 131
S. 80HHC --Export--Special deduction--Assessee investing for a short period funds not immediately needed in regular business of export --Interest earned from such investment--No direct and proximate nexus--Assessable as “Income from other sourcesâ€-- Reliance Trading Corporation v. ITO [FB] (Raj) . . . 53
from such investment--No direct and proximate nexus--Assessable as “Income from other sourcesâ€-- Reliance Trading Corporation v. ITO [FB] (Raj) . . . 53 ----Export--Special deduction--Earning of income convertible from foreign exchange by way of interest--Not a test for determining whether deduction is allowable in respect of income derived from profits retained for export business-- Reliance Trading Corporation v. ITO [FB] (Raj) . . . 53
Corporation v. ITO [FB] (Raj) . . . 53 ----Export--Special deduction--Insertion of sub-section (4B) excluding interest for purposes of section 80HHC--Will affect deduction of interest under section 80HHC for period prior to amendment--Reliance Trading Corporation v. ITO [FB] (Raj) . . . 53
S. 143(1)(a), (1A) --Assessment--Additional tax--Adjustment made by assessee correct according to law on date of filing return--Subsequent Supreme Court decision not permitting adjustment--Additional tax not automatic--Additional tax could not be levied-- Deputy CIT (Assessment) v. Surat Electricity Company Ltd. (Guj) . . . 121
to law on date of filing return--Subsequent Supreme Court decision not permitting adjustment--Additional tax not automatic--Additional tax could not be levied-- Deputy CIT (Assessment) v. Surat Electricity Company Ltd. (Guj) . . . 121 S. 147 --Reassessment--Grounds for reassessment--Failure to disclose material facts necessary for assessment--Failure to disclose details of transaction during assessment proceedings--Reassessment proceedings valid-- CIT v. Velocient Technologies Ltd. (Delhi) . . . 131
----Reassessment--Notice--Validity--Restructuring arrangement between assessee-company and its subsidiary--Unexpired value of contracts transferred to subsidiary in exchange for shares--Assessment of income subsequent to transaction after enquiry by Assessing Officer and Dispute Resolution Panel--Subsequent reassessment proceedings on ground that transaction gave rise to capital gains--Change of opinion--Reassessment proceedings not valid-- Lahmeyer Holding GmbH v. Deputy DIT (Delhi) . . . 70
transferred to subsidiary in exchange for shares--Assessment of income subsequent to transaction after enquiry by Assessing Officer and Dispute Resolution Panel--Subsequent reassessment proceedings on ground that transaction gave rise to capital gains--Change of opinion--Reassessment proceedings not valid-- Lahmeyer Holding GmbH v. Deputy DIT (Delhi) . . . 70 S. 148 --Reassessment--Grounds for reassessment--Failure to disclose material facts necessary for assessment--Failure to disclose details of transaction during assessment proceedings--Reassessment proceedings valid-- CIT v. Velocient Technologies Ltd. (Delhi) . . . 131
----Reassessment--Notice--Validity--Restructuring arrangement between assessee-company and its subsidiary--Unexpired value of contracts transferred to subsidiary in exchange for shares--Assessment of income subsequent to transaction after enquiry by Assessing Officer and Dispute Resolution Panel--Subsequent reassessment proceedings on ground that transaction gave rise to capital gains--Change of opinion--Reassessment proceedings not valid-- Lahmeyer Holding GmbH v. Deputy DIT (Delhi) . . . 70
S. 254 --Appeal to Appellate Tribunal--Powers of Tribunal--Constitutional validity of provisions--Power to grant stay of proceedings--Amendment of section 245 by Finance Act, 2008, empowering Tribunal to grant stay beyond 365 days even if delay not attributable to assessee--Provision violative of article 14 of Constitution--Provision struck down--Tribunal has power to grant extension of stay beyond 365 days in deserving cases-- Pepsi Foods P. Ltd. v. Asst. CIT (Delhi) . . . 87
stay of proceedings--Amendment of section 245 by Finance Act, 2008, empowering Tribunal to grant stay beyond 365 days even if delay not attributable to assessee--Provision violative of article 14 of Constitution--Provision struck down--Tribunal has power to grant extension of stay beyond 365 days in deserving cases-- Pepsi Foods P. Ltd. v. Asst. CIT (Delhi) . . . 87 ----Appeal to Appellate Tribunal--Remand--Entire matter relating to assessments considered by Assessing Officer and Dispute Resolution Panel--Remand to be made to Dispute Resolution Panel and not Assessing Officer-- Shanghai Electric Group Co. Ltd. v. Director of Income-tax (Delhi) . . . 46
Group Co. Ltd. v. Director of Income-tax (Delhi) . . . 46 S. 254(2) --Appeal to Appellate Tribunal--Rectification of mistakes--Powers--Power to rectify any mistake apparent from record and make amendments--Order of Tribunal challenged in higher court--No bar either on assessee or on Revenue to invoke power of rectification--Principle of judicial propriety has no application-- R. W. Promotions P. Ltd. v. ITAT (Bom) . . . 126
S. 254(2A) --Appeal to Appellate Tribunal--Power of Tribunal to grant stay--Limited to total period of three hundred and sixty-five days from date of initial stay--Assessee’s appeal listed for hearing but not taken up for reasons not attributable to assessee--Stay continued till disposal of appeal--Tribunal directed to expedite disposal of appeal-- New Delhi Television Ltd. v. Deputy CIT (Delhi) . . . 51
----Appeal to Appellate Tribunal--Powers--Power to extend stay of demand beyond period of three hundred and sixty-five days--Tribunal to pass speaking order on each application and record satisfaction--If Revenue aggrieved by such extension in a particular case--Revenue can challenge before High Court-- Deputy CIT (TDS) v. Vodafone Essar Gujarat Ltd. (Guj) . . . 23
Essar Gujarat Ltd. (Guj) . . . 23 S. 271(1)(c) --Penalty--Concealment of income--Furnishing inaccurate particulars of income--Seized record showing assessee making payment to U. P. Distillers Association--Omission on part of assessee to answer question as regards payment--Presumption of concealment of income--Assessee disclosing additional income only after investigation by Director of Income-tax with certain evidence--Levy of penalty justified-- CIT v. Balarampur Chini Mills Ltd. (Cal) . . .1
What is Meditation? Learn the easy way to do it, great benefits and caution
What is Meditation? Learn the easy way to do it, great benefits and caution
The first pure happiness yourself - this parable, we are very well aware, then, of a healthy life every happiness in the world, is considered to be lame. Healthy body, has insisted on the importance of our vadalaoe much. For this reason it was invented in ancient times yoga.
Life style and life in today's fast-dhananum interact to bring about self-race has become very difficult. Meditation less mental fatigue caused by the position that we can achieve success in many ways. Meditation ie, self-confidence, determination by force increase mental concentration, mental peace by dhyanayoga with a new vitality and freshness as well as a means to energize.
They are very concerned about the lack of concentration, sad, and frustrated lives cidacidiya. Some people also become a victim of crime in the spirit and relapsed. Lack of confidence and a sense of insecurity, kuntha, anger, etc. ghabharahata increasing. Which is home to many health problems in the body. So today we are aware that we benefit from meditation, Meditation What are the advantages of this janavisu
Meditation technique:
Meditation is a meditation; Rishi-sages realized that some men may be the same attention that is false.
Independence and stability with great attention to the realization that the body no longer can sit upright with the spinal cord in a way that should sit. Asanam sukham sthiram. Sukhapurvaka - detachable seat should not choose to sit steadily. If you do not sit down in a chair to sit tight palanthi simple; Otherwise, the lotus, or that siddhasanamam vajrasanamam - Random as early Sit upright stability.
Now close your eyes. Several kinds of thoughts will come to your mind. Doravai these ideas go back. Let the thoughts come and absolute - niskamabhave let it go through. Do not try to stop thoughts - do not go doravai behind. I'd seen the film and then let the thoughts come and go through. Gradually concepts proportion will decrease automatically. Alongside this process, let gently started taking a deep breath. With each breath out slowly toward the abdominal wall should dhakelavi and without jhataka little toward the inside with respiration, rhythmic, deep breathing slowly be taking. All attention will be focused on your breathing.
What is meditation?
Meditation means to achieve harmony with nature; So meditation peace; Meditation means disturbance of the mind, thoughts that do not come along to the process of realization of inner peace of mind disorders. Thus, the focus can be described in many ways.
Our mind and the world is enveloped in an element of tranquility. When the body and mind, live in harmony with nature;
Dhyana (Meditation) the benefits from
Meditation is an action which rapidly removes tension. Research has shown that publication of a meditation, reducing stress and calms the mind, it is a fair amount of body koratisola Harmon.
We learn by doing meditation themselves. True-false realizes. Everyone is doing Meditation mamidaspotani information that keeps us away from realistically Doshas.
People suffer joint pain, according to a survey of regular meditation is to relax them. This also helps in reducing stress and thakamam.
Other advantages
His positive attitude and will get even better.
If listening to music is a good meditation if done consistently been the focus of his musical interests grows and we feel good.
Meditation helps the body is the element that you are very angry, you often lose your control, in which meditation is beneficial. This consciousness in the body, mind and the minds of freshness is energy.
Meditation can reduce depression in pregnant women, one pregnant woman in five is depressed, while the rest of them are doing Meditation. Maindaphulanesa Yoga Meditation is a kind of positive energy in the body which collects.
Eliminates the problem of teenage depression. Teenagers think that all the world is a problem to him. They are very tense. Meditation regularly if they will be away from stress and be happy.
Have aided in reducing weight. Meditation also can help reduce weight.
There are a handful sleep. Insomnia is a problem if someone to do a particular meditation. Meditation to control mood and emotion, to live and sleep is even better.
Meditation, what precautions to take while
Meditation while always start with positive thoughts.
Meditation while thyroid, high blood pressure if you do not drink? A check must be made.
Quiet, refined atmosphere havamaya choose.
While attention focused on respiratory rhythm, his experience.
While dhyanayoga wear comfortable loose.
It is not in a position to do well in soft asanas. Pranayama should be at a slower pace.
After the meditation postures strictly required by the power lock.
What not to do
Meditation in any way immediately after a meal on a physical-mental condition is counter-productive impact.
Do not eat immediately after meditation. Two to five minutes after the water, milk, ghee can be taken.
Frequently interrupted the meditation that you do not care for the food-Vihar. Avoiding negative individuals.
Meditation is more pressure on the body while the first place, do not stress about what approaches to take special care.
Senses and mind by pranayama and dhyanayoga faults fired his fault the way the metal is removed from the fire and the extraordinary speed increases mental concentration and calm experience.
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