Section 68-Assessee's AO cannot question his creditor's return of income-Calcutta HC

0 comments Saturday, November 5, 2011
Calcutta High Court in an important case has held that AO of an assessee cannot himself examine the return of income of his creditor instead he should ask creditor's AO and if creditor's AO has accepted claim of assessee in creditor's return of income then he is bound to accept the same.
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Brought forward losses can be set off even if subsequent year's returns not filed within time u/s 139(1)-Mumbai ITAT

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Mumbai ITAT has held that assessee can set off brought forward loss in the subsequent years even if subsequent year's return of income is not filed within time as prescribed u/s 139(1). It is being held that Once loss is determined in the return file u/s.139(3), the assessee becomes eligible for set off against the income of the subsequent years irrespective of the fact whether the returns of such later years are filed u/s.139(1) or not. Sec. 80 read with sec. 139(3) requires the submission of return for loss before the due date. There is no such requirement that the subsequent years,   in which the set off is claimed,  must also fulfill the requirement of furnishing the returns within the time required u/s.139(1). 
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Service Tax- Penalty u/s 76 and 78 mutually exclusive, cannot be imposed simultaneously

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Punjab & Haryana High Court in CCE vs Cool Tech Corporation has upheld that penalty u/s 76 and 76 of Finance Act, 1994 cannot be imposed simultaneously after the amendment of 16-05-2008 whereby both the sections became mutually exclusive. In this case the matter was of  before the said amendment. The appellate authority deleted the penalty u/s 76. 
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