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Singer Bangladesh Ltd Vs. National Board of Bangladesh, 2014, 43 CLC (HCD)
....copy of this judgment be sent to the office of the Comptroller and Auditor General for future reference and guidance. Ed. This Case is also Reported in: 67 DLR (HCD) (2015) 73 ......5) 73 ......he petitions have been asked to show cause as to why the different memos in the petitions issued by the respondents, the VAT Authority, directing the petitioner company to pay the amount as revenue, calculated on the basis and at the behest of audit report submitted by Local Audit team and..Category: Constitutional Law, Fiscal/Taxation Law | Date: 15 Dec, 2014 | Hits: 5
....gue manner that “on examination of the salary statement it is found that the company paid excess perquisite of Tk. 2, 71, 00,529.00” and recommended for adding back the said amount to the income of the Assessee-applicant. This court finds that the question No. 2 as has been mentioned in ......ber 14, 2014
Result:
The application praying for review is allowed.
The Income Tax Ordinance, 1984 (Ordinance No. XXXVI of 1984);Section 2(45)
The Income Tax Rules, 1984; Rules 33 and 33A
Section 2(45) of the Income Tax Ordinance 1984 defines ‘Perquisite’ w......9. Accordingly the application praying for review is allowed.
However, there shall be no order as to cost.
Md. Emdadul Haque Azad, J: I agree.
Ed.
This Case is also Reported in:
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Category: Fiscal/Taxation Law | Date: 14 Dec, 2014 | Hits: 0
....oth on facts and law, upon evidences adduced by the parties.
Send down the copy of the judgment to the court below at once.
Ed.
This Case is also Reported in: 67 DLR (HCD) (2015) 218
...... is also Reported in: 67 DLR (HCD) (2015) 218
......oth on facts and law, upon evidences adduced by the parties.
Send down the copy of the judgment to the court below at once.
Ed.
This Case is also Reported in: 67 DLR (HCD) (2015) 218
..
Category: Constitutional Law, Contract Law | Date: 11 Dec, 2014 | Hits: 8
....ulated for determination:
Whether, on the facts and in the circumstances of the case, the Taxes Appellate Tribunal was legally justified in directing not to impose tax on non-operative interest income classified under the head ‘income from other sources’ under section 33 and also t......lip;…………….....Respondent
Judgment
December 1, 2014
Result:
The question formulated for determination is answered in the negative and in favour of department.
Questions formulated for determination:
Whether, on the......Supreme Court of Bangladesh, is to take necessary steps under section 161(2) of the Income Tax Ordinance, 1984.
Md. Habibul Gani, J: I agree.
Ed.
This Case is also Reported in:
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Category: Fiscal/Taxation Law | Date: 1 Dec, 2014 | Hits: 0
Commissioner of Taxes Vs. Arif Knit Spin, 2014, 43 CLC (HCD)
....with Mahfuza Begum, AAG, Nurun Nahar, AAG—For the applicant. No one appears-For the respondent. Income Tax Reference Application No.605 of 2004. Judgment Zinat Ara J.- This income tax reference application under section 160(1) of the Income Tax Ordinance, 1984 (hereinafter......r 2002-2003. 2. The sole question of law formulated in the income tax reference application (shortly, the reference application) for opinion by the Court is as under:- Whether, on the facts and in the circumstances of the case, the Taxes Appellate Tribunal was legally justified in directin......preme Court of Bangladesh, is to take necessary steps under section 161(2) of the Income Tax Ordinance, 1984. Md. Habibul Gani J: I agree. This Case is also Reported in: ..Category: Fiscal/Taxation Law | Date: 1 Dec, 2014 | Hits: 20
....
(1) Whether in the absence of any finding to the effect that no method of accounting has been regularly employed, or the method is such that in the opinion of the Deputy Commissioner of Taxes, the income of the applicant cannot be properly deduced therefrom or that the applicant-company has not c......……………….Respondent
Judgment
November 30, 2014
Result:
The questions formulated for determination are answered in the affirmative and in favour of revenue department.
Questions formulated for determination:
(1) Whether ......hellip;……….Respondent
Judgment
November 30, 2014
Result:
The questions formulated for determination are answered in the affirmative and in favour of revenue department.
Questions formulated for determination:
(1) Whether in the absence of..
Category: Fiscal/Taxation Law | Date: 30 Nov, 2014 | Hits: 1
Youngone (CEPZ) Limited Vs. Commissioner of Taxes, 2014, 43 CLC (HCD)
....licant. Md. Khurshedul Alam, DAG with Mahfuza Begum, AAG, Nurun Nahar, AAG—For the respondent. Income Tax Reference Application No.333 of 2004. Judgment Zinat Ara J.- This income tax reference application under section 160(1) of the Income Tax Ordinance, 1984 (hereinafter...... 2. The assessee-applicant Youngone (CEPZ) Limited (shortly, the assessee) is a fully owned foreign company incorporated as a private limited company under the Companies Act, 1913 having its factory and registered office at Plot No.11-16, Sector-2 of the Export Processing Zone, Chittagong. The asse......urrency Fluctuation Loss’ on foreign currency loan is part of the capital assets and hence, income in the quantum of foreign currency loan on account of foreign exchange fluctuation loss is not revenue loss. Capital loss is not an item of expenses debitable to profit and loss account and, as s..Category: Fiscal/Taxation Law | Date: 30 Nov, 2014 | Hits: 17
Ruhul Amin (Md.) and oth¬ers Vs. Mustafizur Rahman and others, 2014, 43 CLC (HCD)
....ule stands vacated. Communicate the judgment and order immediately and send back the lower Court's record at once. Ed. This Case is also Reported in: 67 DLR (HCD) (2015) 259 ...... This Case is also Reported in: 67 DLR (HCD) (2015) 259 ......ule stands vacated. Communicate the judgment and order immediately and send back the lower Court's record at once. Ed. This Case is also Reported in: 67 DLR (HCD) (2015) 259 ..Category: Civil Law, Property Law | Date: 16 Nov, 2014 | Hits: 10
....es of the case, the Tribunal under section 159(2)/DOS Circular No. 5 dated 26.05.2008 issued by Bangladesh Bank was justified in maintaining inclusion of re-valuation reserve on HFT treasury bills as income of the applicant, in as much as the reserve does not represent income out of any transfer.
...... Bangladesh....................................Respondent.
Judgment
November 10, 2014
Result:
All the questions formulated for determination are answered in the negative and in favour of assessee.
Questions formulated for determination:
In Income Tax Referenc......se three Income Tax Reference Applications are allowed.
However, there shall be no order as to cost.
Md. Emdadul Haque Azad, J: I agree.
Ed.
This Case is also Reported in:
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Category: Fiscal/Taxation Law | Date: 10 Nov, 2014 | Hits: 3
.... Reference Application No. 496 of 2004 is as follows:-
The assessee-applicant-M/S Azmat Fashions Limited (shortly stated as the assessee) is a private limited company. The assessee submitted its income tax return for the assessment year 2000-2001 before the Deputy Commissioner of Taxes (the DCT......spondent
(Income Tax Reference Application No. 539 of 2004)
Judgment
November 10, 2014
Result:
The question formulated for determination is answered in the negative and in favour of department.
Questions formulated for determination:
Whether, on the fact......reme Court of Bangladesh is directed to take necessary steps under section 161(2) of the Income Tax Ordinance, 1984.
Md. Habibul Gani, J: I agree.
Ed.
This Case is also Reported in:
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Category: Fiscal/Taxation Law | Date: 10 Nov, 2014 | Hits: 0
The Commissioner of Taxes Vs. Azmat Fashions Limited, 2014, 43 CLC (HCD)
.... Reference Application No. 496 of 2004 is as follows:- The assessee-applicant M/S Azmat Fashions Limited (shortly stated as the assessee) is a private limited company. The assessee submitted its income tax return for the assessment year 2000-2001 before the Deputy Commissioner of Taxes (the DCT......Reference Application No. 539 of 2004) Judgment November 10, 2014. Result: The question formulated to determination answered in the negative in favour of the department-applicant and against the assessee-respondents. The Income Tax Ordinance, 1984 (Ordinance No. XXXVI of 19......upreme Court of Bangladesh is directed to take necessary steps under section 161(2) of the Income Tax Ordinance, 1984. Md. Habibul Gani J:- I agree. Ed This case is also Reported in: ..Category: Fiscal/Taxation Law | Date: 10 Nov, 2014 | Hits: 8
Commissioner of Taxes Vs. Azmat Fashions Limited, 2014, 43 CLC (HCD)
.... Reference Application No. 496 of 2004 is as follows:- The assessee-applicant-M/S Azmat Fashions Limited (shortly stated as the assessee) is a private limited company. The assessee submitted its income tax return for the assessment year 2000-2001 before the Deputy Commissioner of Taxes (the DCT......o. 496 of 2004 Income Tax Reference Application No. 539 of 2004 Zinat Ara J. - More or less an identical question of law has been raised in Income Tax Reference Applications No. 496 of 2004 and 539 of 2004 (hereinafter stated as the reference application). Therefore, the reference applicat...... is directed to take necessary steps under section 161(2) of the Income Tax Ordinance, 1984. Md. Habibul Gani J. - I agree. Ed. This Case is also Reported in: ..Category: Fiscal/Taxation Law | Date: 10 Nov, 2014 | Hits: 9
.... 1984, the DCT concern has to raise dissatisfaction as to the method of accounting and also to pin point the defects in the item of expenditure for which he is unable to ascertain the actual and true income of the assessee.........(9)
Section 83(2)
The provision of section 83(2) ......ng…………………Respondent
Judgment
October 29, 2014
Result:
The questions formulated for determination are answered in the negative and in favour of assessee.
Questions formulated for determination:
(i) In the circu......le No. 162(ref:)/2012 are disposed off accordingly.
However, there shall be no order as to cost.
Md. Emdadul Haque Azad J: I agree.
Ed.
This Case is also Reported in:
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Category: Fiscal/Taxation Law | Date: 29 Oct, 2014 | Hits: 1
....erence Application No. 195 of 2014 that the Assessee-applicant is a businessman and also share-holder of a private limited company named, M/S. Spectra S.N. Tex Limited. The Assessee-applicant derives income from business and other sources and pay income tax under TIN. 073-102-4858/Circle-5(Salary)/T......;……….....Respondent
Judgment
October 27, 2014 & October 28, 2014
Result:
The questions formulated for determination are answered in the negative and in favour of assessee.
Questions formulated for determination:
I. In the circumstance......asu strenuously argued that the pertinent consideration as to invoking of the power of revision under section 120 of the Income Tax Ordinance 1984 by the IACT, lies in the fact as to the prejudice of revenue committed by the DCT concern in any assessment order and in the instant cases although the a..
Category: Fiscal/Taxation Law | Date: 28 Oct, 2014 | Hits: 1
....
October 24, 2014
Result:
The rules are made absolute.
The Income Tax Ordinance, 1984 (Ordinance No. XXXVI of 1984); Section 121A
If the tax is paid as per the declaration of income of the assessee based on the assessment made under Section 74 of the Income Tax Ordinan......t
High Court Division
(Special Original Jurisdiction)
Present:
AFM Abdur Rahman J
Md. Emdadul Haque Azad J
Glory Chemicals Ltd., Represented by its Managing Director Chandrima Das....……Petitioner
Vs.
1. The Commissioner of Taxes, Taxes Zone-03,......ed reviews and to hear the same on merit under the provision of section 121A of the Income Tax Ordinance 1984.
Md. Emdadul Haque Azad, J: I agree.
Ed.
This Case is also Reported in:
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Category: Fiscal/Taxation Law | Date: 24 Oct, 2014 | Hits: 1
....acts and in the circumstances and in view of the S.R.O. No. 169-Ain/2001 issued under the Notification dated 28th June, 2001 the applicant is entitled to pay Income Tax at the rate of 25% of its income in the assessment year 2007-2008 being a local authority rendering public utility Service.
......ka............................Respondent
Judgment
October 22, 2014 & October 23, 2014
Result:
The questions formulated for determination are answered in the negative and in favour of assessee.
Questions formulated for determination:
A. Whether on the fact......nswered in negative and in favour of the Assessee-applicant.
However, there shall be no order as to cost.
Md. Emdadul Haque Azad, J: I agree.
Ed.
This Case is also Reported in:
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Category: Fiscal/Taxation Law | Date: 23 Oct, 2014 | Hits: 1
Fidelity Assets and Securities Co. vs. Commissioner of Taxes, 2014, 43 CLC (HCD)
....dited under section 75(2)(d)(iii) of the Ordinance. The Income Tax Ordinance, 1984 (Ordinance No. XXXVI of 1984);Section 2 (34) Under section 2(34) of the Income Tax Ordinance 1984, accrued income or deemed to be accrued money is defined as income.................(14) Lawyers Involved......se is also Reported in: ......t, both these Income Tax Reference Applications are allowed. However, there shall be no order as to cost. Md. Emdadul Haque Azad, J: I agree. Ed. This Case is also Reported in: ..Category: Fiscal/Taxation Law | Date: 17 Sep, 2014 | Hits: 0
....
(1) In the circumstances and on the facts whether the Taxes Appellate Tribunal was justified maintaining the authority of making assessment order by the Additional Commissioner of Taxes against the income tax return of the assessee applicant which was submitted under section 82BB(1) of the Ordinan......ellip;…………….....Respondent
Judgment
September 17, 2014
Result:
The questions formulated for determination are answered in the negative and in favour of assessee.
Questions formulated for determination:
(1) In the circumstanc......the result, the Income Tax Reference Application is allowed.
However, there shall be no order as to cost.
Md. Emdadul Haque Azad, J: I agree.
Ed.
This Case is also Reported in:
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Category: Fiscal/Taxation Law | Date: 17 Sep, 2014 | Hits: 2
....ions formulated for determination:
(1) Whether, in the facts and circumstances of the case, the Tribunal was justified in determining the short time loan taken by the applicant as deem dividend income?
(2) Whether, in the facts and circumstances of the case, the Tribunal was justified in ......e Tax-payers Unit (LTU), Shegun Bagicha, Dhaka-1000……………………Respondent
Judgment
September 17, 2014
Result:
The questions (1) and (2) formulated for determination are answered in the affirmative and in favour of reve......ip;……Respondent
Judgment
September 17, 2014
Result:
The questions (1) and (2) formulated for determination are answered in the affirmative and in favour of revenue department.
No answer to question (3).
Questions formulated for determination:
..
Category: Fiscal/Taxation Law | Date: 17 Sep, 2014 | Hits: 0
....r, AAG—For the respondent
Income Tax Reference Application No. 550 of 2004
(Applications under section 160(1) of the Income Tax Ordinance, 1984)
Judgment
Zinat Ara J.- This income tax reference application under Section 160(1) of the Income Tax Ordinance, 1984 (hereinafter......issioner of Taxes, Large Tax-payers Unit (LTU), Shegun Bagicha, Dhaka-1000……………Respondent
Judgment
September 17, 2014
Result:
The questions (1) and (2) formulated for determination answered in the affirmative in favour of the department-respond...... the said loan amounts were treated as income of the assessee from other sources as in the initial assessment order the provision of section 2(26)(e) of the Ordinance was not considered, resulting in revenue loss to the Government.
19. The legal error committed in the previous assessment was ne..
Category: Fiscal/Taxation Law | Date: 17 Sep, 2014 | Hits: 8
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