Revision of customs duties on certain items : ** : Exempts certain taxable services specified in the Schedule received by an exporter and used for export of goods - Conditions relaxed : ** : Companies Bill, 2008 - auditors should face severe consequences (unlimited liability) in case of contravention : ** : Whether transfer of Banking Undertaking on the facts and circumstances of this case gave rise to taxable capital gains - matter of AY 1970-71 solved now : ** : Where net amount is received after adjustment - Whether such amount of adjustment is taxable as revenue receipt : ** : Whether supply of printed material as per specification attracts TDS under section 194C : ** : Scope of provisions of section 43B in respect of Deduction of an expenditure on actual payment basis : ** : Service Tax on Advance Receipt of payments for the services to be provided before introduction of new levy : ** : Whether a tour operator can claim reimbursement of service tax on supplementary services like of arranging guide services, monument visit services, porter services, food services, general assistance services etc. on the ground that principle operatory has paid service tax on the entire amount? : ** : Whether service tax paid on GTA service in relation to Export of goods from factory premises to port is eligible for Cenvat Credit? : ** :
Recent Cases:-
 
  Welcome
Friday, November 21, 2008
 
Cabinet approves Notifications to the Trade Marks (Amendment) Bill, 2007 - See in News / RSS Feed Amends notification no. 41/2007 - ST - Exempts certain taxable services specified in the Schedule received by an exporter and used for export of goods - See Notification No. 32/2008 Dated: November 18, 2008 - Service Tax Amends notification no. 21/2002 Customs dated 1-3-2002 - Effective rate of duty - imposes 5% import duty on steel items and 20% on crude soyabean oil - See Notification No. 122/2008 Dated: November 18, 2008 - Customs Amendment in the Special Economic Zones Rules, 2006. - See Notification No. S.O. 2661 (E) Dated: November 14, 2008 - SEZ Revised procedure for inspection - See INSTRUCTION NO. 16/2008 Dated: November 4, 2008 - Income Tax Revised system of Review of assessments - See INSTRUCTION NO. 15/2008 Dated: November 4, 2008 - Income Tax Clarification regarding reversal of Cenvat Credit in case of trade discount -reg. - See Circular No. 877/15/2008-CX Dated: November 17, 2008 - Central Excise CBEC amends tariff value of Poppy seeds and brass scrap - Amendment in Notification No. 36/2001 Cus (NT) dated 3/8/2001 - See Notification No. 127/2008 Dated: November 17, 2008 - Customs Exim Bank's Line of Credit of USD 25 million to the Government of the Syrian Arab Republic - See Circular No. 36/2008 Dated: November 14, 2008 - FEMA Computation of Value under Section 14 for Levy of Export Duty - See Circular No. 18/2008 Dated: November 10, 2008 - Customs Remittance related to Commodity Derivative Contract Issuance of Standby Letter of Credit / Bank Guarantee - See Circular No. 35/2008 Dated: November 10, 2008 - FEMA Foreign Exchange Management (Deposit) Regulations, 2000 Credit to Non Resident (External) Rupee Accounts - Clarification - See Circular No. 34/2008 Dated: November 10, 2008 - FEMA Amendment in Import Licensing Note (7) of Chapter 87 - See Notification No. 56 (RE-2008)/2004-09 Dated: November 7, 2008 - DGFT Organization M/s Stephen's Hospital Society, (Administration of the Synodical Board of Health Services - CNI) Tis Hazari, Delhi has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 - See Notification No. 103/2008 Dated: November 3, 2008 - Income Tax Acquisition and transfer of immovable property in India by a person resident outside India - See in News / RSS Feed DEPB rates notified for the year 2008-09 vide Public Notice No. 102 dated 5/11/2008 - DGFT Products under High Tech Products Export Promotion Scheme in Appendix 37E of HBP Vol.1 enlarged (Amendment in Appendix 37E) - See Public Notice No. 101 (RE 2008)/2004-2009 Dated: November 4, 2008 - DGFT Air pellets of air rifles or air pistols, of 0.177 Calibre exempted from import duty (Amendment in Notification No. 21/2002 dated 1/3/2002) - See Notification No. 120/2008 Dated: November 4, 2008 - Customs Ban on export of non-basmati rice shall not be applicable to Nigeria, Senegal, Ghana & Cameron - See Notification No. 53 (RE - 2008)/2004-2009 Dated: November 4, 2008 - DGFT Exim Bank's Line of Credit of USD 20 million (as 1st tranche of USD 80 million ) to the Government of the Republic of Rwanda - See Circular No. 33/2008 Dated: November 5, 2008 - FEMA Exim Bank's Line of Credit of USD 33 million to the Government of Lao People's Democratic Republic (Lao PDR) - See Circular No. 32/2008 Dated: November 5, 2008 - FEMA Exim Bank's Line of Credit of USD 25.5 million to the Government of Cote d'Ivoire - See Circular No. 31/2008 Dated: November 5, 2008 - FEMA Exim Bank's Line of Credit of USD 10.59 million to Government of Suriname - See Circular No. 29/2008 Dated: November 5, 2008 - FEMA Exim Bank's Line of Credit of USD 100 million to the Government of the Democratic Socialist Republic of Sri Lanka - See Circular No. 30/2008 Dated: November 5, 2008 - FEMA Exim Bank's Line of Credit of USD 30 million to the African Export-Import Bank (Afreximbank) - See Circular No. 28/2008 Dated: November 5, 2008 - FEMA Extension of filing of Delhi VAT return and CST return for the quarter/month ended 30th September 2008 - to 5th November 2008 - See Notification No. F.3(151)/Policy-II/VAT/Misc./2008/482-493 Dated: October 22, 2008 - VAT - Delhi Limited Liability Partnership Bill, 2008 passed by Rajya Sabha - ALL SIDES SUPPORT THE BILL - See in News / RSS Feed Amendments in the Income-tax Rules, 1962 - Rule 17C amended - See Notification No. 99/2008 Dated: October 22, 2008 - Income Tax Amendments in the Income-tax Rules, 1962 - New rule 18DDA and Form 10CCBD inserted - See Notification No. 98/2008 Dated: October 22, 2008 - Income Tax External Commercial Borrowings policy reviewed - See in News / RSS Feed Limited Liability Partenership Bill, 2008 - See in News / RSS Feed External Commercial Borrowings Policy: Liberalisation - See Circular No. 26/2008 Dated: October 22, 2008 - FEMA Basis of levy of additional Customs duty (CVD) on import of Readymade Garments - Clarification - regarding - See Circular No. 17/2008 Dated: October 21, 2008 - Customs Amendment in General notes of ITC Import tariff - See Public Notice No. 96 (RE :2008 )/2004-2009 Dated: October 22, 2008 - DGFT Amends Notification No.159/2003-Customs, dated the 24th October, 2003, regarding anti-dumping duty on Vitamin C, originating in or exported from the People's Republic of China - See Notification No. 109/2008 Dated: October 21, 2008 - Customs Amendment in Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008 - See Notification No. 45/2008 Dated: October 20, 2008 - Central Excise(NT) Whether Board Circular is binding upon the revenue even if it interprets the provisions contrary to the Supreme Court's Judgment - See in TMI Commentaries Cenvat Credit on Input Services used in Trading Activity as well as taxable services activity - See in TMI Commentaries Issue pertaining to CNG manufacturers - See Circular No. 875/13/2008-CX Dated: October 16, 2008 - Central Excise Allocation of FII Investment between debt and equity - See Circular No. 25/2008 Dated: October 17, 2008 - FEMA
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Income Tax - Case Laws

Income Tax

 
Records 1 to 20 of 1209
Index
1 2008 TMI - 31535 - HIGH COURT DELHI
  COMMISSIONER OF INCOME TAX-II versus MANTEC CONSULTANTS (P) LTD.
 
Income Tax - Tribunal in fist round of appeal was of the view that the assessee was fully justified in raising the claim u/s 10A, for the first time, before the CIT (A), who ought to have entertained it and decided on merits – thereafter, CIT found that assessee’s claim is justified - Tribunal in second round hold that the revenue, having accepted the order of the Tribunal in the first round, cannot raise those objections in the second round - no infirmity in Tribunal’s order - No question of law arises
 
2 2008 TMI - 31533 - SUPREME COURT
  Khoday Distilleries Ltd. versus Commissioner of Income Tax and Anr. ...
 
Income Tax - Whether any "gift" arose in terms of Section 2(xii) of the Gift-tax Act on the allotment of rights issue by the company to its shareholders - on question of evasion of tax, contention of Department is conflicting – Dept. has messed up entire case - Department has not kept in mind the difference between "allotment" & "renunciation" – Dept. has not invoked the provisions of Gift-tax Act against renouncer shareholder despite the observation of the CIT(A) in that regard - Assessee’s appeal allowed
 
3 2008 TMI - 31532 - SUPREME COURT
  M/s India Cine Agencies Versus Commissioner of Income Tax, Madras
 
Income Tax - Entitlement of benefit in terms of Section 32AB, Section 80HH and Section 80I - effect of conversion of Jumbo rolls of photographic films into small flats and rolls in the desired sizes - whether activity undertaken was manufacture or production – After analyzing the expressions ‘production’ and ‘manufacture’ from different sources honorable SC allowed the appeal of the assessee.
 
4 2008 TMI - 31520 - SUPREME COURT
  UNION OF INDIA AND OTHERS Versus DHARAMENDRA TEXTILE PROCESSORS AND OTHERS
 
Income Tax - Penalty u/s 271(1)(c) is a civil liability - Wilful concealment is not an essential ingredient for attracting civil liability as is the case in the matter of prosecution under Section 276C - Section 11AC of Central Excise Act and Rules 96ZQ and 96ZO have no scope for any discretion – Wilful concealment is not an essential ingredient for imposing penalty thereunder
 
5 2008 TMI - 31519 - BOMBAY HIGH COURT
  CHANDRAKANT KANTILAL SHAH AND ANOTHER Versus S.K. LAL AND OTHER
 
Income Tax - Purchase of immovable property - appropriate authority failed to consider the merits and demerits of the case pointed out by the petitioners. In these circumstances, it is difficult to hold that the sale instances relied upon by the Appropriate Authority were comparable and consequently, it is difficult to hold that the flat in question sought to be purchased by the petitioners has been undervalued by 15% or more than the fair market value – order of pre-emptive purchase is invalid
 
6 2008 TMI - 31518 - GUJARAT HIGH COURT
  HARIKRISHNA FAMILY TRUST Versus COMMISSIONER OF INCOME-TAX
 
Income Tax - Taxability of rental income from sub-lessee – assessee-trust lesee of property had sub-let the property - assessee trust at no point of time indulged in any systematic business activity, hence income is not taxable as “Income from Business”.– assessee is not a owner of property, so income is not assessable as “Income from House Property” - income is liable to be taxed as “Income from other Sources” and not as “Income from House Property” or “Income from Business”
 
7 2008 TMI - 31517 - BOMBAY HIGH COURT
  SHAMIM BANO G. RATHI AND ANOTHER Versus ORIENTAL BANK OF COMMERCE LTD. AND OTHERS
 
Income Tax - Recovery of tax - Attachment and sale – dept. ordered that sale of properly was fraudulent - Held that in the absence of a declaration by a civil court the order declaring the sale deed, as null and void, was an order without jurisdiction and consequently had to be set aside - Consequently the order of attachment dated is quashed and set aside - As the sale is legal and valid, respondent no.1 was bound to issue the TDS certificate in favour of the petitioners from 30.7.2002 onwards
 
8 2008 TMI - 31516 - KERALA HIGH COURT
  COMMISSIONER OF INCOME-TAX Versus SOUTHERN TUBES
 
Income Tax - “Transfer” - Section 2(47) - tax on capital asset u/s 45(4) – dissolution of firm consisting of two partners – held that the transaction resulted in dissolution of the firm and partner or partners getting rights over the immovable property. Subsequent reconstitution of the firm does not affect the liability of the dissolved firm to be assessed for capital gains in terms of Section 45 (4) - hold that the transaction in both the cases is transfer within the meaning of Section 2(47)(vi)
 
9 2008 TMI - 31515 - HIMACHAL PRADESH HIGH COURT
  H. P. FINANCIAL CORPORATION Versus COMMISSIONER OF INCOME-TAX
 
Income Tax - Assessee was showing interest on sticky loans on accrual basis – interest not brought to P/L A/c but taken to Suspense A/c -as per circular dated 9/10/84, assessee can take benefit only in respect of interest payable on those loans where no recovery has taken place for 3 consecutive accounting years and it is only from the 4th year onwards that the interest accrued is not to be considered as income – AO should have decided matter in view of said circular- matter remanded for fresh assessment
 
10 2008 TMI - 31514 - DELHI HIGH COURT
  BHARAT NIDHI LTD. Versus COMMISSIONER OF INCOME-TAX
 
Income Tax - Whether Tribunal was right in law in treating the return invalid on the ground that it had been signed by secretary, is not in accordance with the provisions of Section 140(c) - there cannot be any doubt that the Assessee had made an error which was in the nature of a defect as explained by the Kerala HC and that defect was removed by filing a fresh return signed by the Managing Director of the Assessee. The return would then relate back to the original filing date.
 
11 2008 TMI - 31513 - GUJARAT HIGH COURT
  GANESH VALABHAI FAMILY TRUST Versus DEPUTY COMMISSIONER OF INCOME-TAX
 
Income Tax - Reassessment - Notice under section 148 of the Act has been issued after a period of four years from the end of Assessment Year - absence of any evidence to show any failure or omission on the part of the assessee to disclose truly and fully all relevant particulars of income in the return of income - impugned Notice is hereby quashed and set aside
 
12 2008 TMI - 31512 - PUNJAB AND HARYANA HIGH COURT
  ANIL GOEL Versus COMMISSIONER OF INCOME-TAX (APPEALS) AND ANOTHER
 
Income Tax - Assessee not appeared even after several opportunities – Commissioner held that assessee is not interested in prosecuting appeal on the ground that assessee not appeared in any of seventeen hearings nor gave any justifiable reason for adjournment of the case - Tribunal also found that non-recording of reasons in support of the order passed by the Commissioner of Income-tax (Appeals) would not amount to committing any illegality – assessee’s appeal is dismissed
 
13 2008 TMI - 31511 - MADRAS HIGH COURT
  COMMISSIONER OF INCOME-TAX Versus A.CHANDRAN
 
Income Tax - Whether in the facts and circumstances of the case, the Tribunal was right in holding that surcharge is not applicable to block assessments if the search took place prior to introduction of the proviso to Section 113 with effect from 1.6.2002 - Held that even prior to 1.6.2002 the Department is entitled to levy surcharge as the proviso introduced on that is only curative in nature
 
14 2008 TMI - 31510 - PUNJAB AND HARYANA HIGH COURT
  COMMISSIONER OF INCOME-TAX Versus RAMNEET SINGH
 
Income Tax - ITAT uphold the order of the CIT (A) and deleted the addition made by the Assessing Officer, on account of unexplained loans - ITAT has affirmed the order of CIT (A) while observing that the creditors were produced and their statements were recorded and in their statements, the creditors have confirmed having advanced loan to the assessee - held that in view of this material, the Assessing Officer was not justified in making addition – no substantial question of law arise
 
15 2008 TMI - 31509 - PUNJAB AND HARYANA HIGH COURT
  COMMISSIONER OF INCOME-TAX Versus HINDUSTAN TOOLS AND FORGINGS P. LTD.
 
Income Tax - Clause (c) of Explanation 1 to section 147 provides that an Assessing Officer can resort to reassessment proceedings in a case where income has been made the subject of excessive relief under the Act. The assessee at the regular assessment had been allowed a deduction more than actually allowable u/s 80HHC - Accordingly, reassessment under section 147(b) cannot be held to be invalid
 
16 2008 TMI - 31508 - BOMBAY HIGH COURT
  COMMISSIONER OF INCOME-TAX Versus BHANSALI ENGINEERING POLYMARS LTD.
 
Income Tax - Tribunal was justified in holding that the interest income of Rs.95,97,864/-recovered from delayed payments from the Sundry Debtors to whom the industrial unit of the assessee had sold the goods could be treated as interest income derived from the industrial undertaking of the assessee in light of the provisions of section 80HH - even though the assessee has realised income from other sources, Assessing Officer is directed to recompute the deduction under sec.80HH.
 
17 2008 TMI - 31507 - MADRAS HIGH COURT
  COMMISSIONER OF INCOME-TAX Versus S. RAMAAMIRTHAM
 
Income Tax - Share/stock broker - maintaining separate books of account for the trading in shares as well as investments in shares - assessee is carrying on the business only in the name and style of "Brilliant and Company" - payments in shares have been done by the assessee in his personal account -it was found that assessee has been holding shares for a long time and has been utilising the surplus funds only for the investments – held that profit earned on sale of surplus shares will attract capital gains
 
18 2008 TMI - 31409 - DELHI HIGH COURT
  COMMISSIONER OF INCOME TAX Versus SHRI RAVINDER NATH GOEL
 
Income Tax - Additions made by the AO on account of the disallowance of commission & service charges paid by the assessee to one M/s CIL, in which the assessee was a director – revenue contend that tribunal is not justified in relying on the assessee’s own case of A.Y. 1996-97 & giving decision in favour of assessee, because in the year under consideration, increase in sale was less than 15% when compared to the immediately preceding year – revenue’s plea is rejected & order of tribunal is sustained
 
19 2008 TMI - 31408 - DELHI HIGH COURT
  COMMISSIONER OF INCOME TAX Versus DR R. N. GOEL
 
Income Tax - Whether the expenses claimed towards payment of commission, as well as, service charges to CIL was reasonable having regard to the provisions of Section 40A - impugned issue is a pure question of fact – SC also in its various decisions have held that whether or not an expenditure is unreasonable and hence, merits disallowance u/s 40A, is essentially a question of fact – no perversity in the findings of tribunal deciding the issue in favour of assessee - no substantial question of law
 
20 2008 TMI - 31407 - DELHI HIGH COURT
  COMMISSIONER OF INCOME TAX DELHI-II Versus JINDAL VEGTABLES PRODUCTS LTD.
 
Income Tax - Addition made by AO by disallowing the claim of depreciation on machinery items – supplier of machinery items has neither denied receipt of payments from the assessee company, nor stated that the said money was returned to the assessee company in cash - Assessing Officer by solely relying upon the information received from the bankers of the suppliers - genuineness of the purchase cannot be questioned – additions were rightly deleted by Tribunal
 
   
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