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Showing 341 to 360 of 547 Records

• 2012 (2) TMI 383 - ITAT, KOLKATA
  

  Deduction on payment basis - Employees Contribution towards P.F. and E.S.I - Held That:- In view of Vinay Cement (2007 -TMI - 102762 - Supreme Court of India), case remanded back to AO to find out whether the payments have been made before the due date of filing of return or not.

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• 2012 (2) TMI 377 - MADRAS HIGH COURT
  

  Petition sought for directing the respondent to furnish backup copies of the data contained in a Laptop/hard discs seized during search conducted, enabling petitioner to file replies – Held that:- Since prayer of the petitioner is now agreed upon by the respondents. Therefore, this Writ Petition stands disposed of with a direction to the respondents to furnish the documents within stipulated time.

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• 2012 (2) TMI 368 - CESTAT, NEW DELHI
  

  Whether power u/s 84 of the Finance Act, 1994 can be exercised by Revisional Authority during pendency of the appeal before Commissioner – Held that:- Issue which is pending before the first Appellate authority, shall not be subject to revision jurisdiction u/s 84 of the Finance Act, 1994.

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• 2012 (2) TMI 367 - CESTAT, NEW DELHI
  

  Determination of nature of activity - whether repair and maintenance or industrial and commercial construction – Held that:- Matter remitted back to adjudicating authority.

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• 2012 (2) TMI 366 - ITAT MUMBAI
  

  Transfer pricing – adjustment to ALP – Revenue contended that distinct operating profit margin to cost in the preceding year qua the AEs and non-AEs should not be applied to the ratio of operating profit to cost in the current year on a combined basis – Held that:- Nature of international transactions in the year under consideration with its AE s are similar to the preceding year and Operating profit margin for the current year compares favorably with that finally determined for the preceding year therefore, CIT(A) order of deleting addition is upheld.

  Addition on account of non-charging of interest on trade debtors from the AEs – Held that:- Section 92B transpires that the transactions of 'sale' and 'lending ... money' have been distinctly set out. It is evident that interest income is associated only with the lending or borrowing of money and not with sale. When the international transaction is that of 'sale', the interest aspect is embedded in it. Early or late realization of sale proceeds is only incidental to the transaction of sale, but not a separate transaction in itself. No adjustment is warranted.

  Further, relevant consideration is the taxation of the enterprises of the group that are chargeable to tax in India. If the concept of over all higher or lower rate/amount of tax in the other countries in which AEs are situated is taken into consideration, then Chapter-X of the Income-tax Act would become meaningless.

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• 2012 (2) TMI 365 - ITAT MUMBAI
  

  Fees for technical services – Revenue treated transportation fees receivable as FTS u/s 9(1)(vii) – Hongkong company – engaged in the business of provision of supply chain management, including the provision of freight and forwarding and logistics services – Held that:- In instant case, role of the assessee in the entire transaction was to perform only the destination services outside India by unloading and loading of consignment, custom clearance and transportation to the ultimate customer. In our opinion, it is too much to categorize such restricted services as managerial services.

  Further, use of computer in tracing the movement of the goods, though indirect, remote and not necessary, can not bring the payment for freight and logistics services within the purview of "technical services". Also, section 9(1)(i) cannot be invoked since assessee rendered "International services" outside India - Decided in favor of assessee.

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• 2012 (2) TMI 364 - AUTHORITY FOR ADVANCE RULINGS
  

  Income deemed to accrue or arise in India - export commission payable to non-resident agents – withholding of tax - Held that:- No doubt the agents rendered services abroad and have solicited orders, but the right to receive the commission arises in India when the order is executed by the applicant in India. We therefore hold such export commission payable to be deemed to accrue and arise in India, and is taxable in view of the specific provision of Section 5(2)(b) r.w.s. 9(1)(i).

  Applicant has not contended that it is availing benefits under the provision of DTAA with Pakistan nor has it a claim of tax exemption under any provision of the Act. The provision of section 195 would apply.

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• 2012 (2) TMI 363 - ITAT KOLKATA
  

  Revisionary order passed u/s 263 - Long-term capital gains - 'Deemed transfer' of property u/s 2(47)(v) - dis-allowance of exemption u/s 54EC reckoning period of six months for the deposit in bonds from the date of agreement and receipt of part payment at the first instance – Held that:- Admittedly, assessee received part payments after execution of agreement to sale and handing over of possession thereby completing the transaction in terms of section 53A of Transfer of Property Act and invested in specified bonds i.e. NABARD bonds within one month of the receipt of sale consideration being part payment. In our view, in such case, the period of six months for making deposit u/s. 54EC should be reckoned from the dates of actual receipt of the consideration. Therefore, assessee is eligible for exemption u/s 54EC on part payment received – Decided in favor of assessee.

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• 2012 (2) TMI 362 - MADRAS HIGH COURT
  

  Plea for stay of the collection of tax and the interest – partial relief - Held that:- Petitioner is directed to deposit sum of Rs.1.75 lacs in respect of the tax demand of Rs. 6.95 lacs as per the impugned order dated 29.12.2011 within fifteen days from the date of receipt of a copy of this order for admissibility of appeal.

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• 2012 (2) TMI 361 - CALCUTTA HIGH COURT
  

  Companies Act 1956 - petition filed u/s 433(e) & (f), 434 & 439 of Companies Act, 1956 seeking to wind up the Respondent-Company – non-payment of debt – Held that:- From the facts of the case it is concluded that there is no bona fide dispute as regards the dues of the petitioning creditor and mere filing of a suit is not enough to say that there is bona fide dispute as regards the claim of the petitioner or this application is an abuse of process of this Court. There is no doubt that the Company failed and neglected to pay the dues of the Petitioner Company. Therefore, this winding up application is admitted. The winding up application is to be advertised.

  However, Company is granted an opportunity to pay the dues as aforesaid by five monthly equal installments as stipulated. In case of regular payment of installments, order of advertisement would remain stayed permanently. In case any one of the installments is not paid the petitioner is permitted to publish the notice as directed hereinabove - Decided in favor of petitioner.

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• 2012 (2) TMI 360 - KERALA HIGH COURT
  

  Goods Imported - Provisional release - Held That:- Respondent shall complete the proceedings pursuant to the show cause notice issued to the petitioner, expeditiously. The same shall be done within 3 weeks from the date of receipt of a copy of this judgment. The writ petition is disposed of as above.

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• 2012 (2) TMI 359 - MADRAS HIGH COURT
  

  Re-export of goods – petition filed by foreign exporter to seek permission for re-shipment of goods exported by it to India - importer abandons the goods – Held that:- Since, Petitioner has the right to request such permission and importer does not have any objection for the re-export of the goods in question, the respondents are directed to consider the request of re-export of the goods in question unless there are other legal impediments, for granting such permission.

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• 2012 (2) TMI 358 - SUPREME COURT
  

  Whether penalty and interest u/s 11AC of Central Excise Act, 1944 can be levied and collected when the duty has been paid before the issue of Show Cause Notice – Held that:- In view of decision in case of Union of India Vs. Dharmendra Textile Processors & Ors., (2008 - TMI - 31520 - Supreme Court), Order of Tribunal is set aside and matter is remitted back to Tribunal for its fresh consideration and decision.

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• 2012 (2) TMI 357 - MADRAS HIGH COURT
  

  Pre-deposit for admissibility of appeal – petitioner pleaded financial hardship – seeked part relief - Held that:- Petitioner is directed to make a pre-deposit of 50% of the sales tax said to be payable by the petitioner, within a period of four weeks from today for admissibility of appeal.

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• 2012 (2) TMI 356 - SUPREME COURT
  

  Differential duty - assessee being manufacturer of Washing Machines – demand raised by Revenue on ground of undercharging of sale price – decided in favor of assessee by first appellate authority & Tribunal – Held that:- In our considered view, the Tribunal and the First Appellate Authority have not committed any error whatsoever and findings and the conclusions reached by those Authorities cannot be characterized as perverse. Therefore, appeal dismissed.

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• 2012 (2) TMI 355 - DELHI HIGH COURT
  

  Penalty u/s 271D - unsecured loan received in cash / bearer cheques – assessee contending them to be share application money – Held that:- Tribunal while deleting penalty took view that assessee company had entertained a bona fide belief of non-applicability of Section 269SS on loans accepted from its directors/ shareholders. Whereas records reveal that company specificaly pleaded the same to be share application money and not loans or deposits at all. How can it said that the company was under such bona fide belief of non-applicability of S 269SS on loans.

  Rule 2(b)(ix) of the Companies (Acceptance of Deposits) Rules, 1975 would also have no application in the present case wherein it is held that deposit does not include any amount received from a director or a shareholder of a private limited company.

  Further, shelter u/s 273B is granted if it is established that for some bona fide reasons the assessee could not get a loan or deposit by an account payee cheque or account payee bank draft which is absent in present case. Therefore, order of tribunal cancelling the penalty is set aside – Decided in favor of revenue.

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• 2012 (2) TMI 354 - DELHI HIGH COURT
  

  Business expenditure – Royalty payment – Trademark - Capital vs Revenue expenditure – dis-allowance of doubtful debts/allowances – Held that:- CIT(A) observed that payment was for use of technology and technical information. Assessee had not secured any exclusive privilege to either manufacture or sell the products. No benefit or right accrued in perpetuity and was for prescribed period thus payment was not for acquisition of any capital asset (trade mark) but was revenue expenditure. Aforesaid view of CIT(A) & Tribunal is upheld. See CIT vs G4S. Securities System (India) (P) Limited (2011 - TMI - 204608 - Delhi High Court)

  Doubtful debts/allowances - The said claim was admissible u/s 37 r.w.s. 28 of the Act – Decided against the Revenue.

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• 2012 (2) TMI 353 - DELHI HIGH COURT
  

  Allowability of interest paid on loan from the gross interest received on Fixed Deposit Receipts - money obtained on loan and converted into FDRs – Held that:- Division bench of this court held in case of same assessee in earlier A.Y. (2010 - TMI - 204444 - Delhi High Court ) that interest paid was expenditure laid out and expended wholly and exclusively for the purpose of making or earning the interest income. Following the aforesaid decision and the reasoning therein – Decided against the Revenue.

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• 2012 (2) TMI 352 - DELHI HIGH COURT
  

  Interest Tax Act, 1974 – whether assessee is financial company or a credit institution in terms of Section 2(5B), 2(5A) of the Interest Tax Act, 1974 – principal business of the assessee - whether the interest earned under the three heads namely, lease charges, hire purchase charges and bill discounting charges were chargeable to tax under Interest Tax Act, 1974 – Held that:- An order of remit to the Tribunal is passed. It is clarified that no opinion is expressed on the legal position in the absence of factual details.

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• 2012 (2) TMI 351 - DELHI HIGH COURT
  

  Cessation of liability - Tribunal rejected the appeal against the order of the CIT(Appeals) deleting the addition made by A.O. u/s 41(1) – Held that:- CIT(Appeals) found several findings recorded by the A.O. to be factually incorrect. In view of the reasons given by the A.O. and the factual matrix recorded by the CIT(Appeals) and the Tribunal, we do not find any reason to interfere – Decided against the Revenue.

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