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Income Tax: When there is no misunderstanding between the parties on the terms and conditions of the agreement, in our view, the tax authorities may not be justified in interpreting the agreement in a different manner - Tri

Income Tax: TDS u/s 194H - the consideration received by the bank on account of guarantee commission cannot be reckoned as commission as contemplated u/s 194H and accordingly, there was no requirement to deduct TDS on this payment. - Tri

Income Tax: Sale of patent/ know-how known as “Profofal” - disputed amount is taxable as capital receipt/ gains u/s. 55 (2) - The assessee was not in the business of purchase and sale of patents, so the sale proceed of the assignment agreement could not be treated a revenue receipt. - Tri

Income Tax: MAT - As per the provisions of section 115JB of the Act the amount of book profit will not be increased by the amount of bad debts actually written off in the books of accounts - Tri

Income Tax: The submission that, non-payment of advance tax was on account of circumstances beyond the control of the assessee and for a reasonable cause, would not warrant deletion of interest payable on account of short payment / non-payment of the advance tax u/s 215(1) - HC

Income Tax: Denial of exemption under sections 11/12 - propagation of yoga - commercial activities by receiving certain contributions under the scheme for construction of cottages at Patanjali Yogpeeth–II known as “Vanprastha Ashram” - Benefit of exemption allowed - Tri

Service Tax: CENVAT credit - duty paying document - endorsed bill of entry - import of goods by the customers for use in rendering of ‘technical testing and analysis service' - Credit cannot be allowed - Tri

Service Tax: CENVAT credit - input service distributor (ISD) - The objection of the department that the credit from one unit was utilized for the purpose of duty liability of other unit without pro rata distribution by the input service distributor therefore would not survive in view of no previous restriction of this nature flowing from Rule 7 of the Rules of 2004 - HC

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Jiva Seva is Shiva Seva:
Service to humanity is Service to God

May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.

- Swami Vivekananda, CW, 5:137

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