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Whether vessels/ships that are afloat are not goods and immovable property? - CESTAT says Yes - What about GST on supply of floating ship?    *    Services provided to the Govt/ local authority with regard to water supply - exemption will include activity of construction of tube wells    *    ABCD of MSME Credit (Shri S. S. Mundra, Deputy Governor – August 23, 2016 – at the 2nd CII National Conference on MSME Funding held in New Delhi)    *    RBI Reference Rate for US $    *    Government Approves Seven (7) Proposals of Foreign Direct Investment (FDI)    *    Cenvat Credit - It is neither possible nor practical for any service recipient to verify the fact of payment of service tax by the service provider. Remedy of the Revenue lies at the hands of the service provider and not at the hands of the service recipient. - Tri    *    Levy of penalty - the assesse's stand that they were under a bonafide belief that no tax liability would fall upon them as the same stands discharged by the sub-contractor is required to be appreciated in which case, the provisions of section 80 of the Finance Act, 1994 would get invoked – no penalty - Tri    *    Cenvat credit - availed input services credit without payment of value of input service and service tax on such service to the provider of services - violation of Sub Rule (7) of Rule 4 of Cenvat Credit Rules 2004 - If payment is made later, credit will be eligible - however, interest liability to be computed, if any. - Tri    *    Classification of soyabean oil – by-product in the course of manufacture of lecithin – classifiable under 15071000 as crude oil, whether or not degummed - Tri    *    Continuance of registration under section 12A denied - if it is found that the assessee was accepting bogus donations, then that fact can only lead to an inference that the activities of the trust are not genuine or are not carried out in accordance with the objects of the trust. - Tri    *    Exemption u/s 11 - charitable purpose u/s 2(15) - merely because profits have resulted from the activities of imparting education, it would not result in change of character of the education that it was solely for educational purpose. - Tri    *    Disallowance of loan processing charges and pre-payment charges paid to the bank - so long as the expenses incurred by the assessee are genuine and not part of any colorable device to make tax evasion, then such expenses should be allowed under the relevant provisions of the Act. - Tri    *    Penalty u/s 271B - threshold limit for getting its account audited u/s 44AB - Business activity or professional activity - gross receipts were only ₹ 42 lakhs - penalty quashed - Tri    *    ADDITIONAL DEPRECIATION UNDER SECTION 32(1) (iia) OF INCOME TAX ACT, 1961    *    Seeks to extend the levy of anti-dumping duty on imports of Caustic Soda, originating in, or exported from Chinese Taipei (imposed vide notification No.79/2011-Customs, dated the 23rd August, 2011) for a period of one year i.e. upto and inclusive of the 22nd August, 2017    *    Meaning and scope of supply under GST (Part 2) - Import of services will be treated as supply and will subject to GST under reverse charge.    *    Meaning and scope of supply under GST (Part 1) - Since CGST, SGST or IGST will be levied on supply of goods or services, it is important to understand this term first    *    service tax payament-reg    *    Education Cess / Secondary & Higher Education Cess    *    The Union Finance Minister Shri Arun Jaitley reviews the Implementation of Insolvency and Bankruptcy Code (IBC) 2016; Calls for quick action to implement the IBC in a time bound manner    *    Guidelines regarding Provisional Assessment under section 18 of the Customs Act, 1962    *    Operation and Maintenance Management of Well Stimulation Vessel - Classification of service in question under ‘Ship Management Service' under Section 65(95a) upheld - The service provided during the disputed period from 16.06.2005 to 31.03.2006, is not taxable, being composite service, and cannot be vivisected - Refund allowed - Tri

Income Tax Case Laws - Section: 145

Home Case Index Income Tax Sections List
Cases for Section: 145
Showing 1 to 15 of 2338 Records
 
  • 2016 (8) TMI 506 - ITAT CHANDIGARH

    Denial of deduction u/s 80IA - adoption of arbitrary figure of 5 of the income as business income - Held that - The assessee has failed miserably to substantiate its claim that it manufacture software, profit from which is eligible for deduction u/s ... ... ...


  • 2016 (8) TMI 372 - PUNJAB AND HARYANA HIGH COURT

    GP estimation - rejection of books of accounts - Held that - On the rejection of the books of accounts on the ground that an assessee had returned low gross profit percentage, it is open to the authorities to ascertain the correct GP rate. - In such ... ... ...


  • 2016 (8) TMI 467 - ITAT DELHI

    Penalty levied u/s 272A(1)(c) - period of limitation - GP rate determination - Held that - In the face of the fact that penalty order dated 26.11.2012 has been passed after about one year and five months from the date of passing order by the Appellat... ... ...


  • 2016 (8) TMI 377 - GUJARAT HIGH COURT

    Determination of tax liability - Interest on non performing assets - whether non taxable on accrual basis looking to the guidelines of the Reserve Bank of India? - Held that - While determining the tax liability of an assessee, two factors would come... ... ...


  • 2016 (8) TMI 812 - GUJARAT HIGH COURT

    G.P. estimation - rejecting the books of accounts - Held that - Taking into account the observation that the gross profit of the assessee was around 6 , it will be proper to estimate the same 5 . and therefore, we are of the view that the Tribunal ou... ... ...


  • 2016 (8) TMI 329 - DELHI HIGH COURT

    Accrual of income - Selection of year of assessment - tds liability - Cash system of accounting - ITAT appears to have proceeded on the basis that since the services were to be performed by each of the Assessees for over a period of five years, the a... ... ...


  • 2016 (8) TMI 330 - DELHI HIGH COURT

    Accrual of income - Selection of year of assessment - tds liability - Cash system of accounting - ITAT appears to have proceeded on the basis that since the services were to be performed by each of the Assessees for over a period of five years, the a... ... ...


  • 2016 (8) TMI 776 - GUJARAT HIGH COURT

    Rejection of book result - estimation of sale and G.P - Held that - The books of accounts of the assessee were periodically checked by the revenue authorities. It appears that in the subsequent year i.e. in assessment year 199596, the same G.P. rate ... ... ...


  • 2016 (7) TMI 967 - BOMBAY HIGH COURT

    Taxable profits of the Project Prime Mall by adopting net profit of 17.08 of the total gross sales - Held that - We find that the Revenue seeks to substitute the estimated net profit arrived at by the Tribunal with a new figure of net profit. This wi... ... ...


  • 2016 (8) TMI 205 - ITAT BANGALORE

    Computation of net income - return of income filed by the assessee was accompanied by the report of an accountant u/s.44AB - Held that - Following the decision CIT v. Balchand Ajit Kumar (2003 (4) TMI 76 - MADHYA PRADESH High Court ) and CIT v. Harir... ... ...


  • 2016 (7) TMI 904 - ITAT KOLKATA

    Suppression of income - whether he closing stock calls for reduction to the extent of the reduction of purchases due to wrong entry ? - Held that - It is clear from the order of CIT(A) that the assesse was not able to substantiate the fact that by re... ... ...


  • 2016 (7) TMI 906 - ITAT AHMEDABAD

    Addition made on account of low GP - sole objection of the AO was that the assessee has not been maintaining stock register and also order placement registers - Held that - According to the ld.CIT(A), the assessee has been maintaining stock register ... ... ...


  • 2016 (7) TMI 965 - GUJARAT HIGH COURT

    Difference in the amount declared in books of accounts and statement furnished to Bank - Addition on difference between the stock shown in the regular books of accounts of the appellant and that declared in the statement furnished to the Bank in resp... ... ...


  • 2016 (7) TMI 966 - GUJARAT HIGH COURT

    Rejection of books of accounts - Held that - It will not be out of place to mention here that the assessee is a manufacturing unit and it has to pay the excise duty. It is the specific contention of the assessee that the books of accounts maintained ... ... ...


  • 2016 (7) TMI 936 - PUNJAB AND HARYANA HIGH COURT

    Application of Section 44 AD - Determination of Net Profit Rate - Held that - Section 44AD would not apply in the case of the respondent assessee. Resultantly, the challenge to the claim of depreciation having been allowed by the Tribunal must fail. ... ... ...


 
   
 
 
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