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Showing 1 to 20 of 254428 Records

  • 2017 (9) TMI 1108 - DELHI HIGH COURT

    Alcatel-Lucent India Ltd. Versus Deputy Commissioner Of Income Tax

    TPA - ALP of international transaction - comparable selection and remand proceedings - there are a large number of issues on which there is no finding by the ITAT - as per assessee a mere remand to the TPO of those issues for a fresh determination would undue delay the entire exercise and resultant in multiplicity of proceedings - Held that - The Court finds merit in the contention of learned counsel for the Assessee. The practice of remand to th....... + More


  • 2017 (9) TMI 1107 - CALCUTTA HIGH COURT

    Assistant Commissioner of Income Tax, Central Circle - 3 (1) , Kolkata & Others Versus Emta Coal Limited

    Settlement Commission order - Settlement Commission has applied the principles of best judgment - claim of bogus expenditure - Held that - An order under Section 245(D) is not an order of regular assessment. Chapter XIXA contemplates the taxability determined with respect to undisclosed income only by the process of settlement/arbitration. - The process of arrival of the liability of the assessee to pay tax under Chapter XIXA of the Act of 1961 b....... + More


  • 2017 (9) TMI 1106 - MADRAS HIGH COURT

    Cigarette Dealers Association Versus Union of India, Central Board of Direct Taxes

    Fringe Benefit Tax (FBT) - Writ of Declaration to declare Sections 115 WA to WL of the Income Tax Act, 1961 as introduced by the Finance Act 2005, as well as the Rules made in the Income Tax Rules, 1994, as ultra vires Articles 14, 19(1)(g) of the Constitution of India - Held that - The petitioner is directed to abide by the decision of the Hon ble Supreme Court where the challenge to the impugned provisions are pending. It is made clear that in ....... + More


  • 2017 (9) TMI 1105 - DELHI HIGH COURT

    Surya Recreation Travels Pvt. Ltd Versus Principal Commissioner of Income Tax (TDS) & Others

    TDS credit - Liability to pay interest on the delayed remission of the above TDS amount - Held that - The accounts have been reconciled and the necessary rectification orders have been passed allowing the TDS credit as per Form-26AS details in the case of the Petitioner. In that view of the matter, no further directions are called for as far as the Income Tax Department is concerned. - In the considered view of the Court, the liability to pay int....... + More


  • 2017 (9) TMI 1104 - RAJASTHAN HIGH COURT

    Commissioner of Income Tax-I, Jaipur Versus Smt. Pooja Agarwal, Shir Jitendra Kumar Agarwal, P/o M/s Garg Jewellers

    Undisclosed investment - iniquity of capital gain - non-genuine transaction - Held that - AO has failed to counter the objections raised by the appellant during the assessment proceedings. Simply mentioning that these findings are in the appraisal report and appraisal report is made by the Investing Wing after considering all the material facts available on record does not help much. The AO has failed to prove through any independent inquiry or r....... + More


  • 2017 (9) TMI 1103 - DELHI HIGH COURT

    Surjit Kumar Chetal Versus Commissioner of Income Tax-XV

    Rectification of mistake u/s 154 - capital gains tax - exclusion of interest u/s 28 of the LA Act from the returned income - Section 10(37) applicability - Held that - CIT was in error in holding that Section 10(37) of the Act did not apply. There was no dispute that at the time when it was acquired by the Government of Haryana the Assessee s land was both an agricultural land and a capital asset within the meaning of Section 2 (14) (iii) which d....... + More


  • 2017 (9) TMI 1102 - ITAT MUMBAI

    M/s Shree Uma Engineering Versus The Income Tax Officer Ward, 21 (3) (2) , Mumbai

    Addition on account of unconfirmed credit balance - Held that - In the remand report the AO confirmed that the assessee vide its reply dated 30.12.2011 contended that the corresponding journal entry was passed in the books of account of the assessee on 01.04.2009 by debiting M/s Anil Agency and crediting M/s Shree Uma Electricals. The ld CIT(A) concluded that the journal entry was passed on 01.04.2009 in the books of the assessee debiting M/s Ani....... + More


  • 2017 (9) TMI 1101 - ITAT MUMBAI

    The Manjri Stud Farm Pvt Ltd. Versus The Asstt. Commissioner of Income Tax, Circle 2, Mumbai

    Addition u/s 271(1)(c) - validity of notice - without specifying the specific charge under which the penalty is proposed - Held that - It is mandatory on the part of the AO to point out the specific charge and strike off one of the two charges contained in the notice issued u/s 271(1)(c) r.w.s. 274 falling which the proceedings u/s 271(1)(c) and consequent order were to be quashed. CIT V/s Manjunath Cotton and Ginning Factory reported in 2013 (7)....... + More


  • 2017 (9) TMI 1100 - ITAT MUMBAI

    Ajay Ramesh Sanghvi Versus ACIT, Range 16 (2) , Mumbai

    Unexplained cash deposit in bank account u/s 68 - Held that - As the assessee has explained cash deposit of ₹ 2,50,000 on 07-05- 2009 out of opening cash balance brought forward from previous financial year. We find tht opening cash balance of ₹ 3,17,000 has been explained as out of cash withdrawal from Citi Bank in February, 2011. We further observe that these bank accounts are declared in the regular return filed for the relevant as....... + More


  • 2017 (9) TMI 1099 - ITAT MUMBAI

    Talpady Umashanker Shenava Versus Dy. CIT, Cir. 6 (1) , Mumbai

    Exemption u/s. 54EC - investment in tax exemption bonds of ₹ 50 lakhs in one financial year and further ₹ 50 lakhs invested in next financial year, but within the stipulated period of six months from the date of sale of the asset - Held that - A similar issue has been considered in CIT vs Coramandel Industries Ltd (2014 (12) TMI 852 - MADRAS HIGH COURT) wherein observed that it is clear from the First Proviso to section 54EC(1) that t....... + More


  • 2017 (9) TMI 1098 - ITAT CHANDIGARH

    Sh. Roshan Lal Jindal Versus The D.C.I.T., Central Circle-1, Chandigarh And Vice-Versa

    Deemed dividend income u/s 2(22)(e) - loans and advances given to societies registered u/s 12A - whether the assessee was beneficially entitled to 20 or more of the income of Swami Devi Dayal Hi-tech Education Academy ? - Held that - Swami Devi Dayal Hi-tech Education Academy is a charitable trust registered u/s 12AA of the Act. That the assessee is a trustee in the said trust has also not been disputed and the fact that there are no interest of ....... + More


  • 2017 (9) TMI 1097 - ITAT MUMBAI

    Rajnath Jairam Tripathi (HUF) Prop. Anuradha Insulation Versus ACIT 31 (3) , Mumhai

    Disallowance on account of Bogus Purchase u/s. 69C for Unexplained Expenditure - expenditure incurred on purchase of raw material used for trading and/ or manufacture of goods - Held that - We find that the assessee has placed on record the documents pertaining to purchase of material from the parties. We have noticed that the AO has not issued notice u/s 133(6) of the I.T. Act to the bank of the assessee or of the suppliers to verify whether imm....... + More


  • 2017 (9) TMI 1096 - ITAT MUMBAI

    Bombay Real Estate Development Co. Pvt. Ltd. Versus Asstt. Commissioner of Income Tax- Range-1 (1) , Mumbai

    Addition u/s 14A r.w.s.Rule 8D - calculation of disallowance - non recording of satisfaction with reference to the books of accounts - Held that - In view of this fact and settled legal position, we are inclined to hold that invocation of provision of section 14A r.w.r.8D(2) is not justified without recording any satisfaction with reference to the books of account maintained by the assessee on the basis of which the assessee has not made any disa....... + More


  • 2017 (9) TMI 1095 - ITAT DELHI

    HCL Technologies BPO Services Ltd. (now stands amalgamated with HCL Technologies Limited) Versus ACIT, CC – 2, New Delhi

    Deduction u/s 10A - reducing the link charges from the export turnover by the virtue of clause (iv) of Explanation 2 of Section 10A without making the similar adjustment from the total turnover - providing Business Process Outsourcing (BPO) services and export of ITES - Held that - Identical issue in favour of the assessee by following the decision rendered by ITAT, Delhi Bench in case of DCIT vs. Binary Sematics 2007 (3) TMI 306 - ITAT DELHI-D w....... + More


  • 2017 (9) TMI 1094 - ITAT JAIPUR

    DCIT Circle-6, Jaipur Versus Jaipur Zila Dugdh Utpadak Sahkari Sangh Ltd.

    Eligible business expenditure under section 37(1) - contribution made by the assessee to SPARSH Trust - Held that - contribution made by assessee to this trust is an expenditure incurred wholly and exclusively for the purpose of business which is allowable u/s 37(1). - Disallowance for depositing the employee s contribution to PF and ESI beyond the prescribed limit provided in the respective Acts - Held that - Admittedly, contribution to PF &....... + More


  • 2017 (9) TMI 1093 - MADRAS HIGH COURT

    M/s. Media Graphics, Shri. A. Gunasearan Versus The Commissioner of Customs, The Senior Intelligence Officer, The Additional Director, Directorate of General of Revenue Intelligence

    Summon issued under Section 108 of the Act - The challenge to the impugned summons is on very limited ground stating that no useful purpose would be served by directing the petitioner to appear before the second respondent, inasmuch as, already the petitioner has appeared and statement has been recorded - mis-declaration of value of imported second hand machinery - natural justice - Held that - Much earlier, the third respondent inspected the bus....... + More


  • 2017 (9) TMI 1092 - MADRAS HIGH COURT

    L & T Metro Rail (Hyderabad) Limited, Hyundai Rotem Company Versus The Commissioner of Customs, The Additional Director General, Directorate of Revenue Intelligence

    Maintainability of appeal - Jurisdiction - Principles of Natural Justice - Classification of imported goods - EL-S-PR Railway Coach-TC (Coach) - re-classified as Not Self-Propelled- passenger coaches, under CTH 8605 of the first Schedule to the Customs Tariff Act, 1975 or otherwise? - if the appellate jurisdiction of this Court has been specifically excluded, when it pertains to determination of the value or regarding the classification of the go....... + More


  • 2017 (9) TMI 1091 - MADRAS HIGH COURT

    M/s. HLG Trading Versus The Assistant Commissioner of Customs, The Deputy Commissioner of Customs (SIIB-Sea) , The Commissioner of Customs, The Commissioner of Customs

    Release of detained goods - Held that - no proceedings have been initiated against the petitioner for the quantity of cargo already released. That apart, the petitioner has been regular importer of the very same goods, and on an earlier occasion, the goods detained were released by obtaining a bond from the petitioner - It appears that, in the instant case, the test report, which has to be obtained by the petitioner based on which, goods covered ....... + More


  • 2017 (9) TMI 1090 - MADRAS HIGH COURT

    M/s. HST Impex Versus The Commissioner of Customs-IV, The Joint / Additional Commissioner of Customs, The Senior Intelligent Officer, Directorate of Revenue Intelligence

    Release of goods seized - smuggling - undeclared prohibited goods - Held that - the writ petition is disposed of with a direction to the respondents 1 and 2 to take note of the report of the Directorate of Revenue Intelligence, consider the petitioner s application dated 13.07.2017 for provisional release of the goods and pass appropriate orders in this regard within a period of two weeks........ + More


  • 2017 (9) TMI 1089 - CESTAT CHANDIGARH

    CCE, Delhi-III, Gurgaon Versus M/s Asian Colour Coated Ispat Ltd.

    Scope of SCN - mis-declaration of goods - DEPB benefit - Held that - the question of DEPB benefit is not the subject matter of the present appeal inasmuch as the same has been left for the DGFT authority to decide, even by the original adjudicating authority. - It is well settled that the claim of wrong entry or a benefit, which is not available to the assessee, cannot be considered to be a mis- description on a mala-fide. The appellant have clai....... + More


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Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

Forum: Input tax credit

Forum: Cess paid instead of SGST

Forum: Excise duty credit on finished stock at additional place of business.

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Forum: GST rates on mobile recharge business

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Forum: import purchase

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Forum: 3B mistake

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC

Highlight: Valuation - inclusion of reimbursement of expenses - managing participation of clients in certain mela, fairs, promotional activities etc. - They are liable to service tax on the gross amount received - They cannot restrict their tax liability to only agency commission

Highlight: TDS liability - ITAT confirmed the liability - We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion - HC

Highlight: Reopening of assessment - sufficiency of material available with the AO to form a belief that income chargeable to tax had escaped assessment - bogus purchases - seller refused to respond - notice would not be interfered with - HC

Highlight: Exemption u/s 11 - education activities - transport and hostel facilities surplus cannot be considered as business income of the assessee society

News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.



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