2018 (8) TMI 750
Reopening of assessment - reason to believe - independent application of mind by the AO - AO has initiated the reassessment proceedings mainly on the basis of information received from the Investigation Wing - allegation of taking accommodation entries from different parties - Held that - Since the assessment has been reopened on the basis of information received from Investigation Wing and there is no independent application of mind by the Asses....... + More
2018 (8) TMI 749
Monetary limit for filing an appeal by revenue - Restriction on deduction of expenditure u/s 43B - VAT/WCT liability - the customer deducted WCT at the rates applicable and made the net payment to the assessee after the deduction of WCT. The customer deposited the WCT deducted with the State Government on behalf of the assessee and the assessee credited the gross amount of invoice as turnover or sales and debited the amount on account of WCT in t....... + More
2018 (8) TMI 748
Exemption u/s 11 - educational institution / university - addition of surplus - founder of the trust, treasure of the trust, member of trust are getting personal benefit in the form of salary - Application or use of income or property for the benefit of persons referred to section 13(3) - Held that - It is apparent that the payment made to these persons clearly attracts the provisions of Sections 13(1) and 13(2) of the Act however, only to the ex....... + More
2018 (8) TMI 747
Revision u/s 263 - Doctrine of merger - CIT observed that, AO has not made necessary enquiries/ verification with reference to the purchases - AO has rejected the books of assessee and disallowed 25% of such purchase in the assessment - Held that - when the addition made by the AO was the subject matter of appeal before the ld. CIT(A) and this issue was pending before the ld. CIT(A) then, the Pr. CIT has not powered to invoke the jurisdiction of ....... + More
2018 (8) TMI 746
Claim of relief u/s 89 - receipt of arrears in lieu of employer s contribution to the newly implemented Defined Contribution Scheme - He has also relied upon the argument that employer s contribution to an approved superannuation fund in respect of an employee, had become taxable as a perquisite by the insertion of the provision under section 17(2)(vii) w.e.f. 01.04,2010, and since the larger part of the arrears received by him pertained to the y....... + More
2018 (8) TMI 745
Validity of assessment order passed u/s 143(3) r.w.s. 144C - assessment post amalgamation with another company - transfer pricing adjustments - Held that - the assessment framed by the AO on the non-existent company i.e. Akzo Noble Car Refinishes India Pvt. Ltd. is void ab initio. Accordingly, the same is quashed. - Decided in favor of assessee........ + More
2018 (8) TMI 744
Disallowance u/s 14A r.w.r. 8D - suo moto disallowance made by assessee - Held that - AO has not at all recorded the satisfaction for rejecting the claim of expenditure suo moto disallowed by assessee in relation to exempt income. Once this is the position, we are of the view that the CIT(A) has rightly deleted the disallowance. - Decided against the revenue........ + More
2018 (8) TMI 743
Transfer pricing - arms length interest rate on loan for loan given to Associated Enterprise. - Held that - CIT(A) has rightly held, the arm s length interest rate for a financing transaction in France should take into account only the average French interest spread and not the average European interest spread as admittedly the conditions in entire European financial market are not the same. - Determination of arms length price on the corporate g....... + More
2018 (8) TMI 742
Levy of penalty for violation of SEBI laws - Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 ( PFUTP Regulations, 2003 for short). - Held that - The misleading corporate announcements are not in dispute and are found to be violative of the relevant regulations as upheld by this Tribunal. - Though, thereafter, Jayesh Shah appeared before the AO and submit....... + More
2018 (8) TMI 741
Security interest in agricultural land - Validity of proceedings under the SARFAESI Act, 2002 - applicability of act to agricultural land - Held that - The expression security interest , both before and after the amendment, excludes what is specified in Section 31. Clause (i) of Section 31 stipulates that the provisions of the Act will not be applicable to any security interest created in agricultural land. The statutory dictionary in Section 2 d....... + More
2018 (8) TMI 740
Reliefs of declaration and injunction - who is the owner of the properties - Section 3(2) of the Benami Transactions (Prohibition) Act, 1988 - Held that - The trial court has committed a grave and fundamental error in rejecting the suit plaint under Order VII Rule 11 CPC by relying upon the provision of Section 4 and repealed provision of Section 3(2) of the Benami Transactions (Prohibition) Act. When the impugned judgment was passed on 19.12.201....... + More
2018 (8) TMI 739
Suspending the execution of sentence - Section 138 of the Negotiable Instruments Act, 1881 - Held that - Hon ble Supreme Court in case titled as Stanny Felix Pinto v. Jangid Builders Pvt. Ltd., 2001 (1) TMI 878 - SUPREME COURT OF INDIA held that a pre condition for suspending the execution of sentence, of imprisonment imposed upon the convict, it being not imperative for the Court, to, direct the convict to deposit the entire fine amount/compensa....... + More
2018 (8) TMI 738
Refund of two Fixed deposits made with Interest - total denial of the receipt of ₹ 30 lakhs in cash from the respondent by Bank. - Whether the suit filed by the respondent/plaintiff is barred by the law of limitation? - Held that - This Court does not want to go into this question for the first time at the stage of appeal. It is true that the question of limitation can be gone into by a Court, even without the same being raised as an issue,....... + More
2018 (8) TMI 737
Dishonor of Cheque - Section 138 of Negotiable Instrument Act - rebutting of presumption - Held that - In Rangappa v. Sri Mohan 2010 (5) TMI 391 - SUPREME COURT OF INDIA it is held by Hon ble Supreme Court that it is a settled position that when an accused has to rebut the presumption under Section 39, the standard of proof for doing so is that of preponderance of probabilities . Therefore, if the accused is able to raise a probable defence which....... + More
2018 (8) TMI 736
Commercial or Industrial Construction Service - activity of laying underground optical fiber cables for telecom companies like Reliance Communication, Vodafone Essar, BSNL and IDEA Cellular - Circular No 123 / 5/ 2010-TRU dated 24th May 2010 - Held that - The activities undertaken by the respondent to be akin to those mentioned at Sl No 2 & 3 in the table in the said circular. In respect of the said Sl No 2 & 3 it has been clarified that ....... + More
2018 (8) TMI 735
Benefit of abatement - GTA Services - reverse charge mechanism - Revenue entertained a view that inasmuch as the GTA service provider has not endorsed the consignment notes to the effect that such credit has not been available by them, the appellant is not entitled to the abatement of 75% - Held that - An identical matter was the subject matter of the Hon ble Gujrat High Court in the case of Commissioner of Service Tax, Ahmedabad V/s Cadila Pharm....... + More
2018 (8) TMI 734
Benefit of N/N. 12/2012-CE dated 17th March, 2012 - exemption claimed on the ground that they being a new unit, escaped attention to the N/N. 12/2012-CE dated 17th March, 2012 extending complete exemption for the medicaments biochemic system not bearing a brand-name - exemption denied by the Department on the ground that the appellants are registered since November, 2013 under Central Excise Registration. - Whether a lighted lamp shown on the bio....... + More
2018 (8) TMI 733
Reversal of Cenvat Credit while opting for SSI exemption - demand of credit attributable to inputs, semi finished goods and finished goods lying in stock on the date of opting for the exemption under N/N. 8/2003-CE dated 01.03.2003 - Rule 11(3) of Cenvat Credit Rules, 2004 - Held that - The assessee is require to reverse the cenvat credit lying in their cenvat credit account on the date of opting for exemption on the inputs, semi finished goods a....... + More
2018 (8) TMI 732
Valuation - inclusion of freight and insurance in the assessable value for the manufactured goods delivered at the buyers premises - place of removal taken as buyer s place - Held that - This issue is no more res-integra and covered by the judgment of Hon ble Supreme Court in the case of Commissioner of Customs & Central Excise, Nagpur vs. Ispat Industries Ltd. 2015 (10) TMI 613 - SUPREME COURT , where it was held that The actual cost of tran....... + More
2018 (8) TMI 731
Additions u/s 69A - Undisclosed income - failure to record transaction in bank accounts in the books of account - Additions u/s 68 towards bogus gifts received from parents - Held that - only the combined peak credit of all the 8 bank accounts can be brought to tax in this case. As already stated, the assessee had submitted the statement showing the combined peak credit of all the bank accounts. As it is a matter of computation, we are of the vie....... + More
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