2018 (8) TMI 730
Accrual of income in India u/s 5(2) - Foreign allowances on account of the international assignment - assessee was an employee in IBM India Private Limited and during the financial year 2012-13 was sent on short term assignment to Switzerland. - Held that - The appellant was non-resident during the year under consideration and allowances were received by him in Netherlands. The employer wrongly deducted TDS, the appellant had claimed refund on it....... + More
2018 (8) TMI 729
Deduction u/s 80IB - manufacturing activity or not of electronics computer - whether the term manufacturer under Section 80 IB would include manufacturing activity being carried out outsourced to another party - Held that - the assessee could not even produce the primary evidence in the shape of books of accounts, resolutions, even to suggest that it had deployed its manpower at the factory premises of M/s. Kobian ECS India Pvt. Ltd. and had reta....... + More
2018 (8) TMI 728
Scope of the person u/s 2(31) - Collection of Tax (TCS) on Tahbazari u/s 206C(1C) - Whether the term Parking Lot , Toll Plaza , Mining and quarrying include Tahbazari - Whether the Apar Mukhya Adhikari, Zila Panchayat was responsible for collecting the tax at source under Section 206C(1C) of Income Tax Act - Held that - The Tahbazari is not an item which is provided under this Section for collecting TCS. If a licence or lease is issued in favour ....... + More
2018 (8) TMI 727
Levy of penalty u/s 271(1) - allegation of concealment of income - the accounts filed by the appellant was audited by the Chartered Accountant and the assessment was completed by applying flat rate on the turn over disclosed by the appellant - application of explanation 1A to Section 271(1)(c) - Held that - The AO while finalising the assessment under Section 143(3) of the Act did not believe the story set up by the assessee for loss of books of ....... + More
2018 (8) TMI 726
Transfer pricing adjustments - Assessee is aggrieved only by the directions of the learned Tribunal for remanding the case back to the TPO/AO for undertaking the Transfer Pricing Analysis with regard to Royalty payments made by the Assessee-Indian company to its Associated Enterprise M/s.Toyota Motors Corporation, Japan and other associated companies. - No substantial question of law arises out of the said order with remand directions of the lear....... + More
2018 (8) TMI 725
Filing of ITR - linking of PAN with AADHAR - Held that - the petitioner is allowed to file return of income for the year under consideration before the Department in hard copy. The Department may accept the same without the petitioner linking his PAN card with AADHAR card or having to make a declaration that he has applied for one. - It would not be obligatory for the Department to process such return. In other words, the assessment on such retur....... + More
2018 (8) TMI 724
Set-off of carried forward unabsorbed depreciation - Held that - We are informed that the Revenue has filed an SLP to the Apex Court, challenging the order of this Court in M/s. Hindustan Unilever Ltd., (2016 (7) TMI 1245 - BOMBAY HIGH COURT). However, mere filing of an SLP would not by itself make the decision in Hindustan Unilever Ltd., (supra) not binding. Needless to state that in case the Revenue is aggrieved by this order, it is always open....... + More
2018 (8) TMI 723
Settlement of case u/s 245D - Disclosure of additional income at the stage of 245D(4) - failure to make a true and full disclosure in its application for settlement - genuineness of labour charges claimed - Genuineness of receipt of consideration in the absence of evidence of providing any service - Held that - This finding of the Commission has not been shown to be perverse in any manner. In the context of the finding of the Commission merely be....... + More
2018 (8) TMI 722
Power of ITAT to extend the stay of demand - combined period of stay has exceeded 365 days - Whether the order of the ITAT be treated as void ab initio in light of Third Proviso to Section 254 (2A) of the Income Tax Act, 1961, which provides that stay of demand stands vacated after expiry of a period of 365 days, even if delay in disposal of appeal is not attributable to the assessee? - Held that - The matter is no longer res integra. While inter....... + More
2018 (8) TMI 721
Benefit of Income Declaration Scheme, 2016 - Review petition - earlier HC dismissed the petition of the assessee on the ground that, although the order dated 24.10.2016 does not refer to prosecution under Section 420 of IPC but of Corruption of Prevention Act, but since prosecution is going on against the petitioner for an offence which comes under Chapter XVII of the IPC, petitioner is not liable to be granted benefit of the said Scheme. - Now a....... + More
2018 (8) TMI 720
Taxability of income / salary received from outside India - receipt of the sum in the assessee s NRE account - during that year, the assessee had the status of non-resident u/s 6 of the Income Tax Act, 1961. - The assessee had received the said sum from his two employers in a Non-Resident (external) bank account, commonly referred to NRE account. - Held that - the interpretation be given to sub Section (b) of Section 5(2) of the Act would also ap....... + More
2018 (8) TMI 719
Disallowance u/s 40(a)(ia) in respect of labour charges and sales commission for non-deduction of tax at source (TDS) - Amount was not outstanding as on 31st March as payable - Held that - Section 40(a)(ia) covers not only those cases where the amount is payable but also when it is paid. - The Supreme Court has pointed out that Section 194C mandates a person to deduct tax at source not only on the amounts payable but also when the sums are actual....... + More
2018 (8) TMI 718
Block Assessment u/s 158BC - exclusion/ reduction of lease rentals from the depreciation offered to tax - undisclosed income - Held that - the prohibition in Second Proviso to Section 158BC(a) of the Act of filing a revised return of income before the Assessing Officer would not prohibit a Assessee from raising the additional claim before Appellate Authorities - the substantial question of law is answered in favour of the Appellant Assessee........ + More
2018 (8) TMI 717
Levy of penalty u/s 271(1)(c) - Extension of Period of limitation which has otherwise expired - transferred from one officer to another officer - it was the contention of the department that the period of limitation was to be calculated from 05.10.2005, the date on which the C.I.T. (Central), who had assumed jurisdiction later, had received the order. - Held that - this Court finds that such a situation where the case was transferred to another o....... + More
2018 (8) TMI 716
Conduct of the revenue in pursuing and prosecuting its appeals before the High Court - appeal against settled issues - Held that - we were assured by the Revenue that proper steps would be taken to ensure that the State takes a consistent view and decisions on any issue which are already taken by this Court would be informed to their Advocates who would also be continuously updated of the decisions taken by this Court on the questions of law. Thi....... + More
2018 (8) TMI 715
Claim of expenses u/s 37(1) - litigation and settlement expenses - during the legal proceedings, the appellant switched gear and became a lawyer in order to settle the dues of the company and discharge his personal guarantee. - He entered into One Time Settlement with the bankers and paid up the agreed amount - Held that - The discharge of that liability was claimed by him to be business expenditure in relation to subsequent income generated thro....... + More
2018 (8) TMI 714
Compounding of offense u/s 276B - failure to deposit the compounding amount - Failure to deposit the amount of TDS, after collection to the government account - initiation of prosecution proceedings under the provisions of Chapter XVIIB of the Income Tax Act, 1961 - The main grievance of the petitioners is that when there is a genuine dispute about the quantum of compounding fee payable by them, it was not open to the respondents to reject the ap....... + More
2018 (8) TMI 713
Rejection of application for registration u/s 10(23C)(vi) - educational university - non-commencement of activity - examination of of application of funds while considering the application for registration - The assessee is formed in pursuance to Special Act of the Legislative Assembly of Odisha. - Held that - It is a settled position that while collecting the amount applied towards objects under third proviso to section 10(23C)(vi), both the rev....... + More
2018 (8) TMI 712
Transfer pricing - selection of comparable - determination of arm s length price - The AO referred the matter to the Transfer Pricing Officer (TPO) to determine the arm s length price of the international transactions u/s 92CA(3) of the Act. - The TPO also noticed that the arm s length price of the international transactions representing IT enabled services provided to the AEs was determined by the assessee by applying transactional net margin me....... + More
2018 (8) TMI 711
Addition u/s 41 - cessation of liability towards sundry creditors - Assessee added the amount towards written off of sundry creditors in the amount of sales and shown the gross profit @6.46% - Held that - the C.A. who has prepared the Trading A/c for the assessee for assessment year under appeal, has not prepared the accounts property and as such, the Income Tax Authorities are required to be vigilant to see that such type of practice should not ....... + More
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