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2024 (4) TMI 741
Bogus unsecured loans and bogus share capital money - not providing cross-examination of maker of the statement on which AO relies upon to take adverse view against an assessee - CIT(A) deleted addition - HELD THAT:- Merely because the lenders did not appear before the AO, cannot be the sole reason for drawing adverse view against the assessee/transaction in question. Since the assessee filed the aforesaid relevant documents by the assessee, we find it had discharged the burden to prove the identity and creditworthiness of the lenders parties ....... + More
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2024 (4) TMI 740
LTCG u/s. 50C - leasehold right on land acquired - CIT(A) deleted addition by holding that leasehold right on land are not within the purview of section 50C - Ld. Counsel submitted that section 50C applies only in case of a transfer of capital asset being land or building or both and this section does not make a specific reference to rights in lands or building which otherwise is included in other provisions in the Act Whether the transfer of leasehold rights in land falls within the purview of section 50C or not? - HELD THAT:- Coming to the f....... + More
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2024 (4) TMI 739
Enhancement of assessment by CIT(A) u/s 251(2) - addition u/s 56(2)(vii) - HELD THAT:- As from the perusal of the provisions of section 251 of the Act, it is pertinent to note that though the statute has conferred the power of enhancement on the learned CIT(A) while disposing of an appeal against an order of assessment, however, as per the provisions of sub-section (2) the learned CIT(A) is required to grant reasonable opportunity of showing cause against such enhancement to the assessee prior to making any such enhancement. Ostensibly, in the....... + More
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2024 (4) TMI 738
Addition of commission expenses and franking charges - Allowable business expenditure or not? - HELD THAT:- From a perusal of it is noted that the assessee had furnished the details of the parties to whom the franking charge has been incurred by assessee (on behalf of the customers). However, no other evidences have been filed by assessee to prove that franking charges have been incurred wholly and exclusively for the purpose of business, CIT(A) confirmed the action of AO. On the same reason, the action of Ld. CIT(A) confirming the action of A....... + More
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2024 (4) TMI 737
Expenditure incurred by the HO for salary paid to the expatriate employees for rendering services to PE - as per revenue these expenses being not recorded in books of assessee (PE) in India, were neither actually paid nor shown payable in books of Indian PE and as the assessee did receive the services of such value through its HO, simultaneously there was equivalent income also accruing to assessee u/s 28(iv) and once the AO having not made any separate addition u/s 28(iv), the disallowance of expenses claimed directly in computation of income....... + More
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2024 (4) TMI 736
Revision u/s 263 - As per CIT, AO has not examined the issue of interest expenditure claimed against interest from third party - SCN was issued relating to advancing of borrowing funds to the third parties without utilizing the funds for assessee's own business - HELD THAT:- We find that the in the notice issued u/s 142(1) of the Act specific questions have been raised in point 6 with regard to the investments/loans appearing in the balance sheet and justification regarding interest paid to others has been asked for. The assessee had made ....... + More
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2024 (4) TMI 735
Assessment u/s 153A - Addition u/s 68 - bogus unsecured loan - unexplained cash credit received from shell/paper companies under the garb of unsecured loan - CIT(A) deleted addition - HELD THAT:- As on the date of search i.e., 29/01/2021, Assessment Years 2014-15 and 2015-16 fall under the category of completed/unabated assessment years and addition for such assessment years could have been made only if any incriminating material has been found by the search team indicating that the assessee had any unaccounted income/investment/unaccounted mo....... + More
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2024 (4) TMI 734
Addition u/s 69 - AO made addition merely on the reasoning that the payment of consideration was not disclosed - assessee before the CIT(A) contended that the lands purchased by it through sale deed was not disclosed in the books as the consideration was not paid due to dispute - CIT(A) after considering the facts in totality confirmed the addition made by the AO - HELD THAT:- There is no dispute that the land in question was purchased by the assessee much earlier through the sale deed and payment for the same was made subsequently. Generally,....... + More
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2024 (4) TMI 733
Levy of tax - non-banking financial services - sundry creditors - income received - tax proposal was confirmed in view of the failure of the petitioner to submit that the trial balance pertaining to its operations in Tamil Nadu. - GSTR-9C reconciliation statement. Sundry Creditors - HELD THAT:- Given that the issue relating to sundry creditors pertains to alleged non-payment by the petitioner for supplies received, the imposition of tax liability on the total value of trade receivables flies in the face of reason. Even assuming that dues to su....... + More
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2024 (4) TMI 732
Penalty imposed on the appellant being the employee of the Shipping Line u/s 114AA - manipulation in the document - statement recorded u/s 108, wrongly stated that the supplier of the goods in the subject container was Jubilee Middle East General Trading LLC, Dubai - HELD THAT:- From the RUDs placed on record by the learned AR, we find the Bill of Lading dated 6.11.2014 the supplier has been mentioned as M/s. Jubilee Middle East General Trading LLC Dubai, UAE. Therefore, the appellant is not wrong in saying that the shipper/supplier is M/s. Ju....... + More
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2024 (4) TMI 731
Penalty under Rule 18 (1) of CBLR 2018 on customs broker - exporter availed undue benefit under Merchandise Exports from India Scheme (MEIS) in the export of safety matches - misclassifying the same under CTH 36050090 as against CTH 36050010 - facilitated the filing of documents relating to export on behalf of their exporter client - violation of Regulations 10(d) 10 (e) ibid - HELD THAT:- In the case of M/s. Max Miller Agencies [ 2024 (1) TMI 1220 - CESTAT CHENNAI] this Bench has considered an almost similar issue and after considering severa....... + More
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2024 (4) TMI 730
Period of limitation for filing refund claim of SAD - Period start from the date of payment Or from the date of sale of the goods - HELD THAT:- The ratio laid down in the case of M/s. Abhishek Marketing [ 2024 (3) TMI 1050 - CESTAT KOLKATA] wherein the Tribunal has held that the one-year period for filing the refund claim should start from the date of payment of additional customs duty, is squarely applicable to the factual matrix of the present appeals. I observe that the judgements of the Hon ble Delhi High Court cited by the appellant perta....... + More
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2024 (4) TMI 729
Benefit of exemption from Customs Duty - Validity Of Original re-assessment orders - Modification of self assessment made by the appellant claiming the benefit of exemption under Sl. No. 29 and 30 of Notification No.24/2005-Customs as amended - Classification of impugned goods viz. Open Cells under CTH 85.24 and in classification of associated parts of Open Cells under CTH 85.29 - whether the imported goods is the Liquid Crystal Device or not - HELD THAT:- On careful reading of the impugned order passed by the learned Commissioner of Customs (....... + More
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2024 (4) TMI 728
Professional Misconduct by CA - Failure to disclose a material fact known to him which is not disclosed in a financial statement, but disclosure of which is necessary in making such financial statement where the statutory auditors are concerned with that financial statement in a professional capacity - Failure to report a material misstatement known to him to appear in a financial statement with which EP is concerned in a professional capacity - Failure to exercise due diligence and being grossly negligent in the conduct of professional duties....... + More
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2024 (4) TMI 727
Approval of Resolution Plan - whether the Appellant is secured creditor of the Corporate Debtor or not? - whether the decision of the RP declaring the Appellant as unsecured creditor is in accordance with law? - HELD THAT:- It is true that Section 3(31) does not refer to any registration of charge under Section 77. The judgment of the Hon ble Supreme Court in Paschimanchal Vidyut Vitran Nigam Ltd. vs. Raman Ispat Pvt. Ltd. [ 2023 (7) TMI 831 - SUPREME COURT ], which has been relied by learned Counsel for the Appellant, is noticed. The above wa....... + More
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2024 (4) TMI 726
Levy of service tax - Intellectual Property Services - license fees and other incidental expenses paid to the Russian Company i.e. M/s. Rosboronexport, Moscow, Russia towards transfer of technical knowhow and technical assistance for manufacture of aircraft engines - amount received from the Malaysian company i.e. M/s. Setia Technologi SDN, BHD, Malaysia against repair/rectification of MIG Engines - Reverse Charge Mechanism - suppression of facts - Extended period of Limitation. Service tax on license fees and other incidental expenses paid to....... + More
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2024 (4) TMI 725
Point of Taxation rules - service received from associate enterprises on the taxable value as determined in terms of section 67 of the Finance Act, 1994 - demand made in the present case on the basis of certain provisional entries made by the appellant in their book of accounts, as expenses towards the payments to be made to their associate enterprises, for the services of professionals visiting them - Extended period of Limitation - Penalty - HELD THAT:- By not paying the service tax at the time of making the expense entries in their book of ....... + More
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2024 (4) TMI 724
Levy of service tax - Business Auxiliary Services (BAS) - expenses reimbursed to the foreign distributors under reverse charge mechanism - Extended period of limitation - HELD THAT:- Hon ble Apex Court held in the case of COLLECTOR OF CENTRAL EXCISE, CALCUTTA VERSUS PRADYUMNA STEEL LTD. [ 1996 (1) TMI 127 - SUPREME COURT] that mere mention of wrong provision of law, when the power exercised is available even though under a different provision is by itself not sufficient to invalidate the exercise of that power. It is found that the show-cause ....... + More
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2024 (4) TMI 723
Recovery of service tax alongwith interest and penalties - Business Auxiliary Service - Business Support Service - agreements with M/s Rathipriya Trading Pvt. Ltd. [presently known as M/s Indiawin Sports Pvt. Ltd., Mumbai (ISPL)] for playing in Indian Premiere League - HELD THAT:- The Tribunal in its judgment, in the case of SOURAV GANGULY VERSUS COMMISSIONER OF SERVICE TAX, KOLKATA (NOW COMMISSIONER OF CENTRAL GOODS SERVICE TAX CENTRAL EXCISE, KOLKATA SOUTH) [ 2020 (12) TMI 534 - CESTAT KOLKATA] has relied on the case of CST, DELHI VERSUS MS........ + More
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2024 (4) TMI 722
Invocation of Extended period of limitation - contravention of provision of rule 9(1)(f) of CCR - Levy of penalty u/r 15(3) of CCR - HELD THAT:- The Commissioner (Appeals) has also not recorded any specific reasons of invoking the extended period of limitation - only reason given in the show cause notice for invoking extended period of limitation is that the appellant had contravened the provision of rule 9(1)(f) of CCR. It has been presumed that CENVAT credit was availed by the appellant with intention to increase its CENVAT balance with the ....... + More
