2018 (10) TMI 750
Escapement of income chargeable to wealth tax - validity of reasons for issuing the notice - non filing of return under the Wealth Tax Act - Petitioner raised objections to the impugned notice mainly contending that the assessee has no net wealth and in fact, the balance-sheet shows negative capital balance - Held that - Section 17 of the Wealth Tax Act, 1957 enables the AO to assess or reassess the net wealth of the assessee by issuing notice if....... + More
2018 (10) TMI 749
Asset chargeable to wealth tax - Exemption u/s 2(ea)(i)(3) of Wealth Tax Act on share of property - commercial asset - whether asset has not fulfilled the conditions to be categorized as commercial establishment? - assessee and other co-owner had purchased a Cinema Theatre with the land and buildings appurtenant thereto - Held that - As long as the assessee owns the commercial asset, which is capable of being put to productive use, the said comme....... + More
2018 (10) TMI 748
Input tax credit - scope of blocked credit - various goods and services used for maintenance of applicant s township, guesthouse, hospital, horticulture in its ordinary course of business - section 17(5) of CGST Act. - Whether the applicant is entitled to take input credit of tax paid on various goods and services used for maintenance of applicants s township, quest houses hospitals and horticulture for paying output tax? - Held that - Some of th....... + More
2018 (10) TMI 747
Levy of GST - Supply or not? - free tickets given as Complimentary Tickets - input tax credit - Circular No. 47/21/2018-GST dated 8th June 2018 - CGST Act, 2017. - The applicant has withdrawn his Advance Ruling application while indicating that his case is similar to the case of an Original Equipment Manufacturer (OEM) which has been discussed by the said circular as not constituting a supply, and the concerned officer has reached a conclusion di....... + More
2018 (10) TMI 746
Classification of supply - Lab Manual comprising bulk of instructional /educational printed material - whether printing is merely incidental to the primary use or not? - Whether Lab manual written by authors as prescribed by Educational Boards and which also contains, apart from chapter wise printed material and printed question and answers, some blank sheets / papers for exercise by students, would be classified under GST Tariff heading 4901 as ....... + More
2018 (10) TMI 745
Input tax credit - input services - cost of civil works incurred under Extension project - Mechanical Works - Electrical Works - Applicant submits that input tax credit in relation to Mechanical Works and Electrical Works should be admissible as such costs pertain to construction of plant and machinery. - Whether on facts and circumstances of the case, the input tax credit of tax paid on costs proposed to be incurred in relation to Mechanical Wor....... + More
2018 (10) TMI 744
Unable to upload FORM GST TRAN-1 - input tax credit - transitional provisions - migration to GST regime - form could not be uploaded for some system error - Held that - The respondents are directed to reopen the portal within two weeks from today. In....... + More
2018 (10) TMI 743
Unable to upload FORM GST TRAN-1 - input tax credit - transitional provisions - migration to GST regime - Though credit of VAT is being shown on GST Portal, the credit is not being reflected in his account - Government issued a Circular No.39/13/2018-GST dated 3.4.2018 to approach the Redressal Committee concerned for redressal of issues relating to filing of Form TRAN-01. It has been stated that certain assessees have already approached the Noda....... + More
2018 (10) TMI 742
Unable to upload FORM GST TRAN-1 - input tax credit - transitional provisions - migration to GST regime - form could not be uploaded for some system error - Held that - Petition disposed off permitting the petitioner to prefer an application before t....... + More
2018 (10) TMI 741
Non disbursal of refund amount - delay in refund - Held that - Petitioner in all these Petitions would submit that the substantive prayers in the Petitions stand granted and the Petitioner would accept the amounts as disbursed under protest and without prejudice to their legal rights and contentions, particularly to claim interest on delayed refund. - The Writ Petitions are, therefore, disposed off by keeping open the issue and controversy in rel....... + More
2018 (10) TMI 740
Computation of Capital Gains - sale of property - stamp valuation u/s 50C - relevant date for determination of market value of property - Held that - There is proof that the assessee has entered into agreement on 09/07/2005 and the documents submitte....... + More
2018 (10) TMI 739
Estimation of income - GP ratio - Levy of penalty u/s 271(1)(c) - disallowance of expenses debited towards purchases u/s 40A(3) - Cash payment in excess of ₹ 10000/- - CIT(A) harboured a belief that total purchases made from these three concerns deserves to be treated as bogus and a disallowance is to be made. The ld.counsel for the assessee pointed out to us that if these purchases are being treated as bogus, then almost 40% of the purchas....... + More
2018 (10) TMI 738
Reassessment u/s 147 - Capital Gains - Year in which amount is taxable - transfer of property - Joint development agreement - assessee offer his share to the builder against settlement of an amount - the developer completed the construction and was ready to handover the completed 45% share of the landlord in the financial 2009-10 which was seen from the developer s letter dated 22/12/2009 addressed to the land lords (assessee) that mentioned sett....... + More
2018 (10) TMI 737
TDS liability u/s 195 - payments made to the non-residents / father of the non-resident - purchased an immovable property of land - levy of interest u/s 201(1)/201(1A) - Held that - In the instant case, there was no direct payment made by the assessee to the non-residents. The entire payment was made to the resident Indian who is also the father of the non residents. The revenue did not establish that the payment has gone to the non residents. In....... + More
2018 (10) TMI 736
Levy of penalty u/s 158BFA(2) - block assessment - additions towards unexplained cash and unexplained income - Held that - Penalty under section 158BFA of the Income Tax Act is to be imposed on all together different grounds than the one imposed under section 271(1)(c) for concealment of income or furnishing inaccurate particulars of income. - When the AO issues notice under section 158BC of the Act, inviting the assessee to file return of the un....... + More
2018 (10) TMI 735
Addition being the capital gains on the sale of ancestral agricultural land - Whether the impugned ancestral agricultural land sold by the assessee is a capital asset? - Held that - As referring to the copy of notification issued by the Income Tax Department and mentioning the detail of location of the impugned agriculture land submitted that the alleged land is not a capital asset as provided in Section 2(14) of the Act in view of above referred....... + More
2018 (10) TMI 734
Charitable activity - rejecting the application of the appellant trust u/s 12A - evidences furnished by the assessee to prove the genuineness of the activities of the assessee trust - Held that - We have considered the submissions of both the parties and perused the material available on the record. In the present case it is noticed that learned CIT(E) on the one hand admitted that the assessee filed the documents on 17.10.2014 and 24.10.2017 rel....... + More
2018 (10) TMI 733
Registration u/s 12A r.w.s 12AA - The application of the assessee has been dismissed by holding that since there is no trust-deed available with the assessee, it is not entitled for grant such registration. - Held that - The case of the assessee was that it was very old trust and only copy of PTR is available. Now trust deed has been executed, therefore, whether activities of the trust are genuine or not required to be examined afresh. We set asi....... + More
2018 (10) TMI 732
Admission of additional evidences - Additions u/s 68 - share capital and share premium - creditworthiness and genuineness of the transaction. - assessee-company filed documentary evidences of each of the shareholder - Held that - The delay in filing the additional ground is of no consequence because when appeal is filed within the period of limitation, the additional ground could be raised at any time during the pendency of the appeal before the ....... + More
2018 (10) TMI 731
Claim of depreciation u/s 32 - acquisition of trade mark - disallowance on the ground that the cost of acquisition of trademark has been determined at Nil and consequently depreciation claimed by the assessee at the prescribed rate was disallowed - Held that - disallowance of depreciation claim by the assessee u/s 32 of the Act qua trademark acquired in FY 2006-07 is not sustainable as the TPO is not to decide the business expediency of any intan....... + More
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