-
2016 (10) TMI 1397
Sale of the mortgaged project - part construction carried out - invocation of provisions of Section 13(12) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - HELD THAT:- The Court is informed that the respondent No.1 has not even nominated a counsel, on whom an advance copy of the present petition could be served. As a result, the respondent No.1/Bank has been served directly at the address given in the memo of parties. Despite the same, none is present on behalf of the said respondent....... + More
-
2016 (10) TMI 1396
Section 35F of the Central Excise Act, 1944 pre-deposit - HELD THAT:- Following the case of Nimbus Communications Limited v/s Commissioner of Service Tax and Another [ 2016 (8) TMI 451 - BOMBAY HIGH COURT] , these Petitions are dismissed. However, we grant six weeks time to the Petitioners to comply with the condition as imposed in the statute for availing of the remedy of appeal. If the amount is deposited, and proof is produced, the Tribunal shall entertain the appeal and decide it on merits so also in accordance with law. The Writ Petitions are disposed off.
-
2016 (10) TMI 1395
Validity of Revision u/s 263 - unexplained investment in shell companies - allegation of benami transactions in the name of individuals of village Kharora to induct share application money/share capital - HELD THAT:- In Malabar Industrial Co. Ltd. [ 2000 (2) TMI 10 - SUPREME COURT] made it clear that even incorrect assumption of facts would satisfy the requirement of order being erroneous. In case the orders are passed without applying the principle of natural justice or without application of mind then also the Commissioner can exercise his r....... + More
-
2016 (10) TMI 1394
TP Adjustment - comparable selection - Applicability of turnover filter - TPO has applied turnover slab of Rs.1 crore to Rs.200 crores for excluding some of the companies - HELD THAT:- As it gives ambiguous result as two entities having difference of Rs.1 crore cannot be considered as comparable, whereas on the other hand difference of Rs.199 crores can be considered as comparable company. Therefore, such classification of comparables on the basis of Rs.1 Crore to Rs.200 Crores of turnover is not appropriate and acceptable. The turnover, no do....... + More
-
2016 (10) TMI 1393
Reopening of assessment - notice issued beyond four years - addition of the provision of FBT and the expenditure incurred on Social Forestry for earning exempt income - HELD THAT:- We find that the provision of FBT was mentioned in the Profit and Loss account which was before the AO at the time of original assessment proceedings. Therefore, it cannot be said that there was a failure on the part of the assessee to disclose truly and fully all the material facts before the AO. So far as the expenditure Social Forestry for earning exempt income i....... + More
-
2016 (10) TMI 1392
Condonation of delay - Appeal filled as time barred by 26 days - CIT(Appeals) instead of considering the submissions of the assessee found that appeal of the assessee is late by 26 days and since no application for condonation of delay has been filed therefore, appeal of the assessee has been dismissed - HELD THAT:- Matter requires re-consideration at the level of the ld. CIT(Appeals). CIT(Appeals) noted the facts of the case and written submission of the assessee in the impugned order but did not pass any order on merit. He has held that appe....... + More
-
2016 (10) TMI 1391
Levy of Service tax - Technical Testing and Certification Services - payments made by the appellant to the USFDA - reverse charge mechanism - HELD THAT:- Identical issue in respect of the appellant for the earlier period 18.4.2006 to 31.3.2008 was before the Tribunal in ROHA DYECHEM PVT LTD, VIDHI DYESTUFF MFG LTD VERSUS COMMISSIONER OF CENTRAL EXCISE, RAIGAD [ 2016 (4) TMI 111 - CESTAT MUMBAI] , the Bench held that such payments are not covered under the reverse charge mechanism as these are fees which are payable to USFDA. As in the case of ....... + More
-
2016 (10) TMI 1390
Assessment u/s 153A - approval u/s.153D without application of mind - HELD THAT:- Approval has been given u/s.153D of the Act without application of mind. Assessment u/s.153A of the Act is wrong against law and facts and is not liable to be sustained in the eyes of law, therefore the assessment order u/s 153A is hereby ordered to be set aside
-
2016 (10) TMI 1389
Nature of expenditure - Payment of royalty - Revenue or capital expenditure - HELD THAT:- Whether the payment of royalty by assessee to Carraro SpA, Italy is revenue or capital in nature, has been laid to rest by the Tribunal while deciding the appeal of the Department [ 2013 (2) TMI 877 - ITAT PUNE] for assessment years 2003-04 and 2004-05 decided the issue in favour of the assessee by holding royalty payment as revenue expenditure. Royalty paid in respect of goods sold in domestic market and the amount of royalty pertains to and is necessari....... + More
-
2016 (10) TMI 1388
Seeking enforcement of foreign award - whether the award, which is based on the application of Singaporean law of limitation, would be unenforceable in India on the ground that it is violative of the public policy in India? - Whether the Arbitrator had stepped outside his jurisdiction by considering the claims made by the petitioner for teleport and occasional services, as they were, purportedly, not part of the main agreement? - HELD THAT:- Once it is accepted that the law of limitation would be the Singaporean law, as has also been ruled by ....... + More
-
2016 (10) TMI 1387
Disallowance of commission expenses - Whether allowable business expenditure? - HELD THAT:- All the agents have confirmed that they have rendered the services and also received the commission. All the commission agents are being assessed to income tax and they have deposited tax liability after claiming normal business expenditure for earning such business income. Such income has been disclosed by the agent and identity of the commission agent is proved. We find that the agents have rendered the services, motivated the agriculturists, compilat....... + More
-
2016 (10) TMI 1386
TP Adjustment - Normal Gross Profit Mark-Up over Cost computation - inclusion of abnormal loss in the cost of consumption of Raw Material for the purposes of calculation - whether abnormal loss is purely during the course of normal manufacturing operations and does not constitute/is not attributable to any international transaction between assessee co. and its AE - HELD THAT:- As apparent that the assessee has incurred certain costs which are extraordinary in nature. However, the claim of the assessee is half-hearted as assessee has not furnis....... + More
-
2016 (10) TMI 1385
Doctrine of Lis Pendens vis- -vis the temporary injunction - Protection to the parties from transfers pendente - Would plaintiffs' registering notices of their suits under Section 18 of the Indian Registration Act (though such registration may not be compulsory) not secure for plaintiffs more than what an injunction could secure - Availability of adequate protection before an injunction to restrain transfer pendente lite is issued - temporary injunction to restrain transfers pendente lite, to consider imposition of conditions short of gran....... + More
-
2016 (10) TMI 1384
Refund claim - confirmation of the adjudication order without appreciating the difficulties of the appellant - Rule 5 of Cenvat Credit Rules, 2004 - HELD THAT:- It transpires from the adjudication order that appellant has been aggrieved due to rejection of its refund for non-submission of evidence in support of the claim of refund. Therefore without keeping the appeal pending, to do justice to both sides, the matter is remanded to the ld. Adjudicating authority to hear the appellant afresh on the evidence that may led by appellant during re-ad....... + More
-
2016 (10) TMI 1383
Benefit of the Amnesty Scheme - It was held by Gujarat High Court that It is an admitted position that in the facts of the present case, the petitioners seek the benefit of the Scheme in relation to the years 2010-11, 2011-12 and 2012-13 which are well within the ambit of the Scheme namely, between 1st April, 2006 and 14th October, 2014. HELD THAT:- There are no reason to interfere with the order passed by the High Court - SLP dismissed.
-
2016 (10) TMI 1382
Rejection of discharge application filed by revisionist - Section 401 read with Section 397 Cr.P.C. - HELD THAT:- Despite repeated query, learned counsel for the revisionist, could not point out any manifest error or otherwise illegality so as to warrant interference. Revision dismissed.
-
2016 (10) TMI 1381
Exemption u/s 11 - Registration u/s 12AA - Doctrine of Mutuality - Addition to the income of the assessee, the interest received from Bank, interest received on IT refund and interest received from Cable Operator simply because the interest income was received from 3rd parties - HELD THAT:- We find that assessee has been granted exemption u/s. 11 by virtue of registration u/s. 12AA granted by the CIT, Ghaziabad w.e.f. 24.4.2007 and principle of Doctrine of Mutuality has been accepted by the ITAT in assessee s own case relying on ALL INDIA ORIE....... + More
-
2016 (10) TMI 1380
Interference of police interpreting the condition imposed as restricting members of the club even from playing games of skill such as Gin rummy, with stakes - It is contended that a game of skill could be permitted to be played, with stakes - HELD THAT:- Section 176 of the Karnataka Police Act was not brought to attention and it was completely overlooked. From a reading of Section 176, it does appear that persons taking part in such games of skill could also wager. Whether rummy, a game of cards, could be considered as a game of skill had come....... + More
-
2016 (10) TMI 1379
Product Registration Expenses - Nature of expenses - revenue or capital expenditure - whether CIT(A) erred in not treating product registration charges as capital expenditure? - HELD THAT:-Assessee filed the copies of registration certificate issued by the Health and Drug administration of various countries such as Zambia, Ghana, Georgia, Vietnam, Nigeria, Ukrain, etc. with the registration number and the details of products and expiry period of the license. The fees were paid towards vendor registration, quality control checks, testing and ve....... + More
-
2016 (10) TMI 1378
Validity of the assessment order passed u/s 153C - necessity of recording satisfaction - Whether satisfaction was recorded by the A.O. in the case of searched person that the incriminating material found during the course of search belongs to the assessee? - HELD THAT:- As decided in assessee husband case SHRI GALI JANARDHANA REDDY [ 2016 (11) TMI 530 - ITAT BANGALORE] no satisfaction was recorded by the AO in his capacity as AO of the searched person because it is seen that the so-called satisfaction note prepared by the AO is in his capacity....... + More
