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2019 (2) TMI 2103
Validity of additions based on valuation report - Referring the matter to DVO u/s 142A without first rejecting the books of account - addition u/s 69 being unexplained investment in the factory building - HELD THAT:- AO in the instant case has not rejected the books of account before making a reference to the DVO. We find in the case of Lucknow Public Educational Society ( 2011 (3) TMI 1326 - ALLAHABAD HIGH COURT] has held that u/s 142A(1) the assessing authority cannot refer the matter to the DVO without first rejecting the books of account. ....... + More
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2019 (2) TMI 2102
Dishonour of Cheque - share transfer took place or not - whether cheque amount was part payment given by respondent-complainant to accused-company or not - HELD THAT:- The stand taken by petitioner is refuted by respondent s counsel who submits that the stand taken on behalf of petitioners pertains to the merits of this case, which cannot be pre-judged and is required to be considered after the evidence is recorded by trial court. This court is of the prima facie opinion that the averments made in the complaints in question and the agreement b....... + More
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2019 (2) TMI 2101
TP adjustment on account of outstanding receivables - DRP directed to give working capital adjustment and re-compute the interest chargeable on outstanding net receivables by applying LIBOR + 400 bps - HELD THAT:- We note that the Tribunal [ 2017 (10) TMI 111 - ITAT DELHI] for assessment year 2012-13 in case of the assessee, following the decision of Kusum Health Care Pvt. Ltd. [ 2017 (4) TMI 1254 - DELHI HIGH COURT] held that no separate adjustment on account of interest receivable is required when working capital adjustment has already been ....... + More
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2019 (2) TMI 2100
Validity of show-cause notice issued by the department on the basis of drat audit report - HELD THAT:- The show-cause notice which was issued by the department was presumably issued on the basis of the notion that the assessee was liable to tax on the amount so received by it - Rule 6 of the Service Tax Rules, 1994 makes it abundantly clear that the service tax is payable on an amount which is received and not on an amount which may be received in future. The conclusion drawn by the Tribunal that the show-cause notice is bad and not in accorda....... + More
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2019 (2) TMI 2099
Change in name under the provisions of Section 21 of the Companies Act, 1956 - new company coming into existence or not - liability to pay permission/transfer fees - HELD THAT:- It is correct that a company is a juristic entity separate from its share holders. The company functions of itself through its board of directors while the share holders are only entitled to participate in the elections and receive dividend. All the share holders jointly cannot be said to be the company as defined under Section 3 of the Companies Act, 1956. The share h....... + More
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2019 (2) TMI 2098
Stay on transfer of proceedings from one Bench to another - Whether the Chairman of the Tribunal, sitting singly and exercising his power under Section 25 of Administrative Tribunals Act, 1985, to transfer proceedings from one Bench to another, could have stayed proceedings before a two member Bench and rendered interim orders passed by that Bench inoperative? HELD THAT:- The Chairman of the Tribunal is an entity distinct from the Tribunal and exercises administrative powers and such other powers as are expressly conferred o him under the Act........ + More
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2019 (2) TMI 2097
Illegal gratification - Bribe - Contention of the appellant is that mere proof of receipt of money by the accused in the absence of proof of demand of illegal gratification is not sufficient to prove the guilt of the accused - conviction of the appellant under Section 7 and Section 13(1)(d) read with Section 13(2) of the Prevention of Corruption Act, 1988 - HELD THAT:- The following issue requires consideration by the larger Bench:- The question whether in the absence of evidence of complainant/direct or primary evidence of demand of illegal g....... + More
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2019 (2) TMI 2096
Application for stay in impugned order - Ld. Commissioner has dropped the proceedings against the respondent who is a Customs Broker - HELD THAT:- On going through the Regulation 19 of the Custom Broker Licensing Regulations, 2018, only the Customs Broker or F-card holder can file an appeal before this Tribunal against the order of the Commissioner of Customs (General) under the Customs Brokers Licensing Regulations, 2018. Admittedly, there is no provision of filing the appeal by the Revenue. In these circumstances, question of stay of operati....... + More
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2019 (2) TMI 2095
Addition on account of depreciation - assessee has claimed depreciation @ 30% on machinery claimed as commercial vehicle - AO noticed assessee is not doing business of motor buses, motor lorries, motor taxies used in a business of running them on hire, thus assessee is entitled to depreciation @ 15% which is applicable to plant machinery - assessee submitted that the ld.CIT(A) has passed an ex parte order for which the appeal is pending before the Tribunal against such ex parte order and various decisions relied on by the assessee at the time ....... + More
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2019 (2) TMI 2094
Harsh conditions imposed for the provisional release of its goods by the Deputy Commissioner - bank guarantee - HELD THAT:- In view of the statement made, it is open to the petitioner to approach the Commissioner with an appeal, within three days. The Commissioner shall decide the appeal at the earliest, preferably within two weeks from the date of the receipt of the appeal in accordance with law. Petition disposed off.
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2019 (2) TMI 2093
Accrual of income - interest on FDRs held for and on behalf of Central and State Government - assessee company is a State Government Company and whose entire share capital is being held through Governor of Rajasthan and is working as Nodal Agency for implementation of various Central/State Government Schemes for which funds are provided by Central/State Government - HELD THAT:- Assessee has received interest on the FDRs which were made to park various amounts with the bank. There is no dispute that the amount which was put into the fixed depos....... + More
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2019 (2) TMI 2092
Expedite the hearing on stay application - petitioner has prayed at the moment that his appeal which is pending before the Commissioner of Income Tax, Gomit Nagar may be expedited - HELD THAT:- Facts of the case are that according to C.B.D.T. Circular dated 31.07.2017 the amount of 20% of the demand has to be deposited. Then stay application can be heard on merits. Admittedly the petitioner has not deposited the amount of Rs.20% under the C.B.D.T. Circular. In view of the admitted position that 20% of the amount deposited has neither been depo....... + More
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2019 (2) TMI 2091
Permission for claim in quantum meruit under Section 70 of the Indian Contract Act, 1872, when parties are governed by contract - whether the appellant was justified in adjusting this amount from the dues payable to the respondent by deduction from the bills raised by the respondent? - HELD THAT:- In Alopi Parshad and Sons Ltd. v. Union of India, [ 1960 (1) TMI 41 - SUPREME COURT] , this Court dealt with an arbitration award which, inter alia, awarded certain amount on the basis of quantum meruit. In setting aside the Award on the ground of er....... + More
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2019 (2) TMI 2090
Deduction u/s. 80P(2)(d) - interest earned out of surplus funds from investment made in any bank - HELD THAT:- Assessee society is engaged in the business of accepting deposits from members and granting them credit facilities which is in the nature of banking business and deposits in question were made in the course of the said business of the assessee society. Therefore, we find that the present case of the assessee is squarely covered by the decision of NIPHAD NAGARI SAHAKARI PATSANSTHA LTD. [ 2015 (1) TMI 1004 - ITAT PUNE] - Therefore, we o....... + More
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2019 (2) TMI 2089
Addition u/s. 14A r.w. Rule 8D - as contended that assessee company was having sufficient interest free fund for making investment and CIT(A) has erred in sustaining the impugned addition - HELD THAT:- As demonstrated from the material on record that the assessee was having sufficient interest free fund in the form of share capital and free reserves as against the investment made from which exempt income was earned. After considering the decision of Reliance Utilities Power Ltd, [ 2009 (1) TMI 4 - BOMBAY HIGH COURT] we consider that there was ....... + More
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2019 (2) TMI 2088
Demand of service tax alongwith interest and penalty - providing certain services to various banks such as HDFC, ICICI, Kotak Mahindra Bank etc. and was registered for payment of service tax for the period from 01.04.2010 to 10.07.2014 - HELD THAT:- The appellant was paying service tax and was filing ST-3 returns. Further, the differential service tax was demanded on the basis of information received from third party without examining whether the payments made by the third party to the appellant was in respect of taxable service provided by th....... + More
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2019 (2) TMI 2087
Valuation - Commercial or Industrial Construction Service - value of the free supplies material should be added in gross value or not - Commercial or Industrial Construction Service - exemption under N/N. 15/2004-ST - HELD THAT:- This issue has been settled by SC in the case of COMMISSIONER OF SERVICE TAX ETC. VERSUS M/S. BHAYANA BUILDERS (P) LTD. ETC. [ 2018 (2) TMI 1325 - SUPREME COURT] where it was held that value of the goods/materials cannot be added for the purpose of aforesaid notification dated September 10, 2004, as amended by notific....... + More
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2019 (2) TMI 2086
Addition of fair rental income - Income from house property - rate of rent to be charged from the related parties - assessee is the owner of a building consisting of some floors for which declared the gross rent only under the head house property - Revenue alleges that the actual rent received/receivable is less than the reasonable expected rent - HELD THAT:- As rent should be decided on the basis of the sum which can be reasonably expected from the letting out the property during the year or the actual rent received/receivable, whichever is h....... + More
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2019 (2) TMI 2085
TP Adjustment - comparable selection - Assessee as Providing ITES services - HELD THAT:- Accentia Technologies Ltd., and Acropetal Technologies Ltd., should be excluded from the list of comparable companies as functionally dissimilar. ICRA Online Ltd. is concerned, the RPT in the case ICRA Online Ltd., needs to be verified by the TPO and if the RPT is more than 15% of the total revenue of this company then the same should be excluded. Jeevan Scientific Technology is concerned, the TPO is directed to examine the comparability of this company as....... + More
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2019 (2) TMI 2084
Suit for recovery - Whether the Deed of Cancellation dated April 20, 2013 between the parties herein contains an arbitration clause? HELD THAT:- It is an admitted position that the Deed of Cancellation did not have any arbitration clause. The plea of appellant that the Deed of Cancellation did not expressly / explicitly obliterate the arbitration clause from the Deed of Cancellation, is not impressing for two reasons; (i) the intention of the parties was to cancel the MoU; (ii) when the parties have expressly incorporated an arbitration clause....... + More
