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2016 (4) TMI 1133 - SUPREME COURT

VLS Finance Ltd. & Another Versus Commissioner of Income Tax & Another

Period of limitation for passing the block assessment order - Whether on the facts and circumstances of the case, the interim order dated 24th August, 2000 staying the direction for special audit contained in order dated 29th June, 2000, could be construed as amounting to stay of assessment proceedings? - Held that - In the estimation of the assessing officer special audit was essential for passing proper assessment order. If the court, while und.....


2016 (4) TMI 1132 - DELHI HIGH COURT

PR. CIT-06 Versus M. Sons Gems N Jewellery Pvt. Ltd. (Formerly: M Sons Enterprises Pvt. Ltd.) C/o SSAR & Associates

TDS u/s 194A - Non deduction of tds - factoring/discounting charges - disallowance under Section 40(a) (ia) - Held that - No factual basis for the AO to have disbelieved the Assessee s explanation and simply treat the entire amount as interest. The question of disallowing the entire amount under Section 40(a) (ia) on the ground that the TDS was not deducted in terms of Section 194A of the Act did not arise. BR BR The Court is unable to find any l.....


2016 (4) TMI 1131 - ITAT KOLKATA

DCIT, CIRCLE-11, Kolkata Versus M/s Xpro India Ltd.

Capital gain u/s 50B - whether transfer of the division as slum sale in terms of the provisions of Sec. 2(42)(C) - Held that - From the definition of slump sale and undertaking , it is clear that the provision of Sec/ 50B of the Act will be attracted when an undertaking is transferred for lump sum consideration without values being assigned to the individual assets and liabilities in such sales. In the instant case the transferee has taken over a.....


2016 (4) TMI 1130 - ITAT MUMBAI

Orbit Corporation Ltd (Successor of M/s. Orbit Buildcon & Realty Pvt Ltd) Versus Dy. Commissioner of Income Tax, Central Circle-47, Mumbai

Validity of assessment against non-existing companies - Held that - First two companies (OB&RPL and OSPL) are without reference to the name of the amalgamated company-OCL. Therefore, the assessments made are obviously on the amalgamating companies. Regarding the third one, there is a reference to the cited company-OCL as shown in the brackets below the OB&RPL. But, the PAN mentioned against PAN / GIR No. relates to the amalgamating company-OB&RPL.....


2016 (4) TMI 1129 - ITAT BANGALORE

The Asst. Commissioner of Income Tax, Circle-2 (1) , Mangalore Versus M/s Shankar Vittal Motor Co. Ltd.

Valuation of the capital gain - joint development agreement - adoption of FMV/asset as deemed consideration or cost of the construction - Held that - Because at the time of signing JDA the capital gain has to be computed only on the guidance value of the land. Even otherwise, if any capital gains to be accrued in future in favour of assessee after receiving the possession of the property. Certainly that would also be subject to capital gains. The.....


2016 (4) TMI 1128 - ITAT KOLKATA

DCIT, Circle-7, Kolkata Versus M/s. B.C.H. Electric Ltd. and Vica-Versa

TDS u/s 194H - non deduction of tds - payment of incentive to the dealers for the purpose of promotion in selling its goods beyond a targeted quantum - Held that - In the present case, the ld. CIT(A) examined the copies of agreements of dealers and he found that dealers are the receipts of the amount given by the assessee as incentive. The dealers are buying the goods from the assessee on their own risk. The assessee paid the incentive to the dea.....


2016 (4) TMI 1127 - ITAT JAIPUR

M/s. Lakhani Shoe Co. Pvt. Ltd. Versus The ACIT, Circle-2, Alwar

Disallowance of interest paid by the appellant to the bank as well as to the other parties - Held that - The assessee was able to establish that he had incurred the expenditure wholly and exclusively for the purpose of business and therefore there is no justification for the revenue to disallowance the interest component. The revenue cannot claim to put itself in the armchair of the businessman and decide how much is reasonable expenditure. The r.....


2016 (4) TMI 1126 - ITAT MUMBAI

ACIT, Central Circle-38, Mumbai Versus M/s. Uniphos Enterprises Ltd. (Formerly United Phosphorous Ltd.)

Interest under section 244A of the Act on MAT credits - Held that - Respectfully following the aforesaid decision of the Hon ble Bombay High Court in the case of APAR Industries Ltd. (2010 (4) TMI 151 - BOMBAY HIGH COURT ), we hold and direct that assessee is entitled to be allowed interest under section 244A of the Act on refundable taxes after giving credit of brought forward MAT credit. BR BR Credit for brought forward for allowance of MAT - H.....


2016 (4) TMI 1125 - ITAT PUNE

Tasty Bite Eatables Limited Versus The Asst. Commissioner of Income Tax, Circle-7, Pune

Non exclusion of non-operating expenses i.e. interest and finance cost while calculating the profit level indicator ( PLI ) i.e. Operating Margin to Operating Expenses of the Appellant - Held that - The TPO noted that the Dispute Resolution Panel (DRP), Pune vide order passed under section 144C(5) of the Act relating to assessment year 2007-08, dated 20.05.2011 had directed to exclude the import licence fees of ₹ 4.54 crores from the segmen.....


2016 (4) TMI 1124 - ITAT KOLKATA

ACIT, CC-IV, Kolkata Versus M/s. Jain Infra Projects Ltd (since taken over M/s. Bengal Construction Co.) and Vica-Versa

Penalty u/s.271(1)( c ) - Held that - In the present case satisfaction for initiation of penalty proceedings u/s.271(1)( c) of the Act is not discernible from the order of assessment. The show cause notice u/s.274 of the Act is also defective. The same is also enclosed as Annexure A to this order. Following the decision referred to above, we hold that the penalty imposed on the Assessee u/s.271(1)( c) of the Act cannot be sustained and the same i.....


2016 (4) TMI 1123 - ITAT MUMBAI

Parijat Co-operative Credit Society Versus Commissioner of Income Tax-22, Mumbai

Revision u/s 263 - non entitled to deduction u/s. 80P - Held that - CIT has not discussed as to how the assessee society would fall under the definition of a co-operative bank. The order of the ld. CIT is a non-speaking order. He, without assigning any cogent and convincing reason, has set aside the order of the AO. Thus order of the AO cannot be said to be erroneous or prejudicial to the interest of the Revenue. The order of ld. CIT passed u/s. .....


2016 (4) TMI 1122 - ITAT MUMBAI

DCIT (OSD) -8 (2) , Mumbai Versus M/s Kusa Chemicals Pvt. Ltd.

Rejection of books of accounts - variations with respect to month-wise consumption of raw material vis- -vis finished products - provision of section 145(3) invoked - Held that - On identical issue in A.Y.2008-09, an elaborate discussion has been made by the Tribunal and after considering the factual matrix, it was concluded that for invoking the provision of section 145(3) of the act to reject the books of accounts, by the Assessing Officer, it .....


2016 (4) TMI 1121 - ITAT DELHI

DCIT, Circle 2 (1) , New Delhi Versus Phillip Morris Services India, New Delhi

Transfer pricing adjustment - Held that - CIT(A) is not bound by the TP study undertaken by the Assessing Officer for T P adjustment, we are of the considered view that the contentions raised by the Ld. D.R. are not sustainable and no ground is made out to interfere into the findings returned by Ld. CIT(A) for the following reasons BR BR i) that when the Assessing Officer has lost sight of the fact that trading activities have been carried out by.....


2016 (4) TMI 1120 - ITAT BANGALORE

M/s Tata Elxsi Ltd. Versus The Addl. Commissioner of Income-tax Range-12, Bangalore and The Asst. Commissioner of Income-tax Cirlce-12 (4) , Bangalore Versus M/s Tata Elxsi Ltd.

Disallowance of staff welfare expenditure - Held that - As find from the order of the AO, the detail of the expenditure reflects that there is no material to show that the said expenditures were not incurred. We have also gone through the contents of Sec.37 of IT Act, where there are certain bars for allowing the expenditures described in Section 31-36 of the IT Act. The wordings of Sec.37 reflects that if the expenditure not being Capital or per.....


2016 (4) TMI 1119 - ITAT LUCKNOW

M/s Fateh Chand Charitable Trust Versus CIT (Exemptions) Lucknow

Registration u/s 12AA denied - Held that - Undisputedly, the assessee has taken receipt of donation as part of its income and the same was applied for charitable purposes and these facts are borne out from the consolidated balance sheet of the assessee available at page 8 of the compilation of the assessee. BR BR The Revenue has not made out a case that the donation received by the assessee was not taken as part of income and was applied for non-.....


2016 (4) TMI 1118 - ITAT KOLKATA

ACIT Ci rcle-3, Darjeeling Versus M/s Nandi Tea Co. Pvt. Ltd.

Method adopted for working out the profit - Held that - The assessee is engaged in the two similar business activities. There were certain common expenditures such as employment cost, administrative cost and depreciation cost which the AO apportioned 100 to the activity i.e. growing and manufacturing of tea leaves of the assessee on the ground that these cost have to be necessarily incurred by the assessee irrespective of any other the business a.....


2016 (4) TMI 1117 - ITAT MUMBAI

ADIT- (IT) - Range-4, Mumbai Versus M/s. Lloyds Register U.K. (Formerly known as Lloyd’s Register of Shipping) and Vica-Versa

Taxability of management charges - fee for technical services(FTS)under Article-13(2)(a)(ii) of the India-UK DTAA r.w.s.9(1)(vii) - Held that - The assessee had received ₹ 14, 78, 35, 401/-as royalty and ₹ 4.65 crores as MS, that it had claimed that managerial-charges, received by it, were not taxable in India, that the AO was of the view that notwithstanding two agreements entire management charges were taxable as FTS, that the FAA h.....


2016 (4) TMI 1116 - ITAT MUMBAI

M/s. Jai Corp Ltd., DCIT, Central Circle-39, Mumbai Versus DCIT, Central Circle-39, Mumbai, M/s. Jai Corp Ltd.

Allocation of Head Office expenses to units eligible for deduction u/s 80IB and 10B - only reasoning given by the Ld. Counsel of the assessee is that the head office has its own stream of income and therefore, only 50 of the expenses should be allocated - Held that - It is an accepted factual position that head office has its own stream of income. Thus, under these circumstances, it cannot be said that the entire expenses incurred by the Head Off.....


2016 (4) TMI 1115 - ITAT AMRITSAR

M/s Construction Engineers, The DCIT Versus The Assessing Officer Circle, Srinagar, M/s Construction Engineers

Long term capital gain - apportionment of WDV - Held that - Assessing Officer had made this addition on protective basis however, since this addition was not made in Asst. Year 2010-11, therefore, the addition was treated as substantive in the year under consideration. The facts in this regard are that the assessee had declared sale of land and building at ₹ 1.20 croes. The Assessing Officer held that since building was a depreciable asset,.....


2016 (4) TMI 1114 - ITAT DELHI

WTO Ward-6 (4) New Delhi Versus Mid Air Properties Pvt. Ltd.

Basis of valuation - determination of value of assets - Held that - In this case, the assessee has produced all the records including the agreement between the API & that the assessee company, the confirmation as well as the affidavit categorically stated that the land was only acquired by the assessee company and the same will be given only to API & for that ₹ 20,000/- per acre will be given to the assessee company by API. This fac.....


2016 (4) TMI 1113 - PUNJAB AND HARYANA HIGH COURT

M/s Mittal Construction Co. Versus Commissioner of Central Excise, Central Excise House, Ludhiana, Punjab

Validity of order passed ex-parte - Violation of principles of natural justice - Demand of Service tax - Invokation of extended period of limitation - Appellant provided services of protection, pipe laying using trenching/trenchless, reinstatement of trench, OFC cable blowing including other associated works to its clients - Appellant contended that it had carried out substantial part of work prior to levy of service tax and thus, there was no qu.....


2016 (4) TMI 1112 - CALCUTTA HIGH COURT

Wonder Decor Pvt. LTD. Versus Commissioner Of Customs & Another

Levy of Special Additional Duty (SAD) as per Circular dated 27th June, 2002 - on goods chargeable to duty under Additional Duties of Excise (Goods of Special Importance) Act, 1957 - Appellant submitted that the Supreme Court in one case had said that if there were circulars issued by the Central Board of Excise and Customs which place a different interpretation upon the said phrase interpreted in the judgment, such interpretation would be binding.....


2016 (4) TMI 1111 - CHHATTISGARH HIGH COURT

Commissioner Central Excise & Customs Raipur Versus M/s Aarti Sponge & Power Ltd.

Appellant submitted that by inadvertence, the matter could not be contested properly before the Tribunal - Held that - whether it was inadvertence or not is itself a question of fact requiring inquiry and fixation of responsibility. It would have been appropriate for the Appellant to have first fixed responsibility for those who did not act in the best interest of the Revenue, taken administrative action against them and then have filed this appe.....


2016 (4) TMI 1110 - ANDHRA PRADESH HIGH COURT

M/s Sarvajit Industries Versus The Commissioner Of Customs, Central Excise And Service Tax

Waiver of pre-deposit - Financial hardship - Appellant stopped the business since 2009 and is living on support of the State - Held that - the Tribunal found a prima facie case in favour of the appellant. As there is no material placed before the Tribunal with respect to the financial hardship, but taking into consideration the oral pleading made on behalf of the appellant, the Tribunal directed 50 to be deposited. The order of the Tribunal canno.....


2016 (4) TMI 1109 - CESTAT AHMEDABAD

Ms Holy Creations Pvt. Ltd., Shri Purushottam D. Somani Versus Commissioner of Central Excise And Service Tax, Surat

Cenvat credit on inputs namely, fabrics lying in stock or in process or on inputs contained in finished goods lying in stock as specified in the Table - appellant Company is a registered Dealer of grey fabric under the Central Excise Rules - Notification No. 35/2003-CE (NT) dated 10.04.2003 - Held that - Grey fabrics directly purchased by processor from manufacturer, that would be undisputedly are input with the processor and merely because a dea.....


2016 (4) TMI 1108 - CESTAT MUMBAI

M/s Metropolitan Exim Chem. Ltd. Versus Commissioner of Central Excise, Thane-I

Refund claim in respect of excess paid duty - rejection of refund claim in respect of excess paid duty on the ground that the appellant have not challenged the order whereby the rebate was disallowed - Held that - We do not agree with the finding for rejection of claim for the reason that the rebate against the export is granted under Rule 18 of CER, 2002 and notification issued there under, whereas in case of any duty which is paid in excess can.....


2016 (4) TMI 1107 - CESTAT NEW DELHI

M/s Diamond International Pvt. Ltd. Versus Commissioner of Central Excise, Delhi-II

Exemption from duty claimed - footwear made exclusively of plastic material in terms of notification no. 18/2001-CE dated 26.04.2001 - exemption available to footwear made exclusively of plastic materials was sought to be denied to the appellant on the ground that certain non-plastic materials like fabric, PVC sole are used in the shoes made by the appellant - Held that - Explanation-I inserted vide notification no.30/2001-CE was merely to remove.....


2016 (4) TMI 1106 - DELHI HIGH COURT

Amit Sirohi & Others Versus Directorate of Revenue Intelligence, New Delhi

Whether in the light of the statutory power of CCESC to exclusively exercise the jurisdiction of the officer of Customs, the impugned Corrigendum could have been issued on a date subsequent to the CCESC deciding to proceed with the applications filed before it - Respondent submitted that the order passed by the CCESC deciding to proceed with the application under Section 127C of the Act was passed without hearing the DRI. BR BR Held that - the Co.....


2016 (4) TMI 1105 - ALLAHABAD HIGH COURT

M/s Radha Krishana Commodities Trade And Another Versus Superintendent (Prevention) , Customs And Another

Seeking release of goods apprehended from the vehicles - Demand of 40 of value of goods - Deposited the tax demanded by Commercial Tax Tribunal for release of goods - Appellant submitted that truck contained some goods of Indian origin and some goods of foreign origin and, therefore, the goods of Indian origin could not have been the subject matter of proceedings before the Customs Department so, the goods of Indian origin have to be released pur.....


2016 (4) TMI 1104 - DELHI HIGH COURT

Lifelong India Private Limited Versus Union Of India & Anr.

Demand of a sum equivalent to the bank guarantee amount as Customs Duty/Additional Duty of Customs together with interest - Failure to fulfil the export obligations - Licenses permitted the petitioner to import raw materials at Nil rate of Customs duty and NIL rate of Additional Duty of Customs subject to the petitioner fulfilling its export obligations and producing Export Obligation Discharge Certificate (EODC). BR BR Held that - considering th.....


2016 (4) TMI 1103 - MADRAS HIGH COURT

M/s Viom Networks Ltd. Versus The Asst. Commissioner (CT) (FAC) And Others

Validity of impugned order - Violation of principles of natural justice - No opportunity of personal hearing provided before passing the order - Held that - the petitioner was not given an opportunity of personal hearing by the 2nd respondent, which is violative of principles of natural justice, the impugned orders dated 27.01.2016 passed by the 2nd respondent are liable to be set aside and accordingly the same are set aside. The matters are remi.....


2016 (4) TMI 1102 - MADRAS HIGH COURT

Clariant Chemicals (India) Ltd. Versus The Assistant Commissioner (CT) And Others

Leviability of tax - as per Entry 69 of the Part C of the First Schedule to the TNVAT Act 2006 - Petitioner s claim of exemption as per the Entry 17A of the Fourth Schedule was rejected by the first respondent, by stating that it is not applicable for industrial preservative, sold under the name Nipacides - Held that - in the interest of justice, the petitioner can be given an opportunity to putforth their case by producing necessary documents be.....


2016 (4) TMI 1101 - KARNATAKA HIGH COURT

PREMAJIBHAI PATEL AND OTHERS Versus M/s. RAJLAXMI SOLVEX PRIVATE LIMITED AND OTHERS

Restoration of names in the register of the members of the company - Held that - CLB has considered the matter in detail with regard to the relief sought by the appellants herein insofar as restoration of their names in the register of the members of the company is concerned as per shareholding pattern as on 31/3/2005. As already noted, the appellants have no grievance with regard to that aspect of the matter. But in the latter portion of the imp.....


2016 (4) TMI 1100 - ITAT HYDERABAD

Dy. Commissioner of Income-tax Versus M/s Keerthi Industries Ltd.

Reopening of assessment - waiver of loan as income u/s 41 - reasons to believe - Held that - AO had reopened the assessment on the ground that the waiver of loan by the bank has escaped assessment. The same was pointed out in the audit objection. We have perused the audit objection and the reasons recorded by the AO for reopening the assessment. No doubt, on record the reasons recorded by the AO are based on his own reasons of view, but, the same.....


2016 (4) TMI 1099 - ITAT JAIPUR

Rajasthan Avas Vikas and Infrastructure Ltd. (Formally known as Avas Vikas Ltd.) Versus The DCIT, Circle-6, Jaipur

Credit of TDS - CIT (A) not allowing credit of TDS deducted by our Bank on interest and deposited to the Income Tax Department and holding that the interest belongs to Police department and the provisions of section 199 are applicable - Held that - In the present case the amount was deposited as FDR s by the assessee on behalf of State of Rajasthan with the Bank of Rajasthan and on the FDR s deposit the interest has been accrued . The TDS was ded.....


2016 (4) TMI 1098 - ITAT JAIPUR

Surendra Sharma Versus Income Tax Officer, Ward 6 (3) , Jaipur

Disallowance of the deduction claimed u/s 54 - two flats situated on different storey - Held that - There is nothing in these sections, which require the residential house to be constructed in a particular manner. The only requirement is that it should be for the residential use and not for commercial use.We do not think that the fact that the residential house consists of several independent units can be permitted to act as an impediment to the .....


2016 (4) TMI 1097 - ITAT MUMBAI

Smt. Aishwarya Rai Bachchan Versus Addl. Commissioner of Income Tax Range–2, Mumbai

Penalty under section 271C - Non deduction of TDS u/s 195 - DTAA between India U.S.A. - Held that - When the C.A. issued a certificate opining that there is no requirement for deduction of tax at source, assessee under a bonafide belief that withholding of tax is not required did not deduct tax at source on the remittances made. Though, this fact was brought to the notice of the Departmental Authorities in course of the penalty proceedings but du.....


2016 (4) TMI 1096 - ITAT VISAKHAPATNAM

ACIT, Circle-1 (1) , Vijayawada Versus The K.C.P. Limited Chennai

Addition of liquidated damage - Held that - Liquidated damages paid for delay in delivery of materials is deductible expenditure in the year in which the liability to pay arises as per the agreement between the customers. The CIT(A) has rightly deleted the addition - Decided against revenue.


2016 (4) TMI 1095 - ITAT JAIPUR

M/s Kekri Sahakari Bhumi Vikas Bank Ltd. Versus The Income Tax Officer, Ward-2, Beawar

Claim of deduction u/s 80P(2)(a)(i) denied - Held that - The assessee has clearly demonstrated through its loan disbursed statement that during A.Y. 2008-09, it had disbursed 89.10 of its total loan disbursed towards agricultural and allied activities. Similarly, during A.Y. 2009- 10, the disbursement towards these activities was to the tune of 86.41 . Hence, we hereby confirm the claim of assessee for deduction u/s 80P(2)(a)(i) of the Act for both the years - Decided in favour of assessee.


2016 (4) TMI 1094 - ITAT DELHI

M/s. Samwon Precision Mould Mfg. (India) Pvt. Ltd. Versus ITO, New Delhi

Cash payment not supported by voucher - Held that - The books of accounts were incorrectly rejected as it is not a case where it can be held that the books of account was incorrect or incomplete or correct profits could not be deduced. On the contrary, we find that completed audited books of accounts were produced before the AO, which were duly examined and such book of accounts have not been shown to have been maintained from where correct profi.....


2016 (4) TMI 1093 - ITAT DELHI

Smt. Sunita Gupta Versus DCIT, Central Circle-4, New Delhi and Vica-Versa

Addition on unexplained jewellery u/s 69A - Held that - In the present case, it is undisputed fact that the AO nowhere stated that the jewellery found during the course of search was more than what was declared by the assessee in the regular wealth tax return furnished much earlier to the search. As regards to the addition sustained by the ld. CIT(A) by presuming that the assessee might have incurred certain expenses for making the jewellery is c.....


2016 (4) TMI 1092 - ITAT JODHPUR

ACIT, Circle-1, Jodhpur Versus M/s. Shree Ram Industries

Disallowance under sec. 40A(2)(b) - whether assessee had unreasonably paid higher amount regarding purchase of guar gum from related parties? - Held that - Sec. 40A(2)(a) provides that where the assessee incurs any expenditure in respect of which payment has been or is to be made to any person referred to in clause (b) of this sub-section, and the Assessing Officer is of opinion that such expenditure is excessive or unreasonable having regard to .....


2016 (4) TMI 1091 - ITAT KOLKATA

ITO Ward-56 (4) 3, Kolkata Versus SBI Staff Association Cooperative Society Ltd.

Deduction u/s. 80P(2)(a)(i) - Held that - Assessee is entitled to deduction u/s. 80P(2)(a)(i) of the Act in respect of the interest income.


2016 (4) TMI 1090 - ITAT JAIPUR

The ACIT, Circle-1, Jaipur Versus Shri Akshay Kumar

Penalty u/s 271D - Held that - It is an undisputed fact that the father of the assessee and his aunti and cousin have entered into an agreement with one Nathu Lal for sale of land and on account of sale of land, a sum of ₹ 19,50,000/- was received in cash. It is also an admitted fact that the amount of ₹ 19.50 lakhs was deposited by the assessee in his bank account as the father of the assessee was not having the PAN. Moreover, the sa.....


2016 (4) TMI 1089 - ITAT VISAKHAPATNAM

M/s. Jayalakshmi Fertilisers Versus Addl. CIT, Rajahmundry

Disallowance of carriage Inward expenditure - Held that - Assessing Officer was not correct in disallowing 10 of such expenditure. We have gone through the submissions of the assessee and orders of the authorities below. The Assessing Officer disallowed the expenditure on adhoc basis without pointing out any specific instances, where supporting bills are not available. On perusal of financial statement filed by the assessee, we find that the expe.....


2016 (4) TMI 1088 - ITAT VISAKHAPATNAM

B. Pullam Raju (HUF) , Kakinada Versus Addl. CIT, Range-4, Visakhapatnam

Claim of exemption u/s 54F - denial of claim as on the date of sale, the assessee owned more than one residential house and as per section 54F(1)(ii&iii) of the Act the assessee is not eligible for exemption - Held that - On perusal of the confirmation letter issued by the builder, we find that the confirmation letter dated 20.2.2011 issued by the builder states that the assessee has paid advance towards purchase of two residential flats. The sub.....


2016 (4) TMI 1087 - ITAT VISAKHAPATNAM

ITO, Ward-2 (1) , Guntur Versus New Sarika Cotton Traders

Interest on sundry debtors - Held that - The debtor went into liquidation and the matter is pending before the BIFR. On further verification of the details submitted by the assessee, we find that the lenders have taken the possession of the assets of the company and given notice for auction. Under these circumstances, the A.O. was incorrect in charging interest on the outstanding debtor balance, when recovery of principal is in doubtful. The Asse.....


2016 (4) TMI 1086 - ITAT AHMEDABAD

M/s Abdulkadar Kalabhai Trunkwala Versus ITO, Wad-5 (1) , Surat.

Applicability of provisions of section 44AF - Held that - Total turnover is shown at ₹ 11,31,029/- which is not doubted by the lower authorities at any stage and the purchases of the assessee are explained and the profits of ₹ 2,22,214/- shown by the assessee is much higher than the profit 5 of turnover of ₹ 11,31,029/- calculated at ₹ 56,551/-, we are of the view that assessee s disclosed income u/s 44AF of the Act at .....


2016 (4) TMI 1085 - KERALA HIGH COURT

Parayil Balan Nair Versus Commissioner Of Income Tax

Penalty u/s 271D - Held that - The fact that ₹ 15,00,000/- was received from Sri.K.C.Basheer on behalf of the assessee is undisputed, although the receipt of the amount or its utilisation are not reflected in the books of accounts of the assessee. Initially in his letter dated 13.12.2010, Sri.K.C.Basheer himself had confirmed that the payment was by way of a loan. It was on that basis the assessee was issued notice dated 24.02.2011. In his .....


2016 (4) TMI 1084 - BOMBAY HIGH COURT

Commissioner of Income Tax-10 Versus IOT Infrastructure & Energy Services Ltd.

Appeal admitted on the substantial question of law at question no.(ii) hereinabove. BR BR Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in upholding the orders of the CIT(A) in regard to the liability on account of warranties?


2016 (4) TMI 1083 - BOMBAY HIGH COURT

Zuari Global Ltd. (Formerly known as Zuari Industries Ltd.) Versus Pr. Commissioner of Income Tax, Panaji, Goa

Refusal of adjournment - breach of the principle of natural justice - Held that - In the present case, it is not disputed that the matter was posted on 7.7.2015. It is also not disputed that prior to such date the appellant had only sought two adjournments. On account of some unavoidable reasons of the death in the family of the counsel of the appellant, the concerned counsel was unable to represent the appellant on the relevant date. The fact th.....


2016 (4) TMI 1082 - BOMBAY HIGH COURT

The Commissioner of Income Tax-8, Mumbai Versus Mrs. Hemal Raju Shete

Mode of offering capital gains for tax on receipt basis - Held that - In this case the amount of ₹ 20 crores is neither received nor it has accrued to the respondent-assessee during the subject assessment year. We are informed that for the subsequent assessment year (save Assessment Year 2007-08 for which there is no deferred consideration on application of formula), the Assessee has offered to tax the amounts which have been received on th.....


2016 (4) TMI 1081 - ITAT MUMBAI

M/s M.G. Associates Versus I.T.O. 12 (3) (2) , Mumbai

Addition to the income of the assessee-firm on account of purchases made - Held that - It cannot be said that the transactions of purchases of ₹ 35,79,224/- as undertaken by the assessee-firm from M/s. Divya Fabric and M/s. N M Corporation are liable to be added to the income of the assessee-firm to fasten liability of taxation and we are of the considered view that the CIT(A) erred in confirming and sustaining the addition of ₹ 35,79.....


2016 (4) TMI 1080 - ITAT CHENNAI

Indian Overseas Bank Versus The Deputy Commissioner of Income Tax, Large Tax Payer Unit, Chennai

Grant of interest u/s.244A - Held that - The assessee has legitimate right to claim interest on refund provided the assessee submits correct TDS certificate within the time and eligible for interest on refund. It is the duty of the assessee in case of manual certificate in form 16A to verify and submit to the Income Tax Department and rectify the defects at the earliest. Such delay shall not be a hindrance to the Department for granting refund. T.....


2016 (4) TMI 1079 - CESTAT NEW DELHI

M/s D.D. International Pvt. Ltd. Versus CST, Delhi

Waiver of pre-deposit - Violation of the provisions of Section 35F of Central Excise Act, 1944 - Appellant neither filed stay application nor made pre-deposit - Demand alongwith interest and penalty confirmed on the ground that the appellant was not eligible for the benefit of exemption Notification No. 18/2009-ST dated 7.7.2009 - Appellant contended that it satisfied all the conditions of Notification No. 18/2009 except that it did not file EXP-.....


2016 (4) TMI 1078 - DELHI HIGH COURT

Ebiz. Com Pvt. Ltd. Versus Union Of India & Anr.

Seeking declaration that the search conducted and summons issued to be illegal and ultra vires to the provisions of the Finance Act, 1994 - Wrong availment of exemption under Notification No. 26/2012-ST dated 20th June, 2012 from payment of Service tax on some of the services provided by claiming to be a tour operator - evasion of payment of service tax. BR BR Held that - it is not clear whether the DGCEI was conscious of the pending proceedings .....


2016 (4) TMI 1077 - CESTAT NEW DELHI

Escorts Ltd. Versus CCE, Jaipur And Vice-Versa

Demand of Service tax - Consulting Engineering Services - Availed services of foreign consulting firm and paid technical know-how fee to the said service provider, which was a lump sum amount as also royalty paid for the licence to manufacturer the goods, which was based on the price of the final products - Held that - on examination of the agreement entered into between the appellant and foreign service provider, we fail to note any clause in th.....


2016 (4) TMI 1076 - SUPREME COURT

Commr. of Cen. Exc. & Customs Versus M/s R.A. Shaikh Paper Mills P. Ltd.

Mandatory penalty contained in Section 11AC of the Central Excise Act - No mention of penalty under Section 11AC of the Central Excise Act in the show cause notice and also in the Order-in-Original dated 30.04.2004. Because of these reasons, as far as this appeal and the special leave petitions are concerned are dismissed by the Apex Court


2016 (4) TMI 1075 - BOMBAY HIGH COURT

Rohm & Hass India Pvt. Ltd. Versus Union of India And Others

Requirement to seek central excise registration - dual registration - Interpretation of Notification dated 28th February, 2014 - Notification interpreted erroneously and thereby the petitioner is forced to obtain a fresh or additional registration as importer of excisable goods when the same is not at all required as the petitioner holds a general and omnibus registration as a dealer - Held that - it is apparent that the Cenvat Credit Rules, 2004.....


2016 (4) TMI 1074 - GUJARAT HIGH COURT

M/s Mulchand M. Zaveri & 1 Versus Union of India & 1

Seeking cross-examination of certain witnesses - Petitioner submitted that show cause notice is based on several statements of witnesses including those of the experts and any reliance on such statements without offering such witnesses for cross examination would be opposed to the principles of natural justice. BR BR Held that - the reasons cited by the adjudicating authority are completely baseless. Merely because, the concerned witnesses have n.....


2016 (4) TMI 1073 - BOMBAY HIGH COURT

Nagpur Business Forms Pvt. Ltd. Versus Customs, Excise & Service Tax Appellate Tribunal & anr.

Whether the ground of financial hardship needed to be considered by the CESTAT - Effort is made out by the appellant to point out his financial hardship and the cash flow - Appellant submitted that he has been continuously overdrawing from the bankers. Also these grounds were brought to the notice of Commissioner (Appeals). Thus, these events needed appreciation by CESTAT - Held that - While considering the issue of predeposit, CESTAT is not only.....


2016 (4) TMI 1072 - BOMBAY HIGH COURT

The Assistant Commissioner of Central Excise Versus M/s JSW Steel Ltd.

Condonation of delay of 422 days - Delay is because the Registry notified five objections - Objections were complied with on 14th February, 2013 - Held that - parties and advocates, including Revenue and their officials, take this entire exercise very lightly and casually. In terms of the Bombay High Court Original Side Rules, matters are taken up by high level Registry officials so that they are ready in all respects before they are listed befor.....


2016 (4) TMI 1071 - MADRAS HIGH COURT

M/s. Sujana Metal Products Limited (formerly known as M/s. Sujana Steels Limited) Versus Customs, Excise & Service Tax Appellate Tribunal, The Commissioner of Central Excise

Imposition of penalty - Violation of Rule 209A of the Central Excise Rules, 1944 - Import of scrap into India and sold it locally - Held that - the appellant was an importer and cleared the goods after payment of duty of excise. Rule 209A imposes three requirements to be satisfied before a penalty could be imposed. Those requirements are (1) that the person concerned should have acquired possession of or in any way concerned in transporting, remo.....


2016 (4) TMI 1070 - BOMBAY HIGH COURT

Ashok Patel, Deputy Managing Director, M/s Standard Drum And Barrel Manufacturing Co. Versus The Commissioner of Central Excise, Mumbai-II And Others

Job Work - Removal of drums without payment of duty - Held that - the Company was undertaking a job work. M/s. HPCL and will not allow its raw material to be utilized for the manufacture of drums for others or to allow to dispose of the production of drums in any manner other than to supply them. That is how the allegations in the show-cause notice regarding deliveries of drums to undisclosed parties was denied and termed as imaginary. Once the j.....


2016 (4) TMI 1069 - CESTAT CHENNAI

M/s. Sanmar Foundries Ltd. Versus Commissioner of Central Excise, Trichy

Eligibility of Cenvat credit - Management, Maintenance and Repair service of helicopter - Department denied credit on the ground that the helicopter was not exclusively used for the appellant s unit at Viralimalai - Appellant filed copy of Invoices raised by the appellant company on other companies for the usage of Helicopter and Service Tax has also been collected under the category Business Auxiliary Service - Held that - there is no requiremen.....


2016 (4) TMI 1068 - SUPREME COURT

SRF Ltd. Versus Commissioner

Duty liability with interest and penalty - Receipt of duty paid dipping chemicals free of cost, availment of the duty paid as credit and excluding the cost of chemicals from the value of dipped nylon tyre cord fabrics - Tribunal has decided the matter in favour of assessee reported in 2007 (3) TMI 613 - CESTAT, CHENNAI by declaring the entire issue as tax neutral - Apex Court dismissed the assessee s appeal since It would be futile to go into the issue if it is tax neutral.


2016 (4) TMI 1067 - CALCUTTA HIGH COURT

Commissioner of Central Excise And Service Tax, Durgapur Versus Rohit Ferro Tech Ltd And Others

Entitlement of Settlement of a Case - Introduction of the Explanation to section 32-O(I)(i) of the Central Excise Act, 1944 - Whether with the introduction of the Explanation to section 32-O(I)(i ) there was a change in law with regard to the one time bar under the said section? - Held that - As the earlier four show cause notices were issued prior to the introduction of the Explanation by Finance Act (N). (No.2) ACT 2014, the bar under section 3.....


2016 (4) TMI 1066 - BOMBAY HIGH COURT

The Commissioner of Customs, Central Excise and Service Tax Panaji, Goa Versus Automobile Corporation of Goa Limited

Refund of Cenvat credit - Rule 5 of CCR Rules, 2004 - Rejected on the ground that respondents are not manufacturers - Inputs used in the manufacture of final products which were exported - Certificate of Chartered Accountant certifies the same - Respondents submitted that they were not making any claim in respect of credit availed on input services but only on credit availed on inputs and the average export clearance is less then 50 of the total .....


2016 (4) TMI 1065 - ALLAHABAD HIGH COURT

M/s Radha Krishna Commodities Trade And Another Versus Superintendent (Prevention) , Customs And Another

Seeking release of goods - Tax already deposited - Samples were not taken in the presence of the petitioners and that it is without jurisdiction - Truck contained some goods of Indian origin and some goods of foreign origin - Held that - it will be appropriate that the petitioners may file a representation before the Superintendent (Prevention), Customs Department, Lucknow Division, Lucknow raising all grievances. The petitioners can also apprise.....


2016 (4) TMI 1064 - BOMBAY HIGH COURT

Khaja Mustafa Kamal Versus Union of India & 2 Others

Seeking direction for release of bank accounts - Export of imitation jewellery - Petitioner indulged in fraudulent exports by inflating the Prevailing Market value and Free On Board value in order to claim duty drawback and other benefits - Held that - We are not denying to the Revenue an opportunity of investigating or unearthing huge fraud. We are also not denying them their powers, but surely if drastic powers have to be exercised by public bo.....


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