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2016 (2) TMI 353 - GUJARAT HIGH COURT

COMMISSIONER OF INCOME TAX Versus AMTREX APPLIANCES LTD

Disallowance of deferred revenue expenditure - expenditure not debited to the profit and loss account - Held that - The one time payment of interest was however, shown by the assessee in the books as deferred expenditure to be written off over the entire period of debentures. The assessee however, claimed the entire expenditure under section 36(1)(iii) of the Act during the year under consideration upon which the Revenue objected. The Supreme Cou.....


2016 (2) TMI 352 - GUJARAT HIGH COURT

RAVIKIRAN CERAMICS PVT LTD Versus PR. COMMISSIONER OF INCOME TAX (CENTRAL)

Addition u/s 69C - Held that - When the Assessing Officer and the Commissioner concurrently found that there was unexplained expenditure and source of such income was not satisfactorily explained, section 69C of the Act would certainly be applicable. - Decided against assessee BR BR Additional depreciation for installation of windmills - Held that - The assessee would be entitled to such depreciation as may be available in term of section 32 of the Act.- Decided against revenue


2016 (2) TMI 351 - GUJARAT HIGH COURT

THE COMMISSIONER OF INCOME TAX Versus JET ELECTRONICS

Maintainability of appeal - jurisdiction of the High Court - Held that - Chapter XX of the Income Tax Act, 1961 makes provision for appeals and revision. Section 269 of the Act, inter alia, provides that for that Chapter, High Court means (vi) in relation to the Union Territories of Dadra and Nagar Haveli and Daman and Diu, the High Court of Bombay. Since this matter arises from Union Territory of Daman, in view of the provisions of section 269 (.....


2016 (2) TMI 350 - ITAT MUMBAI

Income Tax Officer (OSD) (TDS) -1 (3) , Mumbai Versus DWD Pharmaceuticals Pvt. Ltd.

TDS u/s 194C - whether the assessee is not liable to deduct tax at source u/s 194C in respect of contract manufacturing? - Held that - In the present case, the assessee has purchased goods manufactured by the third party and payments made towards goods purchased by assessee. In the section 194C, there is no whisper about the goods purchased from other person and TDS is to be deducted on this payment. BR BR The Hon ble Supreme Court also made clea.....


2016 (2) TMI 349 - ITAT CHENNAI

Kaveri Gas Power Ltd. Versus The Assistant Commissioner of Income-Tax

Interest income - treated as income from other sources or capital gain - Held that - The Delhi High Court, after considering decision in the case of Bongaigaon Refinery & Petrochemicals Ltd. vs. CIT( 2001 (7) TMI 4 - SUPREME Court ), in the case of CIT v. Jaypee DSC Ventures Ltd. (2011 (3) TMI 309 - Delhi High Court ), observed that the interest earned by the assessee on the fixed deposit made for performance guarantee of contract was capital.....


2016 (2) TMI 348 - ITAT CHENNAI

Deputy Commissioner of Income Tax, Central Circle-1 (1) , Chennai Versus Shri D. Satish Babu

Scope of transfer u/s 47(xiv) - whether the assessee s transaction of converting his proprietary business into a private limited company is outside the scope of transfer as provided under Section 47(xiv) of the Act and therefore not liable to be taxed under the head long term capital gains? - Held that - CIT (A) has made a categorical finding in his order that the entire transaction is nothing but the conversion of assessee s proprietorship conce.....


2016 (2) TMI 347 - ITAT PUNE

ITO, Ward-3 (1) , Pune Versus M/s. Talwalkar Bhalerao and Mate, Pune

Penalty u/s.271(1)(c) - undisclosed income - Held that - The assessee, in the instant case, has offered the undisclosed income of ₹ 60 lakhs in A.Y. 1991-92 and 1994-95 on the basis of sale of flats during those years and the assessee has given a note in the return filed for the impugned assessment year giving reasons for not declaring the same in this assessment year. It is now accepted proposition that on-money has to be brought to tax on.....


2016 (2) TMI 346 - ITAT MUMBAI

The ITO 16 (2) (1) , Mumbai Versus Smt. Jayshree H. Jain

Taxability of the sale of property as Short Term Capital Gains OR long Term Capital Gains - denial of exemption claimed u/s 54F - Held that - Possession of the flat was given subsequently. The assessee then sold the flat on 05/07/1989. In the return of income the assessee disclosed the capital gain arising from the sale of flat as LTCG. The authorities below treated the capital gain arising there from as STCG. Their Lordships held that the capita.....


2016 (2) TMI 345 - ITAT MUMBAI

Silver Shield Energy Private Limited Versus Income Tax Officer 2 (3) -2, Mumbai

Penalty under section 271(1)(c) - addition of foreign travel expenses - Held that - There is no finding by the authorities below that the details furnished by the assessee were found to be incorrect or erroneous or false. In these factual circumstances, there would be no question of imposing penalty u/s. 271(1)(c) of the Act. A mere claim made in the return of income which is not acceptable by itself, will not amount to furnishing of inaccurate p.....


2016 (2) TMI 344 - ITAT MUMBAI

The ACIT 19 (3) , Mumbai Versus The Azavedo Family Trust

Purchase and sale of shares - Capital Gains or Business Income - whether the assessee had purchased/sold the shares in question as an investor or as a share trader; whether any borrowed funds were utilized or the assessee has invested its own funds and whether the shares in question were purchased/sold under a Portfolio Management Scheme or the assessee has made the transaction as a share trader? - Held that - Admittedly, the objective of the app.....


2016 (2) TMI 343 - ITAT MUMBAI

Income Tax Officer-21 (3) (1) , Mumbai Versus Shri Ajit L Verma, Mumbai

Amount received on transfer of Bungalow - assessed as capital gains or income from others sources - CIT(A) held it liable to be assessed under the head capital gains - Held that - The undisputed fact is that the income was received by the assessee for transfer of bungalow under exchange deed dated 29.8.2005. The assessee was having right and interest in the bungalow, which was transferred. Under such circumstances, it cannot be said that the asse.....


2016 (2) TMI 342 - ITAT MUMBAI

DBS Bank Limited Versus Dy. Director of Income Tax

Rectification of mistake - whether the tax is required to be deducted tax at source from payments made by a foreign bank s Indian branch to its overseas head office? - Held that - The payment is made by the non resident to himself, there is no obligation to deduct tax at source from such payments. Hon ble Calcutta High Court, in the case of ABN Amro Bank NV Vs CIT 2010 (12) TMI 340 - CALCUTTA HIGH COURT has held that there is tax deduction at sou.....


2016 (2) TMI 341 - ITAT DELHI

Mahale Holding India Pvt. Ltd. Versus ITO, Ward-6 (1) , New Delhi

Disallowance of office expenses - commencement of business - whether what is required to start is business as only setting up of the infrastructure and appointment of the directors and managers as well as other staff? - Held that - The assessee has already appointed its directors and the employees and also installed the requisite infrastructure for the purpose of carrying out the business activity of investment by procuring funds from its parent .....


2016 (2) TMI 340 - ITAT DELHI

DCIT, Circle-12 (1) , New Delhi Versus M/s Hi-Tech Residency Pvt. Ltd.

Unexplained credits introduced in the garb of unsecured loans - Accommodation entries - Held that - CIT(A) has rightly held that when the assessee had provided the AO with the latest address of the squared up cash creditor (as the assessee had no such control on them therefore they were unable to produce before the AO and no further enquiries have been done of any kind by the AO) Ld. CIT(A) found that even the basic step i.e. summons or query let.....


2016 (2) TMI 339 - ITAT MUMBAI

Income Tax Officer Versus M/s Sunshield Chemicals Ltd.

MAT - computation of income u/s 115JB - unabsorbed depreciation and book loss furnished by the assessee for computation of Book Profit u/s 115JB - Held that - We have observed that the assessee company has raised additional claim before the A.O. during the assessment proceedings by filing a revised statement of unabsorbed depreciation and book loss for computing the book profit u/s 115JB of the Act in which the losses were different from the one .....


2016 (2) TMI 338 - ITAT JAIPUR

Assistant Commissioner of Income Tax Versus M/s Mahindra World City (Jaipur) Ltd.

Disallowance U/s 14A - Held that - The assessee claimed that it has furnished evidence of interest free fund available with it before the Assessing Officer but whatever paper book filed, has not referred by the Assessing Officer. The representative of the assessee company has not signed on some of the papers allegedly claimed to be furnished before the Assessing Officer. The ld CIT(A) accepted the additional evidence without giving any finding of.....


2016 (2) TMI 337 - ITAT AHMEDABAD

M/s Mayur Roadways Versus Income-tax Officer, Ward-2 (3) , Baroda.

TDS u/s 194C(2) - disallowance of expenses under section 40(a)(ia) - payments to various truck owners on account of freight was made without TDS - Held that - All the responsibility for the transportation of goods was on the assessee and assessee did not enter into any subcontract with the transport agencies and used to take on the trucks as and when required for the destination as and where required. The separate lorry receipt/challan and separa.....


2016 (2) TMI 336 - CESTAT MUMBAI

Applied Micro Circuits India Pvt. Ltd. Versus Commissioner of Central Excise, Pune-III

Cenvat Credit - eligible input services after amendment - outdoor catering services, life insurance and premium - Held that - there is specific exclusion in respect of outdoor catering service and various other services including life insurance when such services are used for primarily or personnel use of consumption of any employee in the case as per the case records the services of outdoor catering and the life insurance services were clearly r.....


2016 (2) TMI 335 - CESTAT CHENNAI

Smt. A. Vijaya and Others Versus CCE, Salem

Demand of service tax on promotion/marketing/sale of the goods of M/s. Amway India Enterprises - appellants were not discharging service tax liability on the commissions received under multilevel marketing scheme (Direct Marketing) - extended period of limitation - Held that - service tax demand in respect of commission received by the appellants on direct retail sale is liable to be sustained and the service tax on the commission received for sa.....


2016 (2) TMI 334 - CESTAT ALLAHABAD

M/s The Jammu And Kashmir Bank Ltd. Versus Commissioner of Central Excise, Customs And Service Tax, Noida

Delay in filing of an appeal before Commissioner (Appeals) - period of limitation - The appeal was filed after five months and sixteen days. - The ld. Commissioner (Appeals) held that in terms of Section 85 (3A) of the Finance Act, 1994, the initial period of appeal of two months is extendable by another one month by the ld. Commissioner (Appeals). However, the present appeal before him, was filed with further delay of more than three months and .....


2016 (2) TMI 333 - CESTAT KOLKATA

Bright Advertising Pvt Ltd Versus Commissioner of Service Tax, Kolkata

Condonation of delay - Period of limitation for filing an appeal - To be computed from the date of original order or from the date of modified order in original - Held that - The case laws relied upon by the appellant are not applicable to the present factual matrix as it was not a case of modification of a stay order passed by Commr (A). Secondly, the modification application before Commr (A) can not be considered as an appeal filed before a wro.....


2016 (2) TMI 332 - CESTAT KOLKATA

M/s Interstate Syndicate Versus Commissioner of Central Excise And Service Tax, JSR

Waiver of pre-deposit - Demand of service beyond the scope of show cause notice - though initially it was demanded in the SCN under the category of Mining services , but in the adjudication order, the said demand was confirmed under Business Auxiliary Service and GTA services. - Held that - At this stage, it is difficult to accept the contention of the Revenue that discharge of service tax liability for the services rendered mostly in Orissa and .....


2016 (2) TMI 331 - CESTAT ALLAHABAD

Commissioner of Central Excise, Lucknow Versus M/s KK Telecom, M/s Surya Construction, M/s Parijat Construction, M/s S.K. Construction And Vica-Versa

Demand of service tax - Activity of Erection of Tele-communication towers for BSNL - taxability prior to 01/6/2007 - Held that - Though there is mention about making civil work of foundation, as contended by the learned AR documents to show the nature of material involved and supplied in the execution of the contract is not forthcoming. - However, he agreed that the value of the tower and other supplied materials of BSNL is not included in the gr.....


2016 (2) TMI 330 - CESTAT NEW DELHI

M/s. Sharp Menthol India Ltd. Versus C.C.E Delhi-I And Vice-Versa

Area based exemption - misuse of the scheme - manufacturer of menthol located in Jammu & Kathua - notification no. 56/2002-CE - Revenue contended that these units are actually manufacturing menthol flakes i.e. (terpene /menthol / DMO) only in small quantities but were showing their production in huge quantities. Thereafter, only invoices showing payment of excise duty were issued without actually manufacturing and clearing the goods. For the .....


2016 (2) TMI 329 - CESTAT NEW DELHI

M/s Riba Textiles Ltd, Shri Ravinder Garg Versus Commissioner of Central Excise And Service Tax, Rohtak

100 EOU - diversion of imported material - Revenue has concluded that the suppliers were engaged in diversion of imported goods without payment of duty and appellant also issued CT 3 certificate to the suppliers to procure goods without payment of duty which have been diverted to the open market on the instructions of the appellants by the supplier. Therefore, the appellants are liable to pay duty along with interest and penalties on both the app.....


2016 (2) TMI 328 - CESTAT NEW DELHI

M/s Saco Alloys Pvt. Ltd. Versus Commissioner of Central Excise, Jaipur

Shortages found during the course of physical verification - demanding duty along with interest and imposing penalty - Held that - As the learned Counsel for the appellant has conceded the liability of duty, therefore duty demand is confirmed. With regard to the interest, find that appellant has paid the duty within a month of investigation, no interest is payable by the appellant. BR BR Coming to the imposition of penalty on the appellant as gon.....


2016 (2) TMI 327 - CESTAT ALLAHABAD

M/s NEW HOLLAND FIAT INDIA PVT LTD Versus COMMISSIONER OF CUSTOMS, CENTRAL EXCISE AND SERVICE TAX, NOIDA

Appropriation of the rebate amount - Appropriation made against the liability for interest relating to prior period of their Bombay unit - lack of notice to the appellant - Held that - The appellant was required to be given notice before adjustment of any amount from the rebate for subsequent period, Section 142 read with section 11, being the special power of recovery (garnishee proceedings). BR BR Scope of notification number 68 of 1963 as amen.....


2016 (2) TMI 326 - CESTAT NEW DELHI

M/s Him Engineers India Pvt Ltd Versus Commissioner of Central Excise, Chandigarh

Duty concession under notification no. 50/03 CE dated 10/6/2003 w.e.f. 7/11/2005 denied - eligibility for the exemption based on the expansion of installed capacity by 25 per cent or more - Held that - We find that from the letter dated 17/2/2009 issued by the Deputy Director of Industries District Solan Himachal Pradesh that the revised capacity after substantial expansion has been above 25 of bonnet assembly consisting of 52 parts and sheet met.....


2016 (2) TMI 325 - CESTAT NEW DELHI

M/s. The Empire Safe Co. Versus Commissioner of Central Excise, Delhi

Demanding duty along with interest and imposing penalty thereon - Held that - We have perused the impugned order in detail and in the impugned order, the adjudicating authority has not given any independent finding to arrive at the conclusion but merely copied the finding of the earlier adjudication order and hold that clearance of both units can be clubbed and duty can be demanded accordingly, which is not permissible in law as the adjudicating .....


2016 (2) TMI 319 - KARNATAKA HIGH COURT

Sri. Anjaneya Agro Tech Versus The Deputy Commissioner of Commercial Taxes (Audit) , Davanagere and Others

Input Tax Credit / Input rebate - KVAT - whether the petitioner could avail the benefit of the judgment which was rendered much after the assessment order was passed and whether such reassessment orders can be passed on their prayer for rectification of the earlier assessment. - Held that - in a situation where if the revenue were to be in the position of the assessee and if it was discovered that by virtue of the operation of law, the revenue wa.....


2016 (2) TMI 318 - DELHI HIGH COURT

Brilliant Metals Pvt. Ltd. Versus Commissioner of Trade & Taxes

Assessment under DVAT - system generated orders and notices - mismatch between the data filed online in Annexure-2A with the Annexure-2B filed by the selling dealers - overlap of the period for which notices were issued - principle of natural justice - Held that - The impugned order of default assessment dated 13th January, 2015 under Section 32 of the DVAT Act in respect of the Petitioner for the tax period pertaining to the fourth quarter of 20.....


2016 (2) TMI 317 - PUNJAB AND HARYANA HIGH COURT

In Re : Q.H. Talbros Ltd.

Seeking approval of a scheme of arrangement under Sections 391 to 394 of the Companies Act, 1956 - learned Single Judge dismissed the petition - Held that - It is on account of error that the learned Judge also observed that after implementation of the first part of the scheme, the shareholding pattern, the business and the profits etc. of the transferor and transferee companies will undergo change and that those figures and particulars are requi.....


2016 (2) TMI 316 - CESTAT MUMBAI

ICICI Lombard General Insurance Company Ltd. Versus Commissioner of Service Tax, Mumbai-I

Cenvat Credit - scope of capital goods and input services for providing output services being General insurance services - credit of duty of excise paid on furniture and fixture - Revenue is of the view that they could not have availed CENVAT credit on Furniture and Fittings as they were not capital goods and on the Outdoor Catering Services it was not related to the services rendered by them which are taxable. BR BR Held that - appellant is elig.....


2016 (2) TMI 315 - CESTAT NEW DELHI

M/s Airef Engineers Pvt. Ltd. Versus Commissioner (Adjudication) Service Tax Commissionerate, New Delhi

Wavier of pre-deposit - Demand of service tax on advance received as per the balance sheet - Rate of composition tax on works contract - The appellant has contended that (i) It opted for Composition scheme for Works Contract Services when the rate of tax was 2 , and therefore the same rate should continue for the entire period of the contract - Held that - While the demands under Show cause dated 21/10/2012 and 19/10/2012 are prima facie not barr.....


2016 (2) TMI 314 - CESTAT KOLKATA

M/s. Bharat Heavy Electricals Ltd. Versus Commr. of Service Tax, Kolkata

Waiver of pre-deposit - Nature / type of payment made by the assessee - whether the amount of ₹ 82,82,956/- has been paid towards their routine service tax liability or reversal of CENVAT Credit towards their liability under Rule 6(3) of CENVAT Credit Rules, 2004 - Commissioner did not accept the said payment as reversal of credit observing that the said e-payment was in discharge of their liability towards service tax in providing taxable .....


2016 (2) TMI 313 - CESTAT MUMBAI

J.P. Morgan Services India Pvt. Ltd. Versus Commissioner of Service Tax, Mumbai

Refund of unutilized cenvat credit - export of services - distinguish between the refund claims as those prior to registration and those post-registration - Held that - In the absence of a statutory provision which prescribes that registration is mandatory and that if such a registration is not made the assessee is not entitled to the benefit of refund, the authorities committed a serious error in rejecting the claim for refund on the ground which is not existence in law. - Refund allowed.


2016 (2) TMI 308 - BOMBAY HIGH COURT

The Commissioner of Income Tax, Sesa Goa Limited Versus V.S. Dempo & Co. Pvt. Ltd., The Commissioner of Income Tax

Allowability of expenditure under section 40(a)(i) - scope of the term non resident - whether the status of a person making the expenditure has to be a non-resident before the provision to section 172 of the Act can be invoked ? - Held that - To our mind, the Division Bench judgment in Commissioner of Income-tax vs. Orient (Goa) Pvt. Ltd. 2009 (10) TMI 575 - Bombay High Court seen in this light does not, with greatest respect, take into account t.....


2016 (2) TMI 307 - GUJARAT HIGH COURT

RBZ JEWELLERS PVT LTD Versus DEPUTY COMMISSIONER OF INCOME- TAX CIRCLE -3 (1) (2)

Reopening of assessment - valuation of stock questioned - Held that - As during the original scrutiny assessment, the issue of valuation of stock had been examined at length. We may recall that the assessee is engaged in the business of jewelery. During a survey operation conducted on 3.2.2010, unaccounted cash was found and difference in stock in the books and physical verification were revealed. During the assessment proceedings, there was cons.....


2016 (2) TMI 306 - DELHI HIGH COURT

B.P. Jain And Assoc And Another Versus Commissioner of Income Tax

Determination of the tax to be paid in terms of the Kar Vivad Samadhan Scheme 1998 (KVSS) - Held that - As regards the instructions issued, there are two aspects - one regarding the calculation of the disputed income with reference to the unpaid tax. The other is in relation to the application of the marginal rate. At the outset it requires to be noticed that the Finance Act, 1998 does not talk of any marginal rate to be applied. Also, it appears.....


2016 (2) TMI 305 - BOMBAY HIGH COURT

The Commissioner of Income Tax9 Versus M/s. Russan Pharma Ltd.

Computation of deduction u/s 10A - whether loss of another unit of the assessee company cannot be set off against the profit of the unit eligible for deduction u/s 10A as held by ITAT - Held that - No fault can be found with the impugned order of the Tribunal, inasmuch as it follows the order of this Court in Black and Veatch Consulting Pvt. Ltd. (2012 (4) TMI 450 - BOMBAY HIGH COURT ) wherein held Section 10A is a provision which is in the natur.....


2016 (2) TMI 304 - BOMBAY HIGH COURT

The Commissioner of Income Tax-15, Mumbai Versus M/s Sai Shraddha Construction

Accepted method of accounting - assessment on Best Judgment basis - Held that - As project completion method is one of the accepted method of accounting and the same was regularly followed by the respondent-assessee in computing it s taxable income. It is for the assessee to choose the method of accounting and employ it regularly. It is not the case of the revenue that the project completion method of accounting is not regularly employed by the a.....


2016 (2) TMI 303 - DELHI HIGH COURT

Pr. Commissioner of income tax Versus Gillette Diversified Operations Pvt. Ltd.

Addition on account of inventory written off - Held that - As far as the present case is concerned, the CIT (A) having noted categorically that the complete details of inventory were furnished by the Assessee together with evidence of persons before whom the items were disposed of, and with the inventory clearly not being available for any verification, no purpose will be served by remanding the matter to the AO for that exercise. - Decided against revenue


2016 (2) TMI 302 - MADRAS HIGH COURT

M/s Premier Distilleries P. Ltd Versus The Principal Commissioner of Income Tax, The Joint Commissioner of Income Tax And The Deputy Commissioner of Income Tax

Penalty imposed u/s 221 (1) - self assessment tax under Section 140A remained payable - denial of natural justice - Held that - Considering the assessee s submission that the 1st respondent is erred in sustaining the levy of penalty under Section 221(1) without considering sufficient cause shown for the belated payment of self assessment tax under Section 140A for the assessment year in question and without assigning proper reasons and that the 1.....


2016 (2) TMI 301 - ITAT DELHI

DDIT, Circle-3 (2) , New Delhi Versus Egis Bceom Intl. S.A.

Service tax collected in relation to projects where the income was being offered to tax on gross basis u/s 44D r.w.s. 115A - CIT(A) held that the service tax was not the part of the gross receipts to be taxed u/s 44D r.w.s 115A - Held that - Service tax being a statutory liability, would not involve any element of profit and accordingly, the same could not be included in the total receipts for determining the presumptive income. In the light of v.....


2016 (2) TMI 300 - ITAT MUMBAI

M/s. Finestar Jewellery And Diamonds Pvt. Ltd. Versus Income Tax Officer And Vica-Versa

Deduction under section 10A - Interest on Fixed Deposits - Held that - As the interest earned from fixed deposits kept apart for the purposes of business is to be treated under the head Income from Business and not under the head Income from other sources and is to be treated as profits of the business while calculating the deduction under section 10A of the Act. BR BR Exchange difference on EEFC - Held that - Following the decision of the Coordi.....


2016 (2) TMI 299 - ITAT AHMEDABAD

Varun Radiators Pvt. Ltd. Versus The Deputy Comm. of Income Tax, CPC TDS, Gaziabad

Levy of fee under section 234E in the order u/s 200A - Held that - The adjustment in respect of levy of fees under section 234E was indeed beyond the scope of permissible adjustments contemplated under section 200A. BR BR In view of these discussions, as also bearing in mind entirety of the case, the impugned levy of fees under section 234 E is unsustainable in law. We, therefore, uphold the grievance of the assessee and delete the impugned levy of fee under section 234E of the Act. - Decided in favour of assessee


2016 (2) TMI 298 - ITAT AHMEDABAD

The Samarpan Co-op. Credit Society Ltd. Versus The ACIT

Deduction u/s.80P(2)(a)(i) - Held that - Issue in dispute is purely covered in favour of the assessee partly by the decision of Hon ble Karnataka High Court in the case of Guttigedarara Credit Co-operative Society Ltd. vs. ITO 2015 (7) TMI 874 - KARNATAKA HIGH COURT wherein it has been specifically held that interest income earned by the Credit Co-operative Society from deposits made with scheduled bank would also qualify for grant of deduction u.....


2016 (2) TMI 297 - ITAT HYDERABAD

Deputy Commissioner of Income Tax Versus M/s Bhanu Automobiles Ltd.

Disallowance of claim of discount to customers on sale of two wheelers - Held that - The genuineness is not established by the evidence that assessee sought to rely upon. We are of the opinion that on the basis of the sample evidences furnished by assessee, in the absence of any policy of discount or acknowledgement by the customers in the invoices, the Modus Operandi adopted by assessee seems peculiar. BR BR Therefore, in the interest of justice.....


2016 (2) TMI 296 - ITAT KOLKATA

Bansilal Leisure Parks Ltd, Barik & Associates Versus Income Tax Officer (TDS) , Kolkata

Default for noncollection of tax at source as per the provisions of Section 206C(6A) - sale of the timber - Held that - The assessee should not be treated as assessee in default in terms of the amended provisions of the law. From the order of the ld. CIT(A) we find that all the parties to whom the sales were made have furnished their respective returns of income. We also find that the ld. DR has not brought anything contrary to the argument of th.....


2016 (2) TMI 295 - ITAT DELHI

Asstt. Commissioner of Income-tax Circle-32 (1) , New Delhi Versus Sh. Saidan Kapoor,

Reopening of assessment - basis of the valuation report received from the office of the DVO - Held that - As decided in ACIT Vs Dhariya Construction Company 2010 (2) TMI 612 - Supreme Court of India the opinion of the DVO per se is not an information for the purposes of reopening assessment under section 147 of the Income-tax Act, 1961. The Assessing Officer has to apply his mind to the information, if any, collected and must form a belief thereo.....


2016 (2) TMI 294 - ITAT CHANDIGARH

The DCIT, Solan Versus Bio Veda Action Research Pvt Ltd And Vica-Versa

Entitlement to deduction under section 80IC - CIT (Appeals) deleted the disallowance - that - No infirmity in the finding given by the learned CIT (Appeals) as the kit for which registration fee is received by the assessee contains the products of the assessee in which the assessee deals together with the literature explaining the use of the product. By no stretch of imagination, this kit can be said to be not related to the business of the asses.....


2016 (2) TMI 293 - ITAT BANGALORE

Sami Labs Ltd. Versus The Deputy Commissioner of Income Tax, Circle 12 (3) , Bangalore.

Adjustment of total turnover while allowing deduction u/s. 10B - Held that - In light of the decisions in CIT v. Tata Elxsi Ltd., 2011 (8) TMI 782 - KARNATAKA HIGH COURT and CIT v. Samsung Electronics Co. Ltd. (2011 (11) TMI 429 - KARNATAKA HIGH COURT) it is very clear that, the deduction claimed u/s 10B should not be restricted by not reducing the freight and forwarding and insurance from total turnover. Hence we direct the AO to follow the deci.....


2016 (2) TMI 292 - ITAT DELHI

HCL Comnet Ltd. Versus Deputy CIT, Circle 12 (1) , New Delhi.

Penalty u/s 271(1)(c) - disallowance made on account of expenditure towards payments made to Globextech India (P) Ltd. by the assessee on the basis that due to search and seizure operation conducted at the premises of S.K. Gupta Group of Companies - Held that - Under the circumstances, it cannot be held beyond doubt that there was concealment of particulars of income or furnishing inaccurate particulars thereof on the part of the assessee towards.....


2016 (2) TMI 291 - ITAT CHANDIGARH

Ms. Nirmal Rani Versus The ACIT, Ambala

Disallowance u/s 40A(3) - Held that - The assessee had made payments to small time venders who supplied hides and skins on vehicles such as cycles, rickshawalas and rehris. The payments were being made to them against kacha bills because the purchases were made from unorganized sectors and the butchers do not have printed bills. It is also clear from the statements of Shri Ram Kumar and Shri Harish Kumar that they confirmed having purchased kucha.....


2016 (2) TMI 290 - ITAT CHENNAI

The Dy. Commissioner of Wealth-tax, Corporate Circle 1, Coimbatore Versus M/s Suguna Capital Ventures Pvt. Ltd

Reassessment - Inclusion of land in the wealth tax assessment - Appellant contended that land in question was not permitted for construction and a civil suit was also pending before the Sub-court - Held that - , merely because a civil suit is pending on the basis of the amount due to the said Smt V. Kamalam and other creditors, it cannot be said that the assessee has not acquired any title over the said land in question. Therefore, this Tribunal .....


2016 (2) TMI 289 - CESTAT ALLAHABAD

M/s Tirupati Cylinders Ltd. Versus Commissioner of Central Excise, Meerut-I

Valuation - repair and maintenance activities - demands have been raised on the material components utilized in repair and maintenance work of LPG cylinders carried out by the appellant holding the same to be consumables, thereby not having any element of deemed transferred of property in the same. - Held that - the issue is no longer res-integra. It has been explained in the decision by the Apex Court that service tax and sales tax are mutually .....


2016 (2) TMI 288 - CESTAT NEW DELHI

Commissioner of Central Excise And Service Tax, Panchkula Versus Sainsons Paper Industries Ltd.

Demand of Interest - Refund by taking credit of the amount in their cenvat account and thereby taking a suo motto refund of pre-deposit - Held that - As per the appellate order dated 22.6.2007 the pre-deposit amount has to be refunded to the respondent. The act of the respondents in taking refund of the amount by crediting the amount in their cenvat credit account, is only a procedural lapse. After taking credit, the respondents have declared the.....


2016 (2) TMI 287 - CESTAT NEW DELHI

M/s. Ultra Tech Cement Ltd. Versus CCE & S.T. -Indore

Ineligible CENVAT Credit availed on capital goods - various machinery and items purchased and used in setting up of thermal power plant in their factory.- Held that - The appellants purchased capital goods, paid for the same and received under due documents in their premises. The supplier had another set of contracts for designing, erection, commissioning and civil/structural works. On all these service contracts, the contractor has paid service .....


2016 (2) TMI 286 - CESTAT MUMBAI

Shree Balaji Rollings Pvt. Ltd. Versus Commissioner of Central Excise, Goa

Discharge of duty liability from August, 1997 to March, 2000 based upon the annual capacity of production - whether the demand raised by the show caused notice consequent to the determination of production capacity are correct or otherwise? - Held that - It can be seen from the reproduced letter that Commissioner of Central Excise, Goa had finally determined the annual capacity of production. It is also to be noted that this letter is dated 13.03.....


2016 (2) TMI 285 - CESTAT MUMBAI

INNOVASSYNTH TECHNOLOGIES (INDIA) LTD. Versus COMMISSIONER OF CENTRAL EXCISE, RAIGAD

Demand of of interest and penalty - Extended period of limitation invoked - Held that - In absence of any such voluntary payment, recovery of the unpaid duty would not have been possible. In that view of the matter, we do not find the case would fall under sub-section (2B) of Section 11A of the Act. Sub-section (2B) of Section 11A of the Act applies in a case where there is voluntary payment of unpaid duty before issuance of show cause notice und.....


2016 (2) TMI 284 - CESTAT NEW DELHI

M/s Emsons Organics Pvt Ltd Versus Commissioner of Central Excise, Chandigarh-II

Sales tax permissible for deduction for valuation under Central Excise Law - Held that - In the present case, we find the whole issue cropped up during the course of scrutiny of purchase invoices by the audit party and certain ledger accounts maintained by the appellants. It is not disputed that the present demand arose because of the difference between the sales tax amount collected by the appellant from the buyer and actually paid to the State .....


2016 (2) TMI 283 - CESTAT MUMBAI

Nirlon Ltd. Versus Commissioner of Central Excise, Mumbai-V And Vica-Versa

Manufacture - whether the items i.e. impure dowtherm diphyl; old and damaged PTA scrap, wash water - 50 concentration of lactum, old and used sludge oil; old and used all types of oil, spin finish oil and old assorted bearings cleared from the factory premises of the assessee are liable to duty? - Held that - It is on record that the items on which duty demands are made are arising during the course of manufacture of the final products for the pe.....


2016 (2) TMI 282 - KARNATAKA HIGH COURT

Centum Electronics Limited Versus State of Karnataka

Doctrine of promissory estoppel - Continuity of exemption after migration from sales tax regime to VAT regime - tax holiday of ten years - KST to KVAT - exemption from CST - Information Technology Policy of the State Government - It is true that in the notification dated 21.8.1997 issued under the KST Act, there was a specific condition that if the Unit (exercising the option for tax exemption) collects any tax, it shall become ineligible for tax.....


2016 (2) TMI 281 - GUJARAT HIGH COURT

M/s MAHESH ELECTRONICS Versus ASSISTANT COMMISSIONER OF COMMERCIAL TAXES AND 1

Challenge to the recovery notice - order of attachment - sale of goods without billing came to light during raid at godowns - Held that - When the investigation is yet not completed and assessment to be made at a later point of time, it would not be appropriate on our part to make any conclusive observations with respect to the rival contentions. In view of the prima facie materials at the command of the department, it is not possible to direct l.....


2016 (2) TMI 280 - GUJARAT HIGH COURT

IN RE : RANJEET ELECTRIC PRIVATE LIMITED

Scheme of Amalgamation - Scheme of arrangement is in the interest of the shareholders and creditors of all the companies as well as in the public interest, therefore, the same deserves to be sanctioned. BR BR It is, however, directed that the petitioners shall preserve their books of Accounts, papers and records and shall not dispose of the records without the prior permission of the Central Government under Section 396A of the Companies Act, 195.....


2016 (2) TMI 279 - GUJARAT HIGH COURT

IN RE : URMIN MARKETING PRIVATE LIMITED

Scheme of Amalgamation - Held that - Taking into account the contentions raised in the affidavits and counter affidavits and the judgment cited at the Bar, this Court is satisfied that the observations made by the Regional Director, Ministry of Corporate Affairs no longer survive. This Court is of the view that the present Scheme of Arrangement is in the interest of the shareholders and creditors of all the companies as well as in the public inte.....


2016 (2) TMI 278 - CALCUTTA HIGH COURT

Commissioner of Income Tax, Kol-II Versus M/s Moran Tea Co. Ltd.

Addition of cess on green leaf - whether production of green leaf which is 100 agricultural activity and not an admissible deduction under income chargeable ? - Held that - In Jorehaut Group Ltd. -Vs- Assistant Commissioner of Income-Tax reported in (2006 (12) TMI 98 - GAUHATI High Court) followed the view expressed in Assam Co. Ltd. v. Union of India, 2005 (3) TMI 63 - GAUHATI High Court wherein it was held that the deduction on cess paid on gre.....


2016 (2) TMI 277 - DELHI HIGH COURT

Pr. Commissioner of income tax-12 Versus RL Allied Industries

Validity of assessment u/s 153 C - Held that - In the present case, there is no doubt that it was only on 24th March 2009 that the AO of the Assessee received the documents seized and it was on that date a notice under Section 153C (1) was issued and served upon the Assessee. Consequently, this Court finds no legal error in the conclusion of the ITAT that notice under Section 153C (1) could not have been issued for AYs 2001-02 and 2002-03. - Decided in favour of assessee.


2016 (2) TMI 276 - BOMBAY HIGH COURT

The Commissioner of Income Tax-15 Versus M/s Sai Shraddha Construction

Addition on account of excess allotment of area while purchasing development rights from Hindustan Candle Manufacturing Co.Pvt.Ltd. - eligibility of sec 80IB - ITAT upholding the deletion the addition by CIT(A) - Held that - As both the CIT (Appeals) and the Tribunal, have in their orders, rendered a finding that the Respondent Assessee had fulfilled all conditions laid down in Section 80 IB(10) of the Act for housing project. Consequently, the e.....


2016 (2) TMI 275 - PUNJAB AND HARYANA HIGH COURT

Late Shri Narinder Singh through his wife and L/H Smt. Shiv Dev Kaur Versus DCIT circle, Sangrur

Scope of Section 2(47)(v) r.w.s. 53-A of the Transfer of Property Act, 1882 - JDA entered by assessee - Whether possession as envisaged by Section 2(47) (v) and Section 53A of the Transfer of Property Act, 1882 was delivered, and if so, its nature and legal effect? - Held that - The issues involved herein have already been decided by this Court in C.S.Atwal vs. The Commissioner of Income Tax, Ludhiana and another 2015 (7) TMI 878 - PUNJAB & H.....


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