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1

2015 (7) TMI 36 - SECURITIES APPELLATE TRIBUNAL MUMBAI - Corporate Laws

Vitro Commodities Private Limited Versus Securities and Exchange Board of India,

Penalty of ₹ 10 Lacs under Section 15A(b) of SEBI Act - Non disclosures under Regulation 7(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and Regulation 13(1) of SEBI (Prohibition of Insider Trading) Regulations, 1992 - Not an active action, shares increased due to bonus shares - Held that:- It is seen that no effort to quantify disproportionate form or unfair advantage, wherever quantifiable, made as result of default of disclosure under Regulation 7(1) of .....


2

2015 (7) TMI 35 - ITAT AHMEDABAD - Income Tax

ITO, Ward-9 (4) Versus. Shri Ashwin Kantilal Raval

Disallowance on account of interest expenses - CIT(A) allowed claim - Held that:- CIT(A) has elaborately discussed the issue and recorded that the assessee was involved in the business of “sub-letting” of properties, and during the relevant year, it had taken 45 properties on rent and paid ₹ 49.20 lakhs, and while on subletting he received ₹ 56.24 lakhs resulting into net surplus of rent shown as business income of ₹ 7.04 lakhs. Assessee has utilized ₹ 47.60 lakhs for pu.....


3

2015 (7) TMI 34 - CESTAT NEW DELHI - Service Tax

Tricity Autos Versus Commissioner of Central Excise And Service Tax, Chandigarh -II

Cenvat credit on free service provided to customers - Held that:- In this case the authorized service station is providing service on behalf of the appellant and appellant is required to pay the cost of service along with service tax to the authorized service station who has provided service on behalf of the appellant to the owner of the vehicle. Therefore, the service provided by authorized service station has become input service for the appellant and appellant is entitled to take cenvat credit. - Decided in favour of assessee.


4

2015 (7) TMI 33 - CESTAT MUMBAI - Service Tax

Shridhar Castings Pvt Ltd Versus Commissioner of Central Excise & Customs, Nagpur

Penalties under Sections 76, 77 and 78 - GTA services - Held that:- From the records it is seen that the issue relates to short-payment of service tax on GTA services. As soon as the same was pointed out, the appellant willingly and voluntarily discharged the service tax liability along with interest on 23/11/2009. Therefore, the matter should have been closed there itself. Section 73(3) of the Finance Act, 1994 provides for closure of all proceedings in a case where service tax liability along .....


5

2015 (7) TMI 32 - CESTAT MUMBAI - Service Tax

Shivprasad Construction And Others Versus Commissioner of Central Excise, Kolhapur And Others

Commercial or Industrial Constructions Services - construction of educational institutes - Held that:- First appellate authority as well as the adjudicating authority have clearly recorded that construction activity undertaken by the appellant/assessee was in respect of various activity undertaken by the appellant/assessee was in respect of various educational institutes. The definition of commercial and industrial construction services specifically excludes from service tax, the construction ac.....


6

2015 (7) TMI 31 - RAJASTHAN HIGH COURT - Service Tax

KUSHI ENTERPRISES Versus UNION OF INDIA

Challenge to legality and validity of demand notice -Initiation of recovery proceedings with out relying on earlier decision on the same matter i.e Circular No.967 /01/2013-CX dated 1.1.2013 declared non east by the court 8 months back - Contempt petition against excise Assistant Commissioner - Held that:- With the legal position having been concluded by this Court more than 8 months back in the case of Manglam Cement Ltd. v. The Superintendent, Central Excise Range-III, Kota & Ors [2013 (4) TMI.....


7

2015 (7) TMI 30 - CESTAT BANGALORE - Central Excise

Jenious Clothing Pvt Ltd Versus Commissioner of Central Excise And Service Tax, Bangalore-III

Waiver of pre deposit - Imposition of penalty u/s 11A - SCN Issued after 1 year of imposition of penalty - Held that:- Taking note of the fact that entire amount has been paid and provisions of Section 11A requires much more detailed consideration and also taking note of the fact that Hon'ble High Court of Gujarat has taken a view that Rule 8(3A) is ultra vires, the appeal itself could have been allowed, but for the fact that the Department has filed an appeal, at this stage, final decision need.....


8

2015 (7) TMI 29 - CESTAT NEW DELHI - Central Excise

M/s. R.A. Casting Pvt Ltd Versus Commissioner of Central Excise And Service Tax, Meerut-I

Levy of penalty u/s 11C - Duty demand - Shortage of goods - Clandestine removal of goods - Held that:- Appellant has paid the duty at the time when shortage was detected. Later on, the department issued a show cause notice for appropriation of duty paid by the appellant and imposition of penalty. The appellant did not contest the duty liability but contested only penalty till the level of Commissioner (Appeals). When learned Commissioner (Appeals) has given a finding that there is no tangible ev.....


9

2015 (7) TMI 28 - CESTAT AHMEDABAD - Central Excise

M/s Vaibhav Auto Industries Versus Commissioner of Central Excise And Service Tax, Ahmedabad

Non compliance of direction given in stay order - applicant was directed to pre-deposit 50% of the amount of duty confirmed by the adjudicating authority - Held that:- the applicant submits that they have deposited only ₹ 30 Lakh. He further submits that they have filed an application before the Hon'ble High Court for extension of time for compliance of the stay order. We find that the Hon'ble High Court by order dated 10.10.2014 extended the time for compliance of the stay order up to 31.....


10

2015 (7) TMI 27 - CESTAT BANGALORE - Central Excise

Sri Sai Ram Industrial Equipments Pvt Ltd, K Rambabu Managing Dir Sri Sai Ram Industrial Equipments Pvt Ltd Versus Commissioner of Central Excise, Customs And Service Tax And Others

Manufacturing activity or taxable service - Activity of fabricating various iron and steel items by cutting, drilling and making holes etc. - Held that:- confirmation of excise duty by invoking longer period of limitation, without going into the legal issue as to whether the activity amount to manufacture or not, would not be appropriate inasmuch as the appellant was admittedly discharging the service tax liability on the activity undertaken by them with the due knowledge of the Revenue. As rega.....


11

2015 (7) TMI 26 - CESTAT MUMBAI - Customs

M/s Ruchi Soya Industries Ltd Versus Commissioner of Customs (Import) , Nhava Sheva

Rejection of refund claim - Assessment of liquid cargo - manner of assessment - Assessment to be done on the invoice price when duty is payable on ad valorem basis and was to be done on shore tank quantity received when duty is payable on specific rate basis - Held that:- the import of goods into India would commence when the same cross into the territorial waters but continues and is completed when the goods become part of the mass of goods within the country; the taxable event being reached at.....


12

2015 (7) TMI 25 - CESTAT MUMBAI - Customs

Shri Nand Kishore Sharma Versus Commissioner of Customs (Export) , Nhava Sheva

Waiver of pre deposit - Mandatory pre deposit - Held that:- In view of the provisions of Section 129A, as amended by the Finance Act, 2014, the Tribunal cannot condone the amount of pre-deposit fixed under the statute @7.5% of the amount demanded. Accordingly, the miscellaneous application stands dismissed. However, the appellant is allowed time to make pre-deposit 7.5% of the penalty imposed within a period of eight weeks - Decided against assessee.


13

2015 (7) TMI 24 - CESTAT NEW DELHI - Customs

M/s Naresh Kumar Meena Versus Commissioner of Customs, Jodhpur

Revocation of CHA license - Subletting of license - whether the work of import/export executed by G and H card holder is an act of subletting or not - Held that:- All G and H card holders are the employees of the appellant. Apart from the employment of the appellant these G and H card holders are providing certain other services to the exporter/importers for that they are provided directly dealing with the importer/exporter but for custom clearances they are working as G and H card holder of the.....


14

2015 (7) TMI 23 - SECURITIES APPELLATE TRIBUNAL MUMBAI - Corporate Laws

Zenith Infotech Ltd. and Others Versus Securities and Exchange Board of India, Mumbai

Claim of Bondholders - Invested in Foreign Currency Convertible Bonds (FCCBs) - Held that:- In the face of the above pendency of matter before the Hon’ble Supreme Court as well as learned City Civil Court at Dindoshi, this Tribunal in the present appeal, is mainly concerned with the impugned order dated April 23, 2014 passed against the appellants. The issue regarding redemption of FCCBs is not directly before this Tribunal. The Tribunal is, therefore, of the considered opinion that SEBI itself .....


15

2015 (7) TMI 22 - DELHI HIGH COURT - Corporate Laws

M/s. Ganraj Sugars Private Limited and Others With M/s. Ojas Industries Private Limited

Application for dispensation of meeting - Sections 391 & 394 of the Companies Act, 1956 - Error in share exchange ration - Held that:- On an examination of the application, it is noticed that the share exchange ratio as mentioned in the application is adopted from the Valuation Report dated 16th August, 2014 furnished by M/s. P. K. Katyal & Co., Chartered Accountants (page 209, Annexure II). Unfortunately, the applicants adopted the same without maintaining a common sequence in the Memo of Parti.....


16

2015 (7) TMI 21 - SUPREME COURT - Allied Laws

Brijesh Kumar & Ors. Versus State of Haryana & Ors

Condonation of delay in appeal by more than 10 years - Appeal under Section 54 of the Land Acquisition Act, 1894 - Some other persons filed appeal in time and also got a higher compensation - Held that:- In State of Karnataka & Ors. v. S.M. Kotrayya & Ors. [1996 (9) TMI 603 - SUPREME COURT] , this Court rejected the contention that a petition should be considered ignoring the delay and laches on the ground that he filed the petition just after coming to know of the relief granted by the Court in.....


17

2015 (7) TMI 20 - MADRAS HIGH COURT - Income Tax

Commissioner of Income Tax Versus M/s. Sree Narasimha Textiles Pvt. Ltd.

Entitlement to claim deduction under Section 80-IA - Held that:- The business undertaking of the assessee is wind mill power generation/hosiery goods, etc., and it has claimed the benefit of deduction under Section 80IA of the Income Tax Act for the assessment year in question and for the subsequent years as well. Having exercised its option and its losses have been set off already against other income of the business enterprise, the assessee in this appeal falls within the parameters of Section.....


18

2015 (7) TMI 19 - BOMBAY HIGH COURT - Income Tax

Commissioner of Income Tax-8 Versus Industrial X-Ray And Allied Radiographers (India) Pvt. Ltd.

Addition to the appellant's income in terms of Section 28(iv) read with Section 41(1) - ITAT deleted the addition - Held that:- From the ledger account of the concern, it was seen that ₹ 65,66,686/- have been transferred to the appellant's account for the reason that the amount was received on appellant's behalf from M/s.Hi-Tech Trading, Oman. The same was credited to the account of M/s.Hi-Tech Trading, Oman as on 31.3.2000 in the appellant's books which had continued from 2000 to 2006 as .....


19

2015 (7) TMI 18 - BOMBAY HIGH COURT - Income Tax

M/s Zodiac Developers Pvt Ltd Versus Principal Commissioner of Income Tax-8, Mumbai

Transfer of a caase u/s 127 - petitioner's case pending with the Income Tax Officer, Mumbai have been transferred to Assistant Commissioner of Income Tax Aurangabad - Held that:- The impugned order does not deal with any of the submissions made by the petitioner resisting the transfer of its case from Mumbai to Aurangabad. Besides, Mr. Tiwari, the learned Counsel appearing for Petitioner informs us that the letter of Director of Income Tax (Investigation), Nagpur which forms the basis of transfe.....


20

2015 (7) TMI 17 - BOMBAY HIGH COURT - Income Tax

Mr. Kunal S. Surana Versus Income Tax Officer (14 (1) (3) ) , Mumbai

Condonation of delay rejected - Held that:- There has been a delay on the part of the appellant in filing the appeal. The Chartered Accountant attending to the appellant's affairs, has owned up before the Commissioner of Income Tax (Appeals) as well as before the Tribunal that the delay was entirely due to a mistake on his part, inasmuch as, after having received the papers from the appellant there was a delay in preparing and filing the appeal before the Commissioner of Income Tax (Appeals). I.....


21

2015 (7) TMI 16 - BOMBAY HIGH COURT - Income Tax

Commissioner of Income Tax-2, Mumbai Versus M/s. Elde Electricals Agencies Pvt. Ltd., Mumbai

Addition made under Section 41(1) - creditors outstanding for more than three years in the books of respondent-assessee - ITAT deleted the addition - Held that:- In the present facts, the amount of ₹ 64.27 lacs continues to be shown as the liability in the respodnent-assessee's balance-sheet for the subject assessment year. The occasion to write back the amount of ₹ 64.27 lacs in this particular case, even unilaterally by the the respondent-assessee has not arisen. This is so as the .....


22

2015 (7) TMI 15 - GUJARAT HIGH COURT - Income Tax

DEPUTY COMMISSIONER INCOME TAX- TDS CIRCLE Versus VADOFONE ESSAR GUJARAT LIMITED & 1

Extension of stay of demand beyond the period of 365 days - revenue has challenged the impugned orders passed by the Tribunal extending stay of demand granted earlier beyond the period of 365 days and in the present case, for approximately 1000 days - Held that:- Applying the decision of the Division Bench of this Court in the case of Small Industries Development Bank of India (2014 (7) TMI 738 - GUJARAT HIGH COURT) to the facts of the case on hand, more particularly while considering the powers.....


23

2015 (7) TMI 14 - BOMBAY HIGH COURT - Income Tax

The Commissioner of Income Tax-II, Kolhapur Versus M/s. Gajanan Agro Farms, Kolhapur

Agricultural income - assessee was in possession of the land in question for the cultivation of sugarcane from the Maharashtra State Farming Corporation (MSFC) - Held that:- We find that the CIT(A) and the Tribunal have correctly recorded a finding of fact that the Respondent-Assessee did carry on activity of cultivation of sugarcane and the income derived therefrom, is agricultural income. This finding of fact is neither shown to be perverse and/or arbitrary. Therefore, no substantial question .....


24

2015 (7) TMI 13 - KARNATAKA HIGH COURT - Income Tax

The Commissiner of Income Tax, The Deputy Commissioner of Income Tax Versus M/s Crane Software Internaitonal Ltd

Rectification of mistake - interest income earned from fixed deposits which was to fall within the head 'Income from Business' or 'Income from Other Sources'- Held that:- Fixed Deposits from which the interest had been earned, has been given as security for Term Loans and Overdrafts in appellant’s business and payment of interest on such Overdrafts and Term Loans far exceeds the receipt of interest received on Fixed Deposits. Appellate Commissioner having concluded that the issue involved in th.....


25

2015 (7) TMI 12 - KARNATAKA HIGH COURT - Income Tax

Sri P.M. Abdulla Pro. Rubber Agencies Versus The Income Tax Officer, Ward-I Puttur

Addition made under section 68 - CIT(A) deleted addition - Held that:- ITAT after considering the rival contentions and on perusal of material on record, by common order dated 30.06.2009 partly allowed the appeals filed by the department and held that in respect of parties (Sundry Creditors) other than relating to whom additions made by the CIT(A) are to be restored to the assessing officer by casting initial burden on the assessee to discharge such burden by filing confirmation letters of Sundr.....


26

2015 (7) TMI 11 - KERALA HIGH COURT - Income Tax

SHRI. K.P. MADHAVAN NAIR Versus THE INCOME TAX OFFICER, WARD 1, KASARAGOD

Unexplained fixed deposits and investments in property - appellant contended that the property in question was purchased by him along with four others and that therefore the entire investment cannot be added to his income - Held that:- For the years 2003-2004, 2004-2005 and 2005-2006 the authorities including the Tribunal have concurrently rejected the case of the assessee on the ground that the assessee could not produce any documents substantiating the claims and in fact the Tribunal has also .....


27

2015 (7) TMI 10 - CALCUTTA HIGH COURT - Income Tax

Commissioner of Income Tax, Kolkata-XVIII Versus Contain Cooperative Bank Ltd.

Entitlement to benefit under Section 80P(2)(a)(i) - whether a voluntary investment made by the assessee and the interest earned from such investment is amenable for the benefit under Section 80P(2)(a)(i) - Held that:- As at presently advised, we are of the opinion that the deposit of non-statutory fund made by the assessee amounts to an investment which is one of the activities of a banking company contemplated under Section 5(b) of the Banking Regulation Act, 1949 quoted above.

We fi.....


28

2015 (7) TMI 9 - KERALA HIGH COURT - Income Tax

Commissioner of Income-tax, Cochin Versus South India Corporation Ltd.

Entitlement to claim deduction of the belated payment to Provident Fund - Held that:- In terms of the Explanation to clause (va) of Section 36(1) of the Income Tax Act, such sums paid after the due date cannot be claimed as other deductions in terms of Section 36 of the Income Tax Act. This is pointedly so because in terms of Section 43B of the Income Tax Act, deductions are to be only on actual payment. These two provisions were considered in Hitech (India) Pvt. Ltd., vs. Union of India and oth.....


29

2015 (7) TMI 8 - KERALA HIGH COURT - Income Tax

M/s Union Air Products Pvt Ltd Versus Assistant Commissioner of Income Tax, Circle-1 (3) , Range-1, Ernakulam, Chief Commissioner of Income tax, Kochi

Waiver of the interest charged under Sections 234B and 234C - second respondent in exercise of the powers conferred on him by the Central Board of Direct Taxes under Clause (a) of Sub Section 2 of Section 119 rejected representation of assessee holding that he is authorised to waive interest only in the class of cases and incomes specified in the circulars issued for that purpose by the Central Board of Direct Taxes and that the case of the petitioner does not come under the such specified class.....


30

2015 (7) TMI 7 - KARNATAKA HIGH COURT - Income Tax

Amco Batteries Ltd. Versus Assistant Commissioner of Income-tax, Circle 11 (1) , Bangalore

Expenditure towards warranty claim written off - whether was neither allowable under Section 37 nor under Section 36(1)(vii) - Held that:- The assessee company voluntarily recognized and credited warranty expenses of TAFE, PSD in the assessment year 2002-03 and paid taxes on the said amount. In the subsequent year when they were sure that they are not getting any portion of the said amount, they wanted to treat it as a bad debt and write off the said claim. Accordingly, they sought for deduction.....


31

2015 (7) TMI 6 - ITAT KOLKATA - Income Tax

KPC Medical College & Hospital and others Versus Dy. CIT, CC-XXIV, Kolkata

Penalty under section 271(1)(c) - unaccounted donations - notice under section 153C - argument of the ld. Departmental Representative was that if AO of the searched person and the assessee is the same it does not make any difference whether satisfaction is recorded in the case of the searched person or the other person - Held that:- The ITAT had arrived at a conclusion that satisfaction was recorded while taking up the cases of other person. This conclusion has been drawn on the basis of materia.....


32

2015 (7) TMI 5 - ITAT KOLKATA - Income Tax

Assistant Commissioner of Income-tax and others Versus Shanti Kumar Surana and others

Validity of assessment framed u/s. 153A - Held that:- In view of the second provision of section 153 of the Act, it is clear that assessment or reassessment relating to any assessment year falling within the period of six assessment years pending on the date of initiation of search u/s. 132 of the Act shall abate. It means if on the date of initiation of search u/s. 132 of the Act, any assessment proceedings is initiated relating to any assessment year falling within the period of six assessment.....


33

2015 (7) TMI 4 - ITAT DELHI - Income Tax

Mohd. Irshad Versus Income Tax Officer, Ward-2 (1) , Muzaffarnagar

Penalty imposed u/s 271(1)(c) - addition on account of undisclosed business income - Held that:- AO while framing the assessment u/s 143(3) r.w.s 147 of the Act nowhere recorded the satisfaction that the assessee either concealed the income or furnished inaccurate particulars of income. He simply stated that the penalty notice u/s 271(1)(c) of the Act was being issued separately, therefore, in view of the ratio laid down by the Hon’ble Jurisdictional High Court in the aforesaid referred to cases.....


34

2015 (7) TMI 3 - ITAT LUCKNOW - Income Tax

M/s Prachi Leather Pvt. Ltd. and others Versus Dy. C.I.T., Range-VI, Kanpur and others

Eligibility of Deduction u/s 80HHC - Held that:- In the present case, the assessee is having three units. In unit No. 1, the assessee is manufacturing finished leather which is sold in domestic market or is utilized in manufacturing of leather footwear or goods by other units. In unit No. 2, the assessee is manufacturing complete shoes and leather uppers and other leather goods. In this unit, there is mainly export sales, although there is small amount of domestic sale. In unit No. 3, the assess.....


35

2015 (7) TMI 2 - ITAT PUNE - Income Tax

Dhariwal Industries Ltd. And Others Versus Addl. CIT, Circle-1 (2) , Pune And Others

Claim for deduction u/s.80I/80IA rejected - Held that:- As decided the issue against the assessee as reported in Dhariwal Industries Limited. Versus Additional Commissioner Of Income-tax, Range-1, Pune(2007 (8) TMI 410 - ITAT PUNE) holding that Gutkha and Pan Masala manufactured by the assessee company is a "tobacco preparation" within the meaning of Eleventh Schedule of the Income Tax Act. Therefore, the assessee is not entitled to deduction u/s.80I/80IA of the Income Tax Act. - Decided agains.....


36

2015 (7) TMI 1 - ITAT PUNE - Income Tax

Amphenol Interconnect India Pvt. Ltd. Versus The Addl. Commissioner of Income Tax, Range 8, Pune

Addition made to the value of international transactions entered into by the assessee with its associated enterprises in respect of export of finished goods and import of goods - Held that:- The transactions of exports of goods, import of goods are all part of the assessee's business. Further, the commission is paid to various parties to boost the sales of the assessee's products. Therefore, the transactions of exports, imports and payment of commission to agents are closely inter related and ar.....


37

2015 (6) TMI 964 - CESTAT MUMBAI - Service Tax

M/s Sitel India Ltd. Versus Commissioner of Central Excise, Mumbai-II

Denial of refund claim - Bar of limitation - Held that:- No limitation is prescribed for refund of accumulated CENVAT Credit under Rule 5 of Cenvat Credit Rules, 2004 as the said rule provides for refund of accumulated CENVAT Credit due to reasons of export of service, and being unable to be utilized by the assessee. Further, under the said rule, no time limit is prescribed and hence, no limitation is applicable. Thus, the ground of limitation is decided in favour of the appellant and it is held.....


38

2015 (6) TMI 963 - ITAT AHMEDABAD - Income Tax

The ITO, Ward – 4 (2) Versus. J. Upendra Construction Pvt. Ltd.

Reopening of assessment - difference of cost of construction shown by the appellant and cost of construction estimated by the Departmental Valuer by way of unexplained investment - Held that:- Re-opening in this case has been done on the basis of DVO’s report only. The report of the DVO is an estimate of the amount spent in the cost of construction of building, and it could not be said that it is an “information” to justify the reopening of the assessment. This issue is covered in favour of the .....


39

2015 (6) TMI 962 - ITAT DELHI - Income Tax

ChrysCapital Investment Advisors Versus. DCIT,

Transfer pricing adjustment - selection of comparable - determining the ALP on the basis of current year datas and not considering to prior two financial years 2005-06 and 2006-07 - Held that:- In order to determine the arms length price in relation to international transaction, it has to be compared with uncontrolled and unrelated transactions by using the data relating the financial year in which year the international transaction has been entered into. It has been stipulated under rule 10B(4).....


40

2015 (6) TMI 961 - ITAT MUMBAI - Income Tax

Goldman Sachs (India) Securities Private Limited, Versus Asst. Commissioner of Income-tax (OSD) ,

Upward TP adjustment pertaining to business support services rendered to its AEs - TPO accepted all the comparables but excluded Capital Trust and included Spanco - Held that:- TPO rejected Capital Trust as a comparable simply because for the two out of the last three years taken into consideration, Capital Trust was in the red and not because the nature of business had any variance with that of the assessee. When we look into the business segment of Capital Trust, we find that in the foreign c.....


41

2015 (6) TMI 960 - ITAT DELHI - Income Tax

ITO, Ward 10 (2) , New Delhi Versus Dakin Air Conditioning (India) Pvt. Ltd.

Treatment to acquiring technical know - revenue v/s capital expenditure - Held that:- Assessee was entitled only access to the technical knowledge and information from Daikin for manufacturing of licensed and existing products and it was not a case of absolute transfer of Daikin Technology. The assessee’s right to use license was being hedged with all sorts of conditions as noted.

The assessee had acquired the business of Siel Ltd. on a going concern basis vide business purchase agree.....


42

2015 (6) TMI 959 - ITAT DELHI - Income Tax

American Express Services India Ltd., Versus. DCIT,

Transfer pricing adjustment - determination of arm’s length price by TPO - wrong selection of comparable - Held that:- In the case of Sundaram Finance Distribution Ltd., we find that the main objection of assessee is that the said comparable was included because assessee had supplied the same and the second objection is that in the said comparable there was no staff. As far as first objection is concerned, we are in agreement with the assessee’s counsel that merely because the said comparable wa.....


43

2015 (6) TMI 958 - CESTAT MUMBAI - Service Tax

State Bank of India Versus Commissioner of Central Excise, Nashik

Banking and financial services - valuation - inclusion of reimbursement of expenses - appellant contends that postage and telegraph and courier services are engaged by them for correspondence and they only claim the actual amount which has been paid by them to this service provider and also pay service tax to the service provider - Held that:- Impugned order as well as the Adjudicating Authority's order seeks to rely upon Rule 5(i) of the Service Tax (Determination of Value) Rules, 2006 to inclu.....


44

2015 (6) TMI 957 - CESTAT MUMBAI - Service Tax

Ketan Motors Ltd Versus Commissioner of Central Excise, Nagpur

Disallowance of CENVAT Credit - Documents pertaining to unregistered premises - Held that:- An application dated 16/12/2004 made by the appellant requesting for grant of centralized registration from 01/07/2001, is on record and the letter bears the stamp of the receipt by the department. In any case, the fact of this application having been made is mentioned in the order-in-original and is not disputed. However, the order-in-original states that the centralized registration was not applied for .....


45

2015 (6) TMI 956 - CESTAT MUMBAI - Service Tax

Commissioner of Service Tax, Mumbai-II Versus Georg Fischer Piping Systems P Ltd

Refund / Rebate claim of tax - Export of services or not - activity of procurement of orders from buyers in India for suppliers of goods situated abroad - whether beneficiary of the entire activity is an Indian consumer - held that:- Service provided by the respondent is limited to procurement of orders which are sent to the principal entity abroad. Thereafter the role of the respondent ends in as much he is nowhere connected with the actual sale of the goods by the entity abroad to the customer.....


46

2015 (6) TMI 955 - CESTAT MUMBAI - Service Tax

M/s Global Advertisement Services Pvt Ltd Versus Commissioner of Central Excise, Service Tax Cell

Refund claim - accumulated Cenvat Credit - whether the appellant, who is SEZ unit are eligible for refund of accumulated Cenvat Credit - Held that:- Refund under Rule 5 is admissible to the appellant. The matter was remanded only to examine the claim of the appellant with respect to the time limit involvement and it was also directed that if the refund claim is in time, to sanction the refund in accordance with law. The Ld. Commissioner (Appeals) has gravely mis-understood the order of this Trib.....


47

2015 (6) TMI 954 - CESTAT CHENNAI - Central Excise

M/s Goyal MG Gases Pvt Ltd Versus Commissioner of Central Excise, Trichy

Duty demand - Manufacturing activity - [Oxygen and Argon] gases procured in bulk in tankers were loaded into small cylinders - Held that:- Prima facie, perusal of the judgment of the Apex Court [2011 (8) TMI 93 - Supreme Court of India] throws light that in the case relied by Revenue relates to processing carried out. But, in the present case that is absent. By this we do not express any opinion on the determination of liability on the basis of the tariff entry and chapter note at this stage. H.....


48

2015 (6) TMI 953 - CESTAT CHENNAI - Central Excise

M/s Sakthi Sugars Ltd Versus Commissioner of Central Excise, Salem

Penalty u/s 11AC - GTA Service - Held that:- ingredient of Section 11AC was not examined by learned Commissioner (Appeals). But it cannot be said so when learned Commissioner (Appeals) in the first round of litigation was aware of the fate of adjudication order and he allowed the appeal of the appellant by his order dated 17.11.2009. To grant relief to the appellant. In this regard, he very rightly appreciated the rationale of the decision in the case of M/s. Maruti Suzuki Vs CCE reported in [20.....


49

2015 (6) TMI 952 - CESTAT CHENNAI - Central Excise

M/s Santha Alloys India Pvt Ltd, C. Ramesh Kumar, C. Senthil Kumar Versus Commissioner of Central Excise, Coimbatore

Waiver of pre deposit - Evasion of duty - Clandestine removal of goods - Penalty u/s 11AC - Held that:- It is a case, where the investigation recovered various chits containing entries directly demonstrating clearances of the goods manufactured by the appellant. That brought out the appellants as well as the buyer of such goods to levy. The buyer did not rule out appellant's involvement in the unaccounted clearances. They became witness against appellant by virtue of their dealing with such good.....


50

2015 (6) TMI 951 - CESTAT CHENNAI - Central Excise

Ganesh Parthasarathy, Tussor Machine Tools India Ltd Versus Commissioner of Central Excise & St, Coimbatore

Import of the goods duty-free for use thereof in EOU - Clearance of finished goods to DTA - Held that:- It does not appeal to the common sense that how an entitlement pending before the Development Commissioner protects the interest of Revenue at this stage. No doubt foreign exchange did not come for no export made when imported raw materials were processed and the finished goods manufactured were sold in DTA. The duty forgone at the time of import became loss to Revenue. Added to this, appellan.....


51

2015 (6) TMI 950 - CESTAT CHENNAI - Central Excise

M/s Forder Technik India Pvt Ltd Versus Commissioner of Central Excise, Chennai-IV

Manufacturing activity or not - installation and erection or heavy storage racks at the premises of its clients - Immovable goods - Held that:- The appellant although was principal manufacturer of manufactured rack components, that having been embedded to earth upon welding to fulfill contractual obligation and such racks became inseparable without causing damage thereto when detachment is contemplated, that rules out appellant's liability under Central Excise Act, 1944. Appellant was not mere s.....


52

2015 (6) TMI 949 - CESTAT MUMBAI - Customs

Mr. Pankaj Kumar Das Versus Commissioner of Customs, Mumbai

Restoration of appeal - Dismissal of of appeal for failure to make pre deposit - Held that:- Customs have reopened the matter on a different issue of valuation after the Settlement Commission had passed its final order. In terms of Section 127J every order of the Settlement Commission is conclusive and no matter covered by such order shall be reopened in any proceedings under the Customs Act or under any other law for the time being in force. Therefore, we find the decisions of Customs authoriti.....


53

2015 (6) TMI 948 - CESTAT MUMBAI - Customs

Leelaram Arjandas Asudani, K.J. Import Export Versus Commissioner of Customs (ACC And Import) , Mumbai

Confiscation of goods - import of memory cards - The goods were seized on the belief that they were smuggled into India and the quantity and value of the goods was mis-declared - Violation u/s 111 - Held that:- The present goods are commercial in quantity therefore they have to be classified under the appropriate heading which appears to be heading 8523 in the present case. In this view of the matter, I fail to see how the provisions of Foreign Trade (Development and Regulation) Act, 1992 are vi.....


54

2015 (6) TMI 947 - CESTAT MUMBAI - Customs

M/s Freight Connection India Pvt. Ltd. Versus Commissioner of Customs (Export) , JNCH, Nhava Sheva

Confiscation of goods - Penalty u/s 114 - Misdeclaration of goods - Smuggling of red sanders logs - Held that:- present appellant have issued the container in question for past export through another freight forwarder. I further find that the whole case of the Revenue is based on assumption and presumption as neither the main accused or the exporter/owners of the goods have been found and brought to adjudication and in the absence of examination of the main exporter and further in absence of the.....


55

2015 (6) TMI 946 - SECURITIES APPELLATE TRIBUNAL MUMBAI - Corporate Laws

Arun Goenka Versus Securities and Exchange Board of India, Mumbai and Others

Interest on delayed payment of consideration - whether appellant is entitled to interest on the amount which the appellant has received on account of shares sold to the acquires under the open offer. Liability to pay interest under regulation 22(12) of Takeover Regulations, 1997 arises only when the acquire fails to pay the consideration to the shareholders within 15 days from the date of the closure of the offer - Held that:- Similarly paying interest to the appellant under regulation 44(i) of .....


56

2015 (6) TMI 945 - COMPANY LAW BOARD CHENNAI - Corporate Laws

Mis. Greendot Hotels & Resorts (India) Pvt Ltd Versus Mr. C. 1 Mathew

Claims to subscription of shares - No proof of holding / registration of shares - Held that:- The learned court specifically observed that the applicants have not replied to the letter of the petitioner and also have not demanded calling upon the petitioner to pay the call money at any point of time. Further the learned court have its finding that the records were very much available with the plaintiffs and the truth will come out if the same is produced. in the petition at para 6.21 the petitio.....


57

2015 (6) TMI 944 - ITAT MUMBAI - Income Tax

Income Tax Officer & Others Versus Shri Deepak Popatlal Gala & Others

Disallowance of export commission - Held that:- The assessee has failed to furnish the details relating to commission payments and the services rendered by the agent to the assessee. In the absence of such details, one cannot ascertain about the nature of payment, whether Shri Pinkesh Gala has rendered services from outside India, whether the commission payment is chargeable as income in his hands in India. Without ascertaining about the nature of payment, it would be difficult to apply the Circ.....


58

2015 (6) TMI 943 - ITAT AHMEDABAD - Income Tax

Sulaxmi Export & Marketing Pvt Ltd Versus Asstt Commissioner Of Income Tax

Treatment to the losses on sale of share as "capital loss" - Held that:- From the perusal of the Balance sheet as on 31st March, 2007, it is seen that the shares of RPG Life Sciences Ltd of ₹ 2.37 crores are reflected under the head of "investment" and are valued at cost which is also in line with the accounting policies (as reflected in the annual accounts and placed at page 29 of the paper book,). On the other hand, if the Assessee had treated the shares of RPG Life Sciences Ltd. as part.....


59

2015 (6) TMI 942 - ITAT MUMBAI - Income Tax

Stefon Constructions Pvt Ltd Versus Commissioner of Income Tax-7

Disallowance of Additional depreciation - business of the assessee involves carrying out piling works - business of manufacture or production of an article or thing or not - construction contracts - Held that:- It is in the common knowledge of everyone that, in civil construction contracts, "concrete slabs" are produced separately and they are then fitted at the required places. Does it mean that the civil contractor is manufacturing or producing the "Concrete slabs"? In our view the production .....


60

2015 (6) TMI 941 - ITAT MUMBAI - Income Tax

Enkay Homes Ltd Versus Income Tax Officer

Disallowance u/s 40A(3) - Held that:- So far as disallowance on account of purchase of steel from Panvel office imprest account, telephone charges of direction and gardening and plantation, the same cannot be disallowed u/s 40A(3) as per the reasons given by the learned counsel. Accordingly, the assessee gets relief of ₹ 16,092/- and balance amount of ₹ 13,873/- is confirmed. - Decided partly in favour of assessee.

Disallowance of donations - Held that:- The assessee has n.....


61

2015 (6) TMI 940 - ITAT MUMBAI - Income Tax

Assistant Commissioner Of Income Tax Versus M/s Nirmal Lifestyle India Pvt Ltd

Proportionate deduction of 80IB(10) - flats which are having built up area of below 1000 sq. ft. - whether conditions of 80IB(10) have not been fulfilled for the whole project/building and cannot be approved in piecemeal for some flats in the building? - CIT(A) allowed claim - Held that:- There are series of decisions of this Tribunal, wherein, the Tribunal has held that in case of certain dwelling units exceeds the area prescribed u/s 80-IB(10) then the assessee would be eligible for deduction .....


62

2015 (6) TMI 939 - KERALA HIGH COURT - Income Tax

M/s. BEACON PROJECTS PVT. LTD Versus THE COMMISSIONER OF INCOME TAX, THIRUVANANTHAPURAM

TDS u/s 194A - Excess payment refund debited in the Profit & Loss Account under the head 'indirect expenses' - Whether should be treated as interest on the customers' deposits/advances under section 2(28A) ? - Held that:- The purchaser had paid certain amounts to the appellant. At a later point of time, the purchaser opted out of the agreement and the appellant entered into fresh agreements with new buyers for prices that are higher than what was agreed with the purchasers. Out of the receipts f.....


63

2015 (6) TMI 938 - KERALA HIGH COURT - Income Tax

JOSE KURUVINAKUNNEL, KOTTAYAM Versus THE COMMISSIONER OF INCOME TAX, KOTTAYAM

Unexplained deposit in the bank account - Held that:- When the burden is on the assessee to prove the aforesaid factual question, it was the assessee's burden to make available Sri.Francis Joseph for cross examination. In this context, we should also record that the assessing officer had repeatedly issued summons to Sri.Francis Joseph, and that though he stood by his statement, he declined to appear for cross examination for one reason or the other. This was despite the fact that the burden was .....


64

2015 (6) TMI 937 - GUJARAT HIGH COURT - Income Tax

THE INCOME TAX OFFICER, WARD 5 (1) , BARODA Versus KEVIN ENTERPRISE

Addition on account of warranty in the nature of contingent liability - ITAT deleted the addition - Held that:- The issue involved in these appeals is already concluded in the case of Rotork Controls India Pvt. Ltd. v. Commissioner of Income Tax, [2009 (5) TMI 16 - SUPREME COURT OF INDIA] wherein held that the assessee was engaged in the business of manufacture of valve actuators, which were sophisticated goods. The statistical data indicated that every year some of these were found defective. .....


65

2015 (6) TMI 936 - ITAT PUNE - Income Tax

ACIT, Circle-1, Nashik Versus Bharat Glass Tube Ltd

Disallowance of breakage loss - assessee did not furnish party wise details of breakage/claim made or offered, that no such claim was made in the preceding year and that this is such an item which can be recycled and reused for making glass - CIT(A) deleted the disallowance - Held that:- From the various details furnished by the assessee in the paper book, we find the assessee has furnished the party wise details giving the credit note number and the amount allowed towards such breakage loss. Th.....


66

2015 (6) TMI 935 - ITAT DELHI - Income Tax

Employees’ Provident Fund Organization Versus Addl. CIT (T.D.S) , Ghaziabad

Non deduction of TDS on payments made on account of settlement on withdrawal accumulated balance under Rule 9, 10 of part A of Schedule IV of the I.T. Act, 1961 - maintainability of appeal for stay orders - Held that:- Law is well settled that the first appellate authority i.e. Commissioner of Income Tax (Appeals) has power to grant stay. In exercise of this power, learned Commissioner of Income Tax (Appeals) has passed the impugned order obviously, under the provisions of Section 250 of the Act.....


67

2015 (6) TMI 934 - ITAT AHMEDABAD - Income Tax

ITO, Ward-5 (2) Ahmedabad Versus Orient Fabritex Ltd.

Disallowance of bad debts - CIT(A) deleted the disallowance - Held that:- On the one hand, the AO is taxing the income shown by the assessee by way of liabilities no longer required written off of ₹ 36,91,095/-, but, on the other hand, the AO was not allowing deduction for bad debts of ₹ 34,64,718/- claimed by the assessee. Further, the DR has not controverted the findings of the CIT(A) that bad debt of ₹ 34,64,718/- claimed by the assessee was shown as sales by the assessee in.....


68

2015 (6) TMI 933 - ITAT AHMEDABAD - Income Tax

Adani Energy Ltd. (Formerly known as Gujarat Adani Energy Ltd.) Versus The Addl. CIT

Disallowance of traveling expenses - CIT(A) confirmed disallowance - Held that:- CIT(A) has not adverted to the submissions of the assessee as he had specifically submitted that the expenditure have been incurred on travelling of the executives for the business purpose of the assessee-company. There is no dispute with regard to proposition that deduction of expenditure is allowable if same is incurred for the business purpose. The assessee is required to demonstrate the business purpose.
<.....


69

2015 (6) TMI 932 - ITAT AHMEDABAD - Income Tax

Joshi Technologies International Inc Versus The Asst. DIT (International Taxation)

Liability to payment of Fringe Benefit Tax - whether there exists a master servant relationship between the appellant & its consultants? - the liability of Fringe Benefit Tax arises merely because the expenses incurred by the appellant are of the nature as contemplated by section 115WB of the Act even though there are no employees as held by CIT(A) - Held that:- As relying on assessee’s own cases for previous AY's [2013 (5) TMI 713 - ITAT AHMEDABAD]and [2015 (6) TMI 628 - ITAT AHMEDABAD]FBT is e.....


70

2015 (6) TMI 931 - ITAT DELHI - Income Tax

Sunil Arora Versus. CIT

Revision u/s 263 - The assessee showed lesser profit from the trading activity, which was not properly looked into by the Assessing Officer - Held that:- The order sheet entry of 9.11.2010 divulges that the assessee’s counsel appeared and produced books of account, which were test checked by the AO. Again, on 16.11.2010, the assessee’s C.A. appeared and produced books of account, which were again test checked and the assessment proceedings were completed on 8.12.2010. A bare perusal of the order.....


71

2015 (6) TMI 930 - ITAT MUMBAI - Income Tax

The DCIT 7 (3) , Mumbai Versus M/s. Voltas Ltd

Eligibility for interest on refund out of excess Self Assessment Tax paidas per clause (b) of Sub-section (1) of Section 244A - CIT(A) allowed claim - Held that:- Issue regarding grant of interest on self assessment is no more res-integra as Hon'ble Bombay High Court in the case of Stock Holding Corporation of India Ltd. vs. N.C. Tewari, the Commissioner of Income Tax, Mumbai &Others, [2014 (11) TMI 899 - BOMBAY HIGH COURT ] after considering various arguments of the Revenue, has held that AO ha.....


72

2015 (6) TMI 929 - ITAT DELHI - Income Tax

ACIT, Circle 2,, Meerut Versus M/s. Samco Auto India (P) Ltd.

Reopening of assessment - addition to income applying G.P rate of 14.97% on the suppressed receipts - whether GP/NP cannot be applied to such part of turnover represented by excise duty.? - CIT(A) deleted addition - A.O. also made addition on account of provisions of Section 40A(2b) - Held that:- From the findings of Ld. CIT(A) we observe that Ld. CIT(A) has passed a well speaking, elaborate and reasoned order wherein he has made clear cut findings and has rightly held that excise duty forming p.....


73

2015 (6) TMI 928 - ITAT DELHI - Income Tax

Valvoline Cimmins Private Limited Versus Dy. Commissioner of Income Tax, Circle 26 (1) , New Delhi

Transfer Pricing Adjustment - excess advertisement, marketing and promotion expenses incurred by the assessee - Held that:- In view of the directions given in the case of Sony Ericsson Mobile Communications India Pvt. Ltd. [2015 (3) TMI 580 - DELHI HIGH COURT] on the basis of the legal ratio expounded in this decision, facts have to be ascertained and applied. If required and necessary, the assessed and the Revenue should be asked to furnish details or tables. The Tribunal, at the first instance.....


74

2015 (6) TMI 927 - ITAT DELHI - Income Tax

M/s Bio Merieux India Pvt. Ltd. Versus Dy. Commissioner of Income Tax

Transfer pricing adjustment - TPO rejected the internal bench marking carried out by the assessee since the segmentation of its accounts was artificially created by the assessee for the purpose of transfer pricing - TPO has taken OP/Sales as Profit Level Indicator (PLI) and taken the segmental of the comparable companies wherever it was available - Held that:- Order dated 30.4.2010 passed by the Dispute Resolution Panel (DRP), New Delhi u/s. 144C of the I.T. Act, 1961 is a cryptic and non speak.....


75

2015 (6) TMI 926 - ITAT MUMBAI - Income Tax

Asia Pacific Marbles Pvt Ltd Versus Asst. CIT-8 (1) , Mumbai

Disallowance of the deduction claimed u/s.80-IB - non-furnishing the prescribed audit report in Form No. 10CCB - Held that:- The impugned order is a non-speaking order in-as-much as it does not convey the reason/s informing the decision. It is only when a judicial order bears the reason/s leading to the decision, that it can be said to be valid and, further, enable its review, to which it is subject, i.e., upon either party taking it before a higher appellate forum, as has been. Even if the ld. .....


76

2015 (6) TMI 925 - ITAT AHMEDABAD - Income Tax

Asstt Commissioner Of Income Tax Versus M/s Balaji Wafers Pvt Ltd

Penalty u/s 271(1)(c) - whether penalty cannot be levied in respect of the addition made on estimate basis by applying the gross profit rate? - CIT(A) deleted penalty levy - Held that:- In the instant case, in pursuance to notice under section 148, revised return of income was filed in which entire income was surrendered with an explanation. The revised assessment was regularized by the revenue. AO had failed to take any objection that declaration of income made by assessee in his revised return.....


77

2015 (6) TMI 924 - ITAT DELHI - Income Tax

JCB India Ltd Versus Versus Asstt Commissioner Of Income Tax

Reopening of assessment - disallowance of development charges - Held that:- It is an undisputed position that expenses in question are incurred on testing the performance of local components vis-à-vis similar components used outside India, to improve performance, import substitution and monitoring compliance with safety standards, and for bench marking performance of it's products. This exercise is essentially a continuous process which permeates different accounting years, and does not result i.....


78

2015 (6) TMI 923 - ITAT BANGALORE - Income Tax

M/s. Sartorious Mechatronics India (P) Ltd. Versus The Assistant Commissioner of Income Tax

Depreciation on goodwill - Held that:- The assessee acquired the business of weighing division of Phillips India Ltd. and that a sum of ₹ 64,93,706 was paid as goodwill of the business is not in dispute. The assessee is in the business of sales and servicing of electronic weighing solutions. It is therefore clear that the assessee owned goodwill and had used the goodwill for the purpose of its business. In such circumstances, we are of the view that the assessee would be entitled to deprec.....


79

2015 (6) TMI 922 - ITAT HYDERABAD - Income Tax

Malkolak Knowledge Centre Versus Director of Income Tax

Registration under 12AA rejected - the objectives of the Trust are not charitable in nature, merely because the objectives included the words “consultancy, investment advisory and an investment agency - Held that:- Remit the issue back to the file of the DIT (E) to consider de novo and give an opportunity to the assessee who shall amend the present objects of the Trust with specific objects towards Research and Development and also DIT (E) shall verify whether assessee has deleted the clause whi.....


80

2015 (6) TMI 921 - ITAT HYDERABAD - Income Tax

ACIT Versus Platina Properties and Projects Limited

Penalty u/s 271(1)(c) - addition under the head "Income from House Property" has been made by the Assessing Officer only by "recomputing the income" - Held that:- Due to an arithmetical mistake in the computation statement filed by the assessee along with its return of income, the impugned addition has been made. This is evident' from the Statement of Taxable income, a copy of which was submitted in the paper book. As can be seen from the said statement, it is clear that the assessee has disclos.....


81

2015 (6) TMI 920 - ITAT HYDERABAD - Income Tax

Victory Alloys Steels Ltd Versus Dy. Commissioner ofIncome Tax

Revision u/s 263 - directing the AO to determine the sale consideration at ₹ 10,93,55,600 - Held that:- This issue is covered in case of Venkatappaiah Naidu, Vaddineni, Mahendra Vaddineni Versus DCIT, Circle 3(3), Hyderabad [2015 (1) TMI 732 - ITAT HYDERABAD ] wherein held that the stand of CIT cannot be supported. First of all, the agreement with VAPL is a GPA agreement without handing over possession. This stand gets support by the stamp duty paid and accepted by Registration authority. .....


82

2015 (6) TMI 919 - CESTAT BENGLALORE - Service Tax

Apotex Research Pvt. Ltd. Versus Commissioner of Central Excise, Customs and Service Tax Bangalore-I, Karnataka

Denial of CENVAT Credit - Whether the appellant could have taken the credit of service tax either of the units belonging to them without considering whether the invoice was addressed to the Head Office or to the units - Held that:- When the Service Tax Registration is common and both the units are located adjacent to each other, insisting that the service tax also should be segregated may not be relevant. The decision of the Hon’ble High court of Karnataka relied upon by this Tribunal in the cas.....


83

2015 (6) TMI 918 - CESTAT NEW DELHI - Service Tax

Gupta Money Transfer Versus CCE & S.T., Ludhiana

Waiver of pre deposit - Export service - Held that:- issue is squarely covered by the decision of CESAT Larger Bench in the case of M/s.Paul Merchants Ltd. & Others. Vs. CCE, Chandigarh- [2012 (12) TMI 424 - CESTAT Delhi (LB)] in terms of which, such services are held to be export of service not liable to service tax. Ld. AR concedes that the issue no longer res integra having been decided in favour of the appellant in terms of the said judgment of the CESTAT in the case of M/s.Paul Merchant Ltd. - Decided in favour of assessee.


84

2015 (6) TMI 917 - MADRAS HIGH COURT - Service Tax

P.K. Shefi Versus The Customs, Excise & Service Tax Appellate Tribunal, The Commissioner of Central Excise

Waiver of pre-deposit - Outdoor catering services - Service tax not paid on catering services in respect of the Mail/Express trains - Notification No.2/2006-ST dated 1.3.2006 - Held that:- In view of the different views taken by two Courts i.e. Delhi high court in the case of INDIAN RAILWAYS CATERING & TOURISM CORPORATION LTD Versus GOVT OF NCT OF DELHI & ORS [2010 (7) TMI 174 - HIGH COURT OF DELHI] , Kerala high court in the case of SAJ Flight Services Pvt. Ltd. V. Superintendent of Central Exc.....


85

2015 (6) TMI 916 - CESTAT MUMBAI - Service Tax

Commissioner of Customs & Central Excise, Panaji Goa Versus M/s Vrindavan Engineers & Contractors (I) Pvt Ltd

Site formation and clearance, excavation & earthmoving & demolition - Whether the respondent, while executing a work order awarded to them by Goa State urban Development Agency (GSUDA) for a project name "Construction of Market-Cum Community Hall and Park, Phase-I Land Development" had provided the taxable service of "Site formation and clearance, excavation and earth moving and demolition" under Section 65(97a) of the Chapter V of the Finance Act, 1994 - Held that:- Site formation basically ref.....


86

2015 (6) TMI 915 - CESTAT NEW DELHI - Service Tax

M/s Technopak Advisors (P) Ltd. Versus Commissioner of Central Excise, Rohtak

Waiver of pre deposit - Market Research Agency service - Held that:- prima facie the classification of the services rendered has been done on the basis of the service rendered under only one of the eleven agreements under which the services were rendered. - service held to be Market Research Agency service would amount to export of service. Consequently, the appellant has been able to make out a good case for granting waiver of pre-deposit as far as the demand under the said service (Rs.6,57,10,.....


87

2015 (6) TMI 914 - CESTAT NEW DELHI - Service Tax

M/s Madhya Pradesh Audyogik Kendra Vikas Nigam Indore Ltd Versus Commissioner of Central Excise And Service Tax, Indore

Waiver of pre deposit - 'Management, Maintenance or Repair service on the Annual Maintenance Charges - Held that:- Amount received as AMC is not deposited in the Govt. treasury. Further there is no constitutional basis to hold that services rendered as a statutory function are ipso facto immune from liability to service tax. Thus, the decision of CESTAT in the case of Maharashtra Industrial Development Corporation (2014 (11) TMI 311 - CESTAT MUMBAI) may be per incuriam of the Constitution of Ind.....


88

2015 (6) TMI 913 - CESTAT CHENNAI - Central Excise

M/s Automotive Coaches And Components Ltd Versus Commissioner of Central Excise, Chennai-II

Denial of CENVAT Credit - Held that:- certain input services were availed for the purpose of setting up of business in Uttrakhand. But, for no feasibility of the unit there, that could not come up. This shall not disentitle the appellant to cenvat credit of the services availed - input services definition in Rule 2(l) would permit cenvat credit for such services which has nexus with business - Decided in favour of assessee.


89

2015 (6) TMI 912 - CESTAT AHMEDABAD - Central Excise

Commissioner of Central Excise, Customs And Service Tax-Rajkot Versus Essar Oil Ltd.

Benefit of CENVAT credit - Outdoor Catering Service - Held that:- Both the authority below allowed the credit following various decisions of the Tribunal. Revenue in their grounds of appeal stated that the Commissioner (Appeals) followed by the decision of the Tribunal in the case of CCE, Mumbai V. M/s. GTC Industries Ltd. - [2015 (6) TMI 83 - CESTAT CHENNAI]. It is contended that the decision of the Larger Bench in the case of GTC Industries (supra) does not appear to correct. In my considered .....


90

2015 (6) TMI 911 - CESTAT MUMBAI - Central Excise

M/s Mahanagar Gas Limited Versus Commissioner of Central Excise, Mumbai-II

CENVAT Credit - duty paying documents - whether the appellant is entitled for the Cenvat credit on the strength of debit note issued by the service provider - Held that:- All the particulars as required under Rule 9(2) of Cenvat Credit Rules are undisputedly appearing on the debit note. Therefore the debit note is at par with the documents prescribed under Rule 9(1) of Cenvat Credit Rules, 2004. On going through various judgments relied upon by the Ld. Counsel for the appellant, I find that the .....


91

2015 (6) TMI 910 - CESTAT BANGALORE - Central Excise

Agarwal Foundries Versus Commissioner of Central Excise, Customs And Service Tax, Hyderabad-I

Denial of CENVAT Credit - whether the appellant is eligible for Cenvat credit of duty paid on Air-conditioner and furniture - Held that:- air-conditioner has been used within the factory in the control panel room to keep the temperature down. There is no dispute that it has been installed in the factory. As regards furniture, the learned counsel relied upon the Board's circular issued by the Board vide Circular No. 943/4/2011-CX. dated 29.04.2011. In the circular it was mentioned that 'goods suc.....


92

2015 (6) TMI 909 - SUPREME COURT - Central Excise

Ford India Pvt. Ltd. Versus Commissioner

Dispute in Transaction Value - Demo cars vs Normal cars sold by dealers - Held that:- Earlier tribunal vide judgment [2011 (7) TMI 1044 - CESTAT CHENNAI] dated 8-11-2011 held that the assessees have not been able to demonstrate any difference between the ‘demo cars’/’normal cars’ sold through dealers. The ‘demo cars’ are put to test and usage as desired by prospective buyers and the assessees also permit such usage to enhance the marketability of their cars. In these circumstances, the transacti.....


93

2015 (6) TMI 908 - SUPREME COURT - Central Excise

Commissioner Versus Tanzeem Screen Arts

Classification of product part of illuminated signs - Chapter sub-heading 9405.90 or under heading No. 49.01 - Held that:- We respectfully agree with the view expressed by this Court in the decision of Commissioner of Central Excise, Mumbai v. Tanzeem Screen Arts [2008 (12) TMI 473 - CESTAT, MUMBAI]. Therefore, we allow this appeal and remand the matter to the Tribunal for fresh disposal in accordance with law as expeditiously as possible, at any rate, within six months from the date of receipt.....


94

2015 (6) TMI 907 - CESTAT MUMBAI - Customs

M/s Akanksha Packs Versus Commissioner of Central Excise, Aurangabad

Penalty u/s 114 - Aiding and abetting - Held that:- The exchange of e-mail messages between Shri Selvam and Shri Bhaskar Naidu clearly indicates their earlier transaction and business dealings even before the present consignment. This clearly establishes that Shri Bhaskar Naidu, CEO of M/s. Archana Exports and the overseas buyer knew each other very well. Both carefully hatched a fraud creating a web of intermediaries to smuggle prohibited Red Sanders under the garb of Granite Cobble Stones. He .....


95

2015 (6) TMI 906 - KARNATAKA HIGH COURT - Customs

Jindal Vijayanagar Steel Ltd. Versus Commissioner

Clandestine removal - Warehoused goods, date of clearance thereof - Evidence - High court dismissed the appeal of the assessee for non prosecution which was filed against the decision of Tribunal [2004 (7) TMI 217 - CESTAT, BANGALORE], wherein Tribunal held that in case of clandestine removal it is not always possible to establish exact date of clearance of goods but if the period during which clearances took place established, it would be sufficient to say goods have been removed within that pe.....


96

2015 (6) TMI 905 - SUPREME COURT - Customs

Choithram Hospital & Research Centre Versus Commissioner

Exemption availed under conditional notification no. 64/88 – Notification was withdrawn later – violation of post import conditions - In this, matter was remanded back to tribunal by high court to decide the case on merit basis and consequently penalty was reduced ₹ 5 lacs to ₹ 1 lac by judgment [2008 (10) TMI 218 - CESTAT, NEW DELHI] dated 22-10-2008 . Now supreme court dismissed the appeal and held that there is no warrant to reduce the penalty regard being had to the amount. - App.....


97

2015 (6) TMI 904 - SECURITIES APPELLATE TRIBUNAL MUMBAI - Corporate Laws

Reliance Industries Limited Versus Securities and Exchange Board of India, Mumbai

Validity of consent circulars issued by SEBI - whether SEBI is justified in rejecting the consent application filed by the appellant as not consentable under paragraph 1(ii) of consent circular dated May 25, 2012 - Section 15JB read with Section 30A inserted to SEBI Act with retrospective effect, whether appeal against the impugned order dated January 2, 2013 is maintainable before this Tribunal.

Held that:- In the present case, since consent application of appellant dated April 26, .....


98

2015 (6) TMI 903 - CALCUTTA HIGH COURT - Corporate Laws

Mrs. Reba Kalyan Mitra v. State of West Bengal

Illegal and wrongful occupation of company's flat - Refusal to handover the vacant possession of flats - Offence punishable u/s 630 of the Companies Act, 1956 - Held that:- In the case of Dharampal v. Smt. Ramshri [1993 (1) TMI 291 - SUPREME COURT OF INDIA] the Hon'ble Supreme Court was pleased to hold that Learned Session Judge's powers under Section 397(3) Cr.P.C. while hearing the revision, are equivalent to that of High Court and any one cannot avail of two opportunities of filing revision u.....


99

2015 (6) TMI 902 - DELHI HIGH COURT - Corporate Laws

UNITECH REALTY PRIVATE LIMITED Versus THE UNIWORLD GARDEN APARTMENT OWNERSASSOCIATION

Application for winding up - Non refund of non interest Bearing Maintenance Security (IBMS) - Direction to deposit the entire amount as a pre-condition to deal with its movable and immovable assets in the ordinary course of business - Held that:- On a consideration of the entirety of the matter as well as the documents filed by the parties which have been placed before us, it was the responsibility of the appellant to place the amounts collected towards (IBMS) from the apartment owners in a sepa.....


100

2015 (6) TMI 901 - ITAT AHMEDABAD - Income Tax

ABM Steels Pvt. Ltd. Versus ACIT

Disallowance of building repair expenses - revenue v/s capital - Held that:- The assessee has only replastered, re-furnished and re-plumbered its factory building. This is not the Revenue’s case that the same has caused any increase in capacity of the building or otherwise. The Assessing Officer has been heavily swayed by the quantity of the material used (supra). We observe that this factor is not relevant in deciding such an issue of capital and revenue expenditure once it has not resulted in .....


101

2015 (6) TMI 900 - ITAT AHMEDABAD - Income Tax

DCIT Versus M/s. Adani Retail Ltd.

Reopening of assessment - disallowance on account of deferred revenue expenditure - CIT|(A) deleted the disallowance - Held that:- The hon’ble jurisdictional High Court in DCIT vs. Core Healthcare Ltd., (2008 (10) TMI 74 - GUJARAT HIGH COURT) holds that an expenditure incurred at the time of installation of machinery in existing line of business resulting in enduring benefits cannot be held to be capital expenditure merely because some direct or indirect benefits; immediate or a period of time, .....


102

2015 (6) TMI 899 - ITAT DELHI - Income Tax

Xchanging Technology Services India Pvt. Ltd. Versus DCIT

Transfer pricing adjustment - Information Technology enabled services (ITES) segment - selection of comparable - Held that:- Cosmic Global Ltd. be excluded from the list of comparables for the reason of its major activity, namely, Translation, with revenue of ₹ 6.99 crore (out of total revenue of ₹ 7.35 crore), being dissimilar with the assessee’s activities under this segment. The second reason for considering this company as incomparable on entity level is the business model adopte.....


103

2015 (6) TMI 898 - ITAT DELHI - Income Tax

Income-tax Officer Versus Tosha International Ltd.

Disallowance of business expenses - CIT(A) allowed claim - Held that:- When the assessee company was neither dissolved nor was its business closed, the Revenue Authorities were unjustified to disallow the expenses claimed by the assessee. As per revenue record, the assessee company started its business in the year 1997 and has done its business but in the year 1999-00 and in the current year, it had suffered recession and the company could not procure export orders in the year under consideratio.....


104

2015 (6) TMI 897 - ITAT DELHI - Income Tax

Mrs. Jyoti Nagpal Versus Income Tax Officer

Service of notice u/s 148 by affixture - Held that:- The notice server of the department had affixed the notice u/s 148 of the Act on the address given in the return of income i.e. Jyoti Nagpal, Tagore Garden, New Delhi with the remarks that “Makan Khali Para Hai, ab yahan nahi rahti notice chipka diya gaya”. We also find from the Page No.13 of the Paper Book filed by the department that the notice u/s 142 sent by speed post on 1.12.2008 received by the appellant on 06.12.2008. We fail to unders.....


105

2015 (6) TMI 896 - ITAT DELHI - Income Tax

ITO Versus AH. Multisoft Pvt. Ltd.

Bogus purchase expenses, software development & support expense and printing and stationary expenses - CIT(A) deleetd addition - Held that:- The revenue authorities below has not properly considered submissions, details, explanation and other relevant documentary evidence and related bills and vouchers audited books of accounts of the assessee and the AO proceeded to make additions without bringing out any adverse material or facts against the assessee and without rejecting audited books of acco.....


106

2015 (6) TMI 895 - ITAT KOLKATA - Income Tax

Assistant Commissioner of Income Tax Versus M/s. Jyoti Vardhan Sonthalia

Period of holding for determining whether the assessee has derived long-term capital gain or short-term capital gain - shares were duly held by the assessee - Held that:- The assessee has taken the loans after pledging the shares to the loan creditors. The assessee has transferred the shares from his demat account to the loan creditors merely as a security as the assessee has taken loans on pledge of the shares. Whenever the loan is taken by pledging a immovable property, the property has to rem.....


107

2015 (6) TMI 894 - ITAT CHENNAI - Income Tax

The Executive Engineer (O & M) TANGEDCO, Versus The Joint Commissioner of Income Tax

Penalty u/s. 272A (2)(k) - not filing the TDS returns in time for all the four quarters of F.Y. 2010-11 - Held that:- In the present case the assessee had deducted TDS from the payment and paid it to the Government treasury. The assessee was required to file return as per section 200(3) of the Act which the assessee failed to do. This had attracted levy of penalty u/s.272A(2)(k) of the Act. The assessee has explained the reason for failure to file return of TDS as required, that the work was han.....


108

2015 (6) TMI 893 - ITAT AHMEDABAD - Income Tax

Vishnubhai Bapubhai Patel Versus Income-tax Officer, Ward-8 (2) , Ahmedabad

Computation of long term capital gains - whether there is not cost of acquisition ascertained in this case u/s.49(1)(i) in the hands of previous owner for computing impugned capital gains? - two additional grounds that stamp duty valuation as stated on the partition deed has been wrongly adopted as fair market value as on the date of acquisition of the property And the impugned long term capital gains have been wrongly assessed in his hands instead of that in case of eponymous HUF - Held that:- .....


109

2015 (6) TMI 892 - ITAT DELHI - Income Tax

ITO, Ward-37 (1) , New Delhi Versus Pankaj Mahajan, C/o A.C. Gupta & Associates

Income from undisclosed sources - CIT(A) deleted the addition - source of cash of ₹ 13.01 lac deposited by the assessee in his bank account, which was claimd to have been received from the estate of Smt. Saroj Gupta, his mother, who passed away on 14.8.2006 as per assessee - Held that:- All the circumstances in the case prove it beyond any shadow of doubt that there was no cash in hand available as ‘Istridhan’ on the death of Smt. Saroj Gupta that was bequeathed by the assessee to the tune.....


110

2015 (6) TMI 891 - ITAT DELHI - Income Tax

Joint Commissioner of Income Tax Versus M/s NITYA EDUCATIONAL SOCIETY

Penalty u/s 271(1)(c) - CIT(A) deleted the addition - Whether an in situation can be treated as an educational institution and benefit of section 1O(23C)(iiiad) of the Act be allowed thereto without affiliation to CBSE or any other Board? - Held that:- CIT(A) has considered the assessee's submission and perused the order of ITAT, Delhi granted the benefit of Section 10(23C)(iiiad) of the Income Tax Act to the assessee and after considering the entire facts and circumstances of the case he was ag.....


111

2015 (6) TMI 890 - ITAT MUMBAI - Income Tax

Gausia Cold Storage Pvt. Ltd. Versus ACIT Circle 6 (3) , Mumbai

Appeal against order u/s 264 of the Income Tax Act, 1961 - Held that:- There is no right of appeal provided under the statute against the order passed u/s. 264 of the Act. In fact a party to litigation can move to an appropriate forum only when the statute provides for such a right. As can be noticed from section 253 of the Income-tax Act, 1961 an order passed by the Commissioner of Income Tax (‘CIT’) u/s. 264 of the Act is not appealable before the Appellate Tribunal. There is no statutory righ.....


112

2015 (6) TMI 889 - ITAT AHMEDABAD - Income Tax

The ADIT (Intl Taxn) , Ahmedabad Versus Smt Jignaben Bipin Shah

Addition of accrued interest - seized paper clearly indicates computation of accrued interest at per 12% at prevailing market rate on outstanding balance as on that particular date on investment made by the assessee -CIT(A) deleted the addition - Held that:- CIT(A) while deleting the addition has given a finding that the document found at the time of search is a third party document which is neither in the handwriting of the Assessee nor bears her signature and its inference has to be taken as s.....


113

2015 (6) TMI 888 - ITAT AHMEDABAD - Income Tax

ACIT, Central Circle-1, Baroda Versus M/s. Atlanta Electricals (P) Ltd

Estimation of income - G.P. addition on account of unaccounted sale of stock - CIT(A) restricted addition - whether the GP rate of 10% is to be applied or the GP rate of 30.87% is to be applied on the sale of stock presumed to have been made outside the books? - Held that:- Considering the facts of the case and the arguments of both the sides, we do not find any justification to interfere with the order of the CIT(A). The shortage is of raw material and therefore, the normal presumption is that.....


114

2015 (6) TMI 887 - ITAT KOLKATA - Income Tax

Income-Tax Officer, Ward-7 (1) , Kolkata Versus M/s. Avadh Rubber Ltd.

Penalty levied by AO u/s. 271(1)(c) - claim of set off of loss relating to Madras Elastomes Ltd. a company under BIFR, which was merged with the assessee company - CIT(A) deleted penalty levy - Held that:- In the instant case the audited profit & loss account, correctly disclosed the profit of the assessee which was set off against the loss incurred by the company under amalgamation. Therefore, the basic element necessary for initiation of proceeding u/sec 271(1)(c) of the Income Tax, 1961 that.....


115

2015 (6) TMI 886 - ITAT AHMEDABAD - Income Tax

ACIT, Central Circle-1 (3) , Ahmedabad Versus Salasar Laminates Pvt Ltd (Formerly Known As Millennium Laminates Pvt Ltd)

Addition on account of stock discrepancy - CIT(A) deleted the addition of ₹ 23,38,317/- on the ground that it was covered by disclosure of additional income of ₹ 35 lakhs made by the assessee - Held that:- DR could not cite any reason as to why the discrepancy of ₹ 23,38,317/- found by the AO on assessment could not be covered by the additional income of ₹ 35 lakhs, which was already offered by the assessee for taxation in the return of income. We find from the copy of co.....


116

2015 (6) TMI 885 - ITAT KOLKATA - Income Tax

Shri Sahadeb Kundu Versus Assistant Commissioner of Income-Tax, Bankura Circle, Bankura

Cessation of liability in respect to trade creditors - CIT(A) deleted part addition - Held that:- Section 41 (1) would apply in a case where there has been remission or cessation of liability during the year under consideration subject to the conditions contained in the statute being fulfilled. Additionally, such cessation or remission has to be during the previous year relevant to the assessment year under consideration.

In the present case, both elements are missing. There was noth.....


117

2015 (6) TMI 884 - ITAT DELHI - Income Tax

Assistant Commissioner of Income Tax, Circle-2, Meerut Versus M/s. Vats Sports Chhippi Tank

Disallowance of commission expenses - CIT(A) deleted the addition - Assessee stated that the tax effect in this appeal is less than ₹ 4,00,000/-, therefore, the Department ought not to have filed this appeal - Held that:- Keeping in view the CBDT Instruction No. 5 of 2014 dated 10th July, 2014 and also the provisions of section 268A of Income Tax Act, 1961, we are of the view that the Revenue should not have filed the instant appeal before the Tribunal.

Thus, from the ratio lai.....


118

2015 (6) TMI 883 - ITAT DELHI - Income Tax

DCIT, Circle 2 (1) , New Delhi And Others Versus Barista Coffee Company Ltd. And Others

Disallowance of repairs and maintenance expenses - revenue v/s capital expenditure - CIT(A) deleted addition - Though the assessee stated before the AO that the expenditure of ₹ 30.40 lac was of revenue nature, but it changed its stand before the ld. CIT(A) and contended that these machines were, in fact, capitalized by the assessee voluntarily and the observations of the AO in this regard were wrong. It is evident that there is an apparent contradiction between the stand taken by the asse.....


119

2015 (6) TMI 882 - ITAT DELHI - Income Tax

DCIT Circle-15 (1) , New Delhi Versus M/s. Reliance Polycrete Ltd.

Reopening of assessment - unexplained cash credit u/s 68 - CIT(A) deleted addition quashing reopening assessment admitting additional evidence - Held that:- From the perusal of the CIT(A)'s order we do not find any thing as to the prayer made by the assessee company for admission of additional evidence. The reassessment was made u/s 144 of the Act. It implies that the assessment was made for non cooperation, non production evidence before the Assessing Officer. If the CIT(A) grant relief, obviou.....


120

2015 (6) TMI 881 - ITAT HYDERABAD - Income Tax

The Income Tax Officer Hyderabad. Versus M/s. Jaypeem Granites P. Ltd.

Applicability of TDS provisions in respect of the advances held as deemed dividends by the AO u/s 2(22)(e) - whether future adjustment of advances for trade and processing charges does not alter the character of the advances so as to treat the same as deemed dividend? - Held that:- As decided in assessee's own case [2012 (8) TMI 708 - ITAT, HYDERABAD] as far as trade advances are concerned, there is no question of applicability of the provisions of S.194, and consequently, applicability of provi.....


121

2015 (6) TMI 880 - ITAT KOLKATA - Income Tax

Soumya Bhattacharya, Kolkata Versus Income Tax Officer, Ward-55 (1) , Kolkata

Rejection of revised books of account u/s 145(3) - AO did not make an Ex-parte assessment or an estimated assessment but added amounts under section 69,69A,69B69C of the I.T.Act 1961 taking the figure from revised accounts - Held that:- The assesse has submitted the revised balance sheet and explanations to the differences and the balance sheet filed along with the return of income. But no defect has been pointed by the AO. Under such circumstances and facts of the case AO is not justified in in.....


122

2015 (6) TMI 879 - ITAT MUMBAI - Income Tax

M/s Satco Capital Markets Ltd (Formerly Known As Securities And Financial Services Ltd) Versus Asstt. Commissioner of Income Tax

Disallowance made u/s 14A r.w.r 8D - Held that:- As relying on case of DCIT V/s Damani Estates and Finance Pvt. Ltd [2013 (8) TMI 457 - ITAT MUMBAI] we direct the assessing officer to restrict the disallowance to be made under Rule 8D(2)(ii) of the IT Rules to 20% of the amount computed under that Rule in respect of Shares held as ‘’stock in trade’’. The disallowance to be made under Rule 8D(2)(ii) in respect of Shares held as investment has to be computed in accordance with Rule 8D(2)(ii) only......


123

2015 (6) TMI 878 - ITAT DELHI - Income Tax

Deputy Commissioner of Income Tax Circle 11 (1) , New Delhi Versus M/s DLF Power Ltd (Now Known As Eastern India Powertech Ltd)

Reopening of assessment - Addition on account of provision for doubtful debt - while calculating income u/s 115JB, total amount of provision for doubtful debt was not added back by the assessee for calculation of its book profit - CIT(A) deleted the addition - Held that:- In the reasons recorded, the AO merely stated that though assessee while computing the income under the normal provisions of the Act, added back the provision for bad and doubtful debts but while computing/ calculating income u.....


124

2015 (6) TMI 877 - ITAT KOLKATA - Income Tax

JCIT (OSD) , Circle-4, Kolkata Versus M/s. J. Thomas And Company Pvt Ltd

Disallowance of Repair & maintenance of building - revenue v/s capital expenditure - CIT(A) deleted the addition - Held that:- We concur with the views of the ld. CIT(A) that ₹ 79,56,858/- included expenditure on security amounting to ₹ 42,32,673/- and on maintenance of garden amounting to ₹ 1,36,267/- and such expenditure cannot be treated towards repair. No evidence has been brought on record by the AO by increasing such expenditure which is stated to be repairs. The assesse .....


125

2015 (6) TMI 876 - ITAT KOLKATA - Income Tax

D.C.I.T., Circle-8, Kolkata And Others Versus M/s. TM International Logistics Ltd. And Others

Disallowance u/s 40(a)(ia) - TDS on the commission to the director paid after the closure of the financial year but before the due date of filing of return of income - CIT(A) deleted disallowance - Held that:- We concur with the view of the ld. CIT(A) that the assessee has paid the taxes at source before the statutory date of filing of the return of income which is not under dispute and in view of the decision of CIT vs Virgin Creations [2011 (11) TMI 348 - CALCUTTA HIGH COURT] in view of the si.....


126

2015 (6) TMI 875 - ITAT KOLKATA - Income Tax

DCIT., Circle-7, Kolkata Versus M/s Mangalam Fashions Ltd.

Income shown under the head utility income - Income from house property OR income from Other Sources - CIT(A) allowed claim - Held that:- In the earlier years AO has accepted the factual aspects of the matter and had treated the utility income as part and parcel of the rentals and thus assessed as income from house property. In A.Yr. 2006-07 the assessee had received lease rent of ₹ 26,51,861/- and utility charges of ₹ 67,04,688/-. AO has accepted the aforesaid figures for determinin.....


127

2015 (6) TMI 874 - ITAT LUCKNOW - Income Tax

Shri. Udai Chand Chaurasia, Smt. Asha Chaurasia and Shri. Raj Kumar Chaurasia Versus JCIT

Revision u/s 263 - as per CIT(A) excess production was made by the assessee - Held that:- No evidence in the form of paper book has been filed in support of the grounds raised by the assessee. We, however, have carefully perused the orders of the authorities below and we find that during the course of search, the search team conducted test run of Pouch Packaging Machine in order to ascertain the production of pouches of Pan Masala and arrived at a conclusion that excess production was made by th.....


128

2015 (6) TMI 873 - ITAT MUMBAI - Income Tax

Shri Ram Shipping Industries P. Ltd. Versus. Addl. CIT (Appeals) -8 (3)

Deemed dividend - Common shareholders having substantial interest - Held that:- In the case of Hon’ble Bombay High Court in the case of CIT Vs. Impact Containers Pvt. Ltd. and others [2014 (9) TMI 88 - BOMBAY HIGH COURT], it was held that since assessee company is not a share holder of the lender company, the addition in the hands of the assessee is not called for and therefore, is liable to be deleted. Accordingly we delete this addition in the hands of the assessee.

However, we have.....


129

2015 (6) TMI 872 - CESTAT NEW DELHI - Service Tax

Bunty Money Transfer & Versus CCE & S.T., Ludhiana

Waiver of pre deposit - Export service - Held that:- issue is squarely covered by the decision of CESAT Larger Bench in the case of M/s.Paul Merchants Ltd. & Others. Vs. CCE, Chandigarh- [2012 (12) TMI 424 - CESTAT Delhi (LB)] in terms of which, such services are held to be export of service not liable to service tax. Ld. AR concedes that the issue no longer res integra having been decided in favour of the appellant in terms of the said judgment of the CESTAT in the case of M/s.Paul Merchant Ltd. - Decided in favour of assessee.


130

2015 (6) TMI 871 - CESTAT NEW DELHI - Service Tax

M/s HCL Comnet Systems And Services Ltd. Versus Commissioner of Customs, Central Excise And Service Tax, Noida

Rejection of refund claim - Claim for refund of service tax of renting of immovable properties taken on sub-lease - Held that:- It is axiomatic and this position follows from Explanation (c) of Section 67 of the Finance Act, 1994, that M/s HCL Technologies Limited would be liable to remit service tax on the mere recording of a debit or credit notes in respect of a transaction with an associated enterprise, such as the appellant. As a corollary thereof, the payment of rent including the service t.....


131

2015 (6) TMI 870 - CESTAT KOLKATA - Service Tax

M/s Bonai Industrial Co. Ltd. Versus Commissioner of Central Excise, Customs And Service Tax, BBSR-II

GTA services - export of goods - Notification 14/07-ST dated 6.10.07 - export invoices numbers are not mentioned In the lorry receipt - held that:- service tax should not be exported along with services, service tax refund has been allowed to the exporter on the amount of service tax paid services used in or in relation to the export of goods. In the present case, there is no dispute on fact of export of the goods by the appellant nor there is any dispute that GTA services had been used in the e.....


132

2015 (6) TMI 869 - CESTAT BANGALORE - Service Tax

Ramky Pharma City India Ltd Versus Commissioner of Central Excise, Service Tax And Customs, Visakhapatnam-II Commissionerate

Construction of city - Services rendered for providing preferential location, "club or association service", "renting of immovable property service" and "short term accommodation service - Held that:- Pharma city is nothing but a commercial complex where Pharma industries have set up their units. The learned CA also relied upon the letter from the TRU dated 26.2.2010 to submit that in paragraph 8, the TRU has explained the service. However while going through the clarification, we find that para.....


133

2015 (6) TMI 868 - CESTAT MUMBAI - Service Tax

M/s Shree Parvati Construction Versus Commissioner of Central Excise, Kolhapur

Levy of penalty - appellant realizing its liability, on being so pointed out by the Revenue, have deposited the admitted tax along with interest - Goods Transport Agency Services - Works contract service - Held that:- there is no finding either in the Order-in-Original or in the Order-in-Appeal indicating any action or inaction on part of the appellant indicating towards collusion, fraud, active concealment of tax under the Finance Act, 1994. However, it appears that the appellant had turn over.....


134

2015 (6) TMI 867 - CESTAT NEW DELHI - Central Excise

BSN Ltd. Versus Commissioner of Central Excise And Service Tax, Jaipur-Ii

Refund claim - Unjust enrichment - Held that:- Appellant has filed refund claims in March/April,2002. No Deficiency memo was issued to the appellant for different refund claims and the same has been accepted by the department. Only on 11.10.2002, a show cause notice has been issued whereas refund claim has been required to be entertained within three months from the date of filing of the refund claim. But nothing was done in three months therefore, the argument advanced by the Ld. AR that appell.....


135

2015 (6) TMI 866 - CESTAT MUMBAI - Central Excise

M/s Bajaj Healthcare Ltd Versus Commissioner of Central Excise, Thane-II

Remission of duty - Destruction due to fire - Held that:- Every fire accident including the present one could have been avoided in the same manner in which every fire incident or accident could have been or are capable of being avoidable. - it is well settled that nobody intentionally invites such accidents and they happen on account of various natural causes. - appellant is eligible for claim of remission of duty as the case is squarely covered by the judgment of Hon'ble High Court of Rajasthan.....


136

2015 (6) TMI 865 - CESTAT MUMBAI - Central Excise

M/s Guardian Steels Pvt Ltd Versus Commissioner of Central Excise, Thane-I

Exemption under Notification No. 04/2006 dated 01.03.2006 - Non maintenance of separate accounts - Interest u/s 11AB - Penalty u/s 11AC - Held that:- Appellant have disclosed the clearance of 'mill scale powder/iron ash' clearly in ER-I returns and claimed exemption under Notification No. 04/2006 dated 01.03.2006. There is no suppression of fact established on part of the appellant. It is the duty of department to verify the exemption claimed by the appellant and to determine whether the credit .....


137

2015 (6) TMI 864 - CESTAT MUMBAI - Central Excise

Commissioner of Central Excise, Mumbai-I Versus Metro Shoes Pvt Ltd

CENVAT Credit - Assessee cleared its manufactured footwear on payment of excise duty - Held that:- Issue herein is squarely covered by earlier order of the Tribunal in assessee's own case [2008 (1) TMI 155 - CESTAT, MUMBAI], relating to the same issue. I further find that the Ld. Commissioner (Appeals) have allowed the appeal of assessee in terms of the ruling of this tribunal in assessee's case. - Decided against Revenue.


138

2015 (6) TMI 863 - CESTAT NEW DELHI - Central Excise

M/s Ercon Composites Versus Commissioner of Central Excise And Service Tax, Jaipur - II

Exemption to goods required for petroleum operations of ONGC - Benefit of Notification No. 6/06-CE - Non fulfillment of condition regarding production of certificate from Directorate General of Hydro Carbon - Held that:- Appellant had supplied the goods, in question, by availing full duty exemption under Notification No. 6/06-CE (SI. No. 19) against international competitive bidding to M/s Essar Offshore Subsea Ltd. who were to use these goods for petroleum operations of ONGC in ONGC - Neelam He.....


139

2015 (6) TMI 862 - CESTAT MUMBAI - Customs

Samay Electronics Pvt. Ltd., Ramesh Patel, Wipro Limited, Dilip Basole, Nitinbhai Patel, Amar Energy System, Shell & Pearl Ceramics Ltd., Prafulla Gattani, Sunora Electronics Industries, Jignesh Kanjibhai Patel Versus Commissioner of Customs (Import) / (General) , Mumbai / Nhava Sheva

Levy of anti dumping duty - import of complete CFL - split the consignments and import through different ports - whether with the expiry of Notification 138/2002-Cus dated 10/12/2002 w.e.f. 20/12/2006, recovery proceedings for escaped anti-dumping duty could be initiated or continued or not - Held that:- A similar issue came up for consideration by a Larger Bench of this Tribunal in the case of Surana Metals & Steels (I) Ltd. [2007 (9) TMI 288 - CESTAT, CHENNAI] . Section 159A of the Customs Act.....


140

2015 (6) TMI 861 - BOMBAY HIGH COURT - Customs

SARTO ELECTRO EQUIPMENTS PVT. LTD. Versus UNION OF INDIA

Rectification of mistake - One member finding fault with another - Held that:- both, the main Appeal as also the rectification application have not been dealt with satisfactorily and there was extensive difference of opinion that we direct a rehearing of this Appeal. We once again emphasise the need for harmony, coordination and cooperation between the Members of the Bench, particularly in dealing with revenue matters. We expect that hereinafter, the differences of opinion would me minimal. They.....


141

2015 (6) TMI 860 - SUPREME COURT - Customs

SURANA INDUSTRIES LTD. Versus COMMISSIONER OF CUSTOMS

Levy of penalty and redemption fine - Classification of goods - Non-alloy melting scrap or Non-alloy steel re-rollable scrap - Held that:- We find that this is an old appeal of 2003 and the appellant before us is a small scale industry on whom penalty of rupees six lakhs has been levied. Without going into any further details, we find that since the goods (post confiscation) have since been sold, it would be in the interest of justice to set aside the penalty of rupees six lakhs while otherwise .....


142

2015 (6) TMI 859 - SUPREME COURT - Customs

MONITO ENTERPRISES Versus UNION OF INDIA

Claim of waiver of demurrage charges - Policy of the Airport Authority of India exists under which waiver is permissible under certain circumstances - Held that:- From the reading of the judgment in the case of Modern Rubber Industries [2002 (12) TMI 92 - HIGH COURT OF JUDICATURE AT BOMBAY] that the said case pertains to the dispute between the Customs authorities and the importer. Therefore, it has no application as far as instant case is concerned, inasmuch as in the present case there is a po.....


143

2015 (6) TMI 858 - SECURITIES APPELLATE TRIBUNAL MUMBAI - Corporate Laws

JHS Svendgaard Laboratories Ltd. Versus National Stock Exchange of India Ltd. and Others

Suspension of trading - Non compliance with clause 41 of the Listing agreement and/or Regulation 55A of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 - Serious financial difficulties - Held that:- If due to severe financial crisis appellant is unable even to submit the unaudited financial statements for three quarters inspite of repeated penalties imposed against the appellant, then, it is all the more necessary to suspend the trading in the securit.....


144

2015 (6) TMI 857 - ANDHRA PRADESH HIGH COURT - Corporate Laws

Surendra Constructions (P.) Ltd. Versus M. Venkata Rao Infra Projects (P.) Ltd.

Application for winding up - Default in repayment of debt - Held that:- The law is well-settled that the jurisdiction under section 432 of the Act is a special jurisdiction conferred only on the High Courts. One of the grounds for ordering winding up 433(e) read with section 434(1)(a) of the Act.

It is the specific case of the petitioner that cheque bearing No. 944769 was issued in the name of M. Venkat Rao for ₹ 8,60,03,488 towards the bills payable to the petitioner and that t.....


145

2015 (6) TMI 856 - ITAT CHENNAI - Income Tax

M/s Vairams Kindergarten Society, Rajagopalapuram Versus The Commissioner of Income Tax (Appeals) , Tiruchirapalli.

Eligibility to claim exemption u/s 11 denied - assessee has advanced a sum of ₹ 47.71 lakhs to a sister-Trust so diverted by the assessee is liable to be taxed as income of the assessee as held by AO - Held that:- the assessing officer has failed to refer to any of the provisions of the Act, under which he is forming such an opinion, i.e., he has not shown as to how the assessee has violated any of the provisions of the Act, which would warrant rejection of claim of exemption made u/s 10(.....


146

2015 (6) TMI 855 - ITAT AHMEDABAD - Income Tax

Gujarat State Fertilizers & Chemicals Ltd. Versus DCIT, Circle-1 (1) , Baroda

Reopening of assessment - disallowance under Section 14A - Held that:- In the present case the reasons for re-opening indicate that the re-opening has been initiated on two grounds namely disallowance u/s. 14A and on account of non addition of FBT to determine the book profit for the purpose of computing tax u/s. 115JB. With respect to the disallowance u/s. 14A we find that A.O at para 5 of the original assessment order passed on 26.12.2008 after considering the submissions of the Assessee had c.....


147

2015 (6) TMI 854 - ITAT KOLKATA - Income Tax

Phoenix Conveyor Belt India Pvt Ltd. Versus Assistant Commissioner of Income-Tax, Range-11, Kolkata

Disallowance 40(a)(ia) - non-deduction of TDS - whether the appellant assessee could make a claim for deduction other than by filing a revised return? - Held that:- From the decision of Hon'ble Supreme Court in the case of Goetez (India) Ltd.,[2006 (3) TMI 75 - SUPREME Court] it is clear that the deduction can be made before AO by way of revised return and not otherwise but this does not apply to the powers of Income Tax Appellate Tribunal u/s. 254 of the Act as is clarified by Hon'ble Apex Cour.....


148

2015 (6) TMI 853 - ITAT DELHI - Income Tax

ACIT, Circle-13 (1) , New Delhi Versus Nuberg Engineering Ltd.

Penalty u/s 271(1)(c) - assessee accepted that he had furnished inaccurate particulars of income u/s 80IB of the Act and withdraw the claim - Held that:- The assessee has withdrawn its claim of deduction filed u/s 80IB of the Act at the very outset of assessment proceedings prior to issuance of notice u/s 142(1) of the Act and the reason as explained by the assessee was that their claim was valid but as they are not in possession of excise certificate indicating date of commencement of business,.....


149

2015 (6) TMI 852 - ITAT HYDERABAD - Income Tax

M/s Nosch Labs Pvt. Ltd. Versus Deputy Commissioner of Income Tax

Revision u/s 263 - CIT(A) direction to AO to recompute the deduction allowable under S.10B, after excluding other income from the profit of the business - Held that:- In the present case, the other income in the question earned by the assessee was treated by the Assessing Officer as business income of the assessee and this position is not disputed even by the learned Commissioner in his impugned order passed under S.263. This being so and keeping in view the ratio of the judicial pronouncements .....


150

2015 (6) TMI 851 - ITAT MUMBAI - Income Tax

Ace Impex Versus Asstt. Commissioner of Income Tax Range 12 (1) , Mumbai

Reopening of assessment - while calculating deduction allowable under section 80HHC the turnover of 80IB unit was not included which resulted into under assessment of income - Held that:- Since we have upheld that the first contention that the total turnover would include turnover of 80IB unit, hence, the AO had reasons to believe that the income of the assessee had escaped assessment, hence, reopening of the assessment is held to be valid. - Decided against assessee.

Reducing the rec.....


151

2015 (6) TMI 850 - ITAT AHMEDABAD - Income Tax

Dy. CIT, Circle-5, Ahmedabad Versus M/s. Riddhi Siddhi Gluco Biols Ltd.

Disallowance of sales-tax liability u/s.43B - CIT(A) deleted the disallowance - Held that:- Ministry of Law has opined that if the State Governments make an amendment in the Sales Tax Act to the effect the sales tax deferred under the scheme shall be treated as actually paid, such a deeming provision will meet the requirements of section 43B. This circular has been explained by the Tribunal in the case of Morvi Horologial Industries v. ITO (1990 (9) TMI 121 - ITAT AHMEDABAD-C), CIT v. K.N.Oil I.....


152

2015 (6) TMI 849 - ITAT AHMEDABAD - Income Tax

M/s. Devrekha Engineers Pvt. Ltd., Versus. DCIT, Central Circle-1,

Challenge to the re-opening of assessment - Held that:- In the present case, on examination of the reasons given for reopening of the impugned assessment, the allegation of the AO was not that the assessee had not made true and complete disclosure or that the AO had come across certain material facts which were not filed at the time of filing of the return. But the reason assigned was that there was wrong claim of cost of acquisition in respect of the Long Term Capital Gain disclosed by the asse.....


153

2015 (6) TMI 848 - ITAT MUMBAI - Income Tax

Mr. Aftab E Patel & Mrs. Aisha Aftab Patel Versus ACIT

Bogus capital gain returned - CIT(A) charged the same as unexplained cash credit on the grounds that the capital gains the appellant neither satisfactorily explained the purchases of shares nor the sales thereof - Held that:- We first agree with the submissions of the DR that since the assessee changed his stand from LTCG to normal gain in itself would amount to incriminating. This is so, because, the assessee was forced to change his statement and claim in the return, after the search. This can.....


154

2015 (6) TMI 847 - ITAT DELHI - Income Tax

DCIT, Circle 7 (1) Versus M/s Samtel Color Limited & M/s Samcor Glass Ltd.

Reopening of the assessment u/s. 147 - addition being interest income accrued on fixed deposits and addition being expenditure on capital spares consumed being capital in nature - Held that:- AO has no fresh material to form his opinion regarding escapement of assessment and he has also ot found any tangible material to record the reasons for reopening of the assessment of the assessee. It is merely a change of opinion which is not permissible under the law as well as according to the various de.....


155

2015 (6) TMI 846 - ITAT DELHI - Income Tax

Income Tax Officer Versus M/s Sarika Minda Family

Undervaluation of shares - CIT(A) deleted addition out of short term capital gains on sale of 17500 shares Minda HUF Ltd. on the ground that the difference cannot be brought to tax unless. there is documentary evidence that there has been understatement of consideration - adoption of fair value of shares of Minda HUF Ltd. against the sale consideration - Held that:-CIT(A) decided the issue in dispute by respectfully following the order in the case of CIT v. Sivakami Co. P. Ltd. [1986 (3) TMI 2 -.....


156

2015 (6) TMI 845 - ITAT MUMBAI - Income Tax

Pravi Drugs Pvt. Ltd. Versus ITO-8 (2) (4) , Mumbai

Estimation of income - rejection of books of accounts - income earned by the assessee by indulging in providing accommodation entries of purchase and sale of goods - CIT(A) has confirmed the assessment at 1% of the aggregate of the purchase and sales for the year - Held that:- The assessee has, apart from making bald statements, not advanced any material or set up any case to exhibit or show that the estimation at 1% of the aggregate of purchases and sales for the year is not reasonable or is ex.....


157

2015 (6) TMI 844 - ITAT DELHI - Income Tax

ACIT Versus Pushkar Dutt Sharma,

Computation of capital gains - co-owners - Addition on account of cost of improvement - CIT(A) deleted addition - Held that:- On the transfer of his 1/5th share in the total area of land, what the assessee actually transferred was not only the lesser area under his exclusive ownership, but also the common area on which he had joint ownership rights. Sale consideration amounting to ₹ 27 crore received by the assessee is in respect of higher area of 44 Bighas, 15 Biswas and 4 Biswans. It is .....


158

2015 (6) TMI 843 - ITAT LUCKNOW - Income Tax

UP. Electronics Corporation Ltd. Versus DCIT

Validity of assessment u/s 143 - whether notice u/s 143(2) having been served beyond the limitation period? - Held that:- Since notice under section 143(2) of the Act was not validly issued upon the assessee within the prescribed period, the Assessing Officer could not assume jurisdiction to frame the assessment under section 143(3) of the Act. Therefore, the assessment framed consequent to the invalid assumption of jurisdiction is not sustainable in the eyes of law. We accordingly annul the ass.....


159

2015 (6) TMI 842 - ITAT HYDERABAD - Income Tax

Neptune Polymers Pvt. Ltd. Versus The Dy. CIT Ahmedabad

Disallowance made on account of bad debt written off account - CIT(A) allowed part claim - Held that:- No infirmity in the order of the ld.CIT(A) as he has given a finding on fact that the condition has envisaged u/s.36(1)(vii) of the Act is not complied with by the assessee and the finding of the ld.CIT(A) on fact is not controverted by the assessee by placing any material contrary on record suggesting that the conditions for ‘writing off’ has been fulfilled. Therefore, in our considered view, .....


160

2015 (6) TMI 841 - ITAT PUNE - Income Tax

Mrs Shubhada Parmakar Deshpande Versus The Income Tax Officer.

Addition u/s 68 - Held that:- The assessee deposited cash totaling ₹ 2,55,000/- in her bank account, which she claims to be out of her savings and also partly out of agricultural produce. Our attention was drawn to the cash flow statement furnished by the assessee in which, even the expenditure relating to agricultural activities was debited. In the totality of the above said facts and circumstances, we delete the addition of ₹ 2,55,000/- being the amount raised by the assessee from .....


161

2015 (6) TMI 840 - ITAT MUMBAI - Income Tax

DCIT, Cir-7 (1) Versus M/s Sanofi Pasteur (P) Ltd.,

Depreciation on computer peripherals and accessories - 60% or 25% - Held that:- The issue has been settled by the Hon'ble Delhi Tribunal in the case of Expeditors International India (P) Ltd. vs Addl. CIT [2008 (8) TMI 399 - ITAT DELHI-F ], wherein it has been held that the peripherals such as printers, scanners, NT server, etc. form integral part of the computer and the same, therefore, are eligible for depreciation at a higher rate as applicable to a computer @ 60%.- Decided in favour of asses.....


162

2015 (6) TMI 839 - ITAT MUMBAI - Income Tax

M/s. Indian Commercial Co. Pvt. Ltd. Versus The Dy. Commissioner of Income-tax

Penalty u/s 271(1)(c) - disallowance of alleged fictitious payment of commission to various persons - Held that:- , it cannot be conclusively said that the employees of the assessee-company had arranged such accommodation entry and assessee was in dark up to the time when A.O. cornered the assessee. Rather the assessee was trying to justify by falling uncorroborated confirmations. Even if it is presumed that these employees were involved for such a bogus claim of fictitious payments, then the as.....


163

2015 (6) TMI 838 - ITAT BANGALORE - Income Tax

Shri BP. Kumar Babu Versus Dy. Commissioner of Income Tax, Circle 2 (2) , Bangalore.

Jurisdiction of the Assessing Officer under Section 153A - addition on deemed dividend u/s 2(22)(e) - Held that:- On the facts of the case, as pointed out by the learned CIT(A), the details of loans / advances were not directly reflected in the assessee's individual books of accounts and therefore it can be inferred that this issue came to light only pursuant to search action and therefore it is not incorrect to state that this issue came to light/arose on account of the search action under Sect.....


164

2015 (6) TMI 837 - ITAT AHMEDABAD - Income Tax

Neptune Polymers Pvt. Ltd. Versus. The Dy. CIT Ahmedabad

Disallowance of bad debts - whether Sundry Credit/Debit balance written off accounts instead of the account “Bad Debts Written Off”? - Held that:- We do not find any infirmity in the order of the ld.CIT(A) as he has given a finding on fact that the condition has envisaged u/s.36(1)(vii) of the Act is not complied with by the assessee and the finding of the ld.CIT(A) on fact is not controverted by the assessee by placing any material contrary on record suggesting that the conditions for ‘writing .....


165

2015 (6) TMI 836 - ITAT AHMEDABAD - Income Tax

ITO Ward-9 (1) , Ahmedabad Versus M/s. NR. Developers, Pushparaj Comples

Claim for deduction u/s. 80IB(10) - CIT(A) allowed the claim - Held that:- As per clause 15 of the development agreement, the developer was entitled for the profit of the difference between the gross amount received from the members towards construction of bungalows (+) development of basic common infrastructure amenities and the total cost incurred by the developer towards building material, labour, construction, interest, other charges. Meaning thereby the developer was required to bear all co.....


166

2015 (6) TMI 835 - ITAT AHMEDABAD - Income Tax

ITO, Ward-1 (1) Ahmedabad Versus Abhishek Investment (P) Ltd. Ahmedabad

Deemed dividend u/s.2(22)(e) - CIT(A) has deleted the addition made by the AO by accepting one of the contentions of the assessee that the assessee-company is not a shareholder of M/s.Abhishek Engineers Pvt.Ltd., therefore the addition cannot be made in the hands of the assessee-company - Held that:- The ld.counsel for the assessee could not demonstrate as to how the assessee-company is aggrieved by the direction of the ld.CIT(A).

The only contention of assessee that in the Memorandu.....


167

2015 (6) TMI 834 - ITAT AHMEDABAD - Income Tax

Abhilasha Fashions Pvt. Ltd. Versus. The Income Tax Officer Ward-1 (1) Surat

Addition on account of difference in creditors account - Held that:- The admitted fact remains that the assessee has not recorded the transaction in its books of accounts in the year under consideration. The assessee has made alternative submission that a direction be issued to the CIT(A) to exclude the amount from the total income of the assessment year 2008-09. Since the present appeal is related to AY 2007-08, the admitted facts are that the transactions were not recorded during the year unde.....


168

2015 (6) TMI 833 - ITAT MUMBAI - Income Tax

Maharashtra State Co-op. Agri. Rural Versus. DCIT - 1 (3)

Exemption from payment of income tax on interest earned - principles of mutuality - Held that:- The business activities predominantly involve banking and financing activities, which has resulted in substantial profits and includes interest income. The Hon'ble Supreme Court in the case of Bangalore Club Vs CIT reported at [2013 (1) TMI 343 - SUPREME COURT ], has held that the concept of mutuality shall not be extended to the interest incomes earned by a mutual association or a society. Accordingl.....


169

2015 (6) TMI 832 - ITAT DELHI - Income Tax

M/s Sadhu Forging Limited Versus Deputy Commissioner of Income Tax Circle 7 (1) CR Building, New Delhi

Allocation of interest and expenditure on the basis of the utilization of loan amount among various units for the purpose of direction under section 80IA - Held that:- The issue regarding allocation of interest expenditure on the basis of the utilization of loan amount among various units for the purpose of deduction u/s. 80IA is squarely covered by the decision of the ITAT, Delhi ‘G’ Bench passed in assessee’s own case(A.Y. 2004-05) AND (A.Y. 2004-05). Respectfully, following the order of the .....


170

2015 (6) TMI 831 - ITAT COCHIN - Income Tax

Shri MK. Abdul Rahim Versus Dy. CIT, Cir. 2 (1)

Penalty u/s 271(1)(c) - assessee has not disclosed any capital gain on sale of the land at Kakkanad as claim of the assessee is that the land sold by the assessee is an agricultural land, therefore, it is exempted from taxation - Held that:- The classification of land as agricultural land the certificate issued by the village officer and the local bodies assumes more significance. Therefore, this Tribunal is of the considered opinion that the claim of the assessee that he was under the bona fie .....


171

2015 (6) TMI 830 - ITAT LUCKNOW - Income Tax

Shri Kishore Kumar Kaya HUF Versus Dy. CIT. Central Circle-2, Kanpur.

Validity of assessment u/s 143(2) - non issue of notice - Held that:- The Assessing Officer was supposed to issue notice u/s 143(2) within a period of 12 months from the end of the month in which the return was filed by the assessee. In the present case, the return was filed on 15/09/2006 by way of filing of letter before the Assessing Officer to the effect that the original return filed by the assessee should be treated as return filed in compliance to notice u/s 148 of the Act. Hence, it has t.....


172

2015 (6) TMI 829 - CESTAT NEW DELHI - Service Tax

M/s Can Able Communication Versus CCE & ST, Ludhiana

Waiver of pre deposit - Sale purchase of SIM cards - Held that:- Decisions in the case of Daya Shankar Kailash Chand vs. CCE & ST, Lucknow reported in [2013 (6) TMI 340 - CESTAT NEW DELHI], CCE, Meerut vs. Moradabad Gas Service reported in [2014 (1) TMI 199 - CESTAT NEW DELHI], M/s Anand Sales Corporation and others vs. CCE, Kanpur, Allahabad and Lucknow reported in [2014 (2) TMI 621-CESTAT NEW DELHI] and Swastik Traders vs. CST, Lucknow reported in [2013 (12) TMI 849 CESTAT NEW DELHI] followed - Decided in favour of assessee.


173

2015 (6) TMI 828 - CESTAT MUMBAI - Service Tax

M/s. Western Coalfields Ltd. Versus Commissioner of Central Excise, Nagpur

Denial of refund claim - original documents of refund claim not submitted - concerned authority never have them opportunity to produce sample documents - Held that:- refund claim should not be rejected in the manner it has been done in this case - Matter remanded back with the directions that appellant to produce original documents for a period any two months for the period in dispute. - Authorities to process refund subject to direction given to assessee.


174

2015 (6) TMI 827 - CESTAT MUMBAI - Service Tax

M/s Fazlani Exports Pvt Ltd Versus Commissioner of Service Tax, Mumbai-I

Refund under Notification No. 41/07-ST or No. 17/09-ST - Certain services notified on the date of claiming of refund and not on the date of export - Procedural infractions in respect of export documents - Held that:- This Tribunal in the case of East India Minerals Ltd. [2012 (8) TMI 22 - CESTAT, KOLKATA ] under somewhat identical circumstances, allowed refund for export related service under Notification no. 41/07-ST, since on the date of claim, the service was duly notified for this purpose,ir.....


175

2015 (6) TMI 826 - CESTAT MUMBAI - Service Tax

M/s Stock Holding Corporation of India Ltd Versus Commissioner of Service Tax, Mumbai-II

CENVAT Credit - Insurance Services, Residential Telephone Connections and Cable Operator Services - Held that:- First show-cause notice is time barred in part, for the period prior to 30.9.2007, as the return for half year ended 30.9.2007 was still not due. - So far insurance service availed for insuring business risk (insurance to safeguard tax for infidelity and forging of securities), I hold the same to be allowable input service. - So far input service - Telephone connection is concerned, at.....


176

2015 (6) TMI 825 - CESTAT BANGALORE - Service Tax

Modi Ventures Versus Commissioner of Central Excise, Customs And Service Tax, Hyderabad-I

Waiver of pre deposit - Construction of Complex Services - Circular 108/2/2009-ST dated 29.01.2009 - Held that:- construction and sale of individual residential flat with undivided share of land at a time or under separate agreements for equitable share of land or for construction of flat would not be covered by the service of Construction of Residential Complex prior to 01.07.2010. Moreover the Board Circulars issued during the relevant time as submitted by the appellants are also in favour of .....


177

2015 (6) TMI 824 - CESTAT NEW DELHI - Service Tax

M/s. M.L. Agrawal Construction Versus Commissioner of Customs & Central Excise, Indore (MP)

Demand of service tax - Construction services vs Repair and maintenance service - Whether department can be travel beyond the show cause notice - Held that:- We find that the initially the show cause notice was issued to the appellant to demand service tax under the category of construction services which was demanded and demand of service tax was confirmed under the said category against the appellant which appellant has not disputed. Under section 84 of the Act, learned Commissioner revised th.....


178

2015 (6) TMI 823 - CESTAT NEW DELHI - Central Excise

Commissioner of Central Excise, Delhi-IV Versus Rachitech Engineers Pvt Ltd

Manufacture of chimneys - component of the boilers for non-conventional energy system - Exemption under Notification No.6/2002-CE dated 01.03.2002 - Held that:- Sl.No.237 of the table to the Notification 6/2002-CE covers "non-conventional energy devices / systems specified in list 9." Sl.No.16 of the list 9 covers "agricultural, forestry, agro industrial, industrial, municipal and urban waste conversion devise producing energy". There is no dispute that the chimneys manufactured by the appellant.....


179

2015 (6) TMI 822 - CESTAT NEW DELHI - Central Excise

M/s Sandeep Laminates Ltd Versus Commissioner of Central Excise, Delhi-II

Waiver of pre deposit - Restoration of appeal - Appeal dismissed for non prosecution - Held that:- During the period prior to amendment of the tariff in 2007 in terms of the Apex Court judgement in the case of Metelex India Pvt. Ltd vs. CCE Noida (2004 (2) TMI 387 - SUPREME COURT OF INDIA), the process undertaken by the appellant did not amount to manufacture. If this is so, clearance of laminated polyster fills would amount to clearances of the cenvat credit availed inputs as such, which is per.....


180

2015 (6) TMI 821 - CESTAT BANGALORE - Central Excise

Commissioner of Central Excise, Customs And Service Tax, Visakhapatnam-I Versus Jindal Stainless Ltd

Denial of CENVAT Credit - impugned goods were used in immovable structures such as furnace - Held that:- When the plates, sheets etc. are used in maintenance and repair work, the normal conclusion is that sheets, plates etc. are cut into correct size and fitted into the furnace etc. and therefore it can be said that they have attained the character of components, parts etc. - impugned goods were used in conjunction with certain capital goods/machinery, they become a part of the machinery as they.....


181

2015 (6) TMI 820 - CESTAT MUMBAI - Central Excise

M/s Crompton Greaves Ltd Versus Commissioner of Central Excise, Mumbai-III

Denial of CENVAT Credit - contravention of Rule 2(l) of Cenvat Credit Rules - Inputs used in manufacturing activity - Held that:- Show-cause notice is vague as it nowhere gives the breakup of the proposed demand nor it discusses any particular reasons as to why the CENVAT Credit is not allowable in respect of the three services. The break up of each is nowhere given. Thus, I find that of the whole proceeding is vitiated for want of a valid show-cause notice. The service of a valid show-cause not.....


182

2015 (6) TMI 819 - CESTAT NEW DELHI - Central Excise

NAGHIA ENTERPRISES PVT. LTD. Versus COMMR. OF C. EX. & S.T., LUDHIANA

Penalty for non maintenance of records - manufacturer of cigarettes works under physical control - Applicability of Circular No. 224/37/2005-CX.6, dated 24-12-2008 - Held that:- Appellants are required to file monthly returns as specified by the notification but no notification has been issued to maintain the records as desired by the lower authorities in the impugned order. Moreover, I have gone through the earlier Rules also i.e. Central Excise Rules, 1944. As per these Rules, Rule 94 require.....


183

2015 (6) TMI 818 - CESTAT NEW DELHI - Central Excise

Simplex Infrastructure Ltd Versus Commissioner of Central Excise And Service Tax, Indore

Waiver of pre deposit - manufacturing of RCC pipes at construction site or not - Benefit of Notification No.1/2011-CE(NT) dated 17.2.2011 - Held that:- pipes in question were manufactured by the appellant in their factory and not at the construction site, in which case, the benefit of notification would not be available to them. We are of the prima facie of the view that inasmuch as the pipes are mainly manufactured in the factory the decision of the Delhi High Court relied upon by the appellan.....


184

2015 (6) TMI 817 - DELHI HIGH COURT - Customs

Edward Khimani Kamau Versus The Narcotics Control Bureau

Conviction under Section 21(C) read with Section 23 read with Section 28 of NDPS Act - Held that:- Transferring the powder of all 9 packets into one polythene and then taking out two samples and sending one sample to CRCL causes serious prejudice to the appellant as it cannot be ascertained whether all the 9 packets were containing heroin or not. - appellant was also carrying a paper Ex.PW3/DA containing the details of the consigner and consignee according to which the parcel was to be consigned.....


185

2015 (6) TMI 816 - MADRAS HIGH COURT - Customs

M/s. HRB Boarding & Lodging Pvt. Ltd., M/s. Nischal Granites and Minerals Versus The Union of India, The Director General of Foreign Trade, Joint Commissioner of Customs (Group 3&4)

Confiscation of goods - Enhancement of value of goods - DGFT Notification No. 65(RE-2010)/2009-2014 dated 04.08.2011 - Held that:- DGFT has not resorted to change of categorization of items, i.e. from the category of free export to category of restricted export , but as a sequel to earlier notification No.18, which fixed the floor price of US $ 50 per square meter, the present impugned Notification has been issued. Therefore, I do not find any illegality or irregularity in the impugned notifi.....


186

2015 (6) TMI 815 - Delhi High Court - Customs

Adarsh Pal Singh Versus Union Of India

Challenge of detention order - Charges of carrying Fake Indian Currency Notes (FICN) - Prohibition under the Customs Act - Confiscation under Section 111 of the Customs Act - Unexplained delay in passing of detention order - Held that:- Firstly, we find merit in the submission of learned counsel for the petitioner that there was unexplained delay in passing of the detention order. The alleged seizure of FICN from the possession and custody of the petitioner took place on 20.05.2012. The apprehen.....


187

2015 (6) TMI 814 - SECURITIES APPELLATE TRIBUNAL MUMBAI - Corporate Laws

Karvy Stock Broking Ltd. Versus Securities and Exchange Board of India, Mumbai

Prohibition from taking new assignment or contract or launch a new scheme for six months - Cross examination of the person whose statement is recorded by SEBI - Violation of principal of natural justice - Held that:- Where a noticee seeks cross-examination of a person whose statement is recorded by SEBI, then, passing an order on the basis of the statement of that person without giving the noticee an opportunity to cross-examine that person, would be in violation of the principles of natural jus.....


188

2015 (6) TMI 813 - RAJASTHAN HIGH COURT - Corporate Laws

Official Liquidator Versus D.D. Sinha

Voluntarily winding up - Application by official liquidator u/s 543(1) of the Companies Act, 1956 - Prayer for examination in the conduct of ex-directors of the company - Direction to handover the movable & immovable properties along with books of account - Held that:- Reference in this connection may be made to the judgment of the Supreme Court in Official Liquidator v. Raghawa Desikachar [1974 (8) TMI 73 - SUPREME COURT OF INDIA]. The Supreme Court in this case held that the application filed .....


189

2015 (6) TMI 812 - BOMBAY HIGH COURT - Income Tax

Madhukar B. Thakoor, Mrs. Sunita Samir Sao Lr. of Balchandra B. Thakoor Versus The Income Tax Appellate Tribunal, Mumbai And Others

Rectification of mistake - adverse remarks not only against the assessee but against the representative of the assessee - Held that:- Repeatedly, the Hon'ble Supreme Court cautioned the Presiding Officer of the Courts and Tribunals from adversely commenting and remarking on the conduct of parties or their representatives or pleaders. If these comments and remarks, adversely affecting them are not required for the decision of a case and it could be justly and fairly reached on the basis of materi.....


190

2015 (6) TMI 811 - GUJRAT HIGH COURT - Income Tax

Commissioner of Income tax Versus Navinchandra & Co.

Penalty u/s.271(1)(c) - whether claiming speculation loss as business loss deliberately amount to filing of inaccurate particulars and adjusting the same against income from other sources, whereas the clause (d) inserted by the Finance Act, 2005 under sub-section (5) of section 43 is applicable w.e.f 01.04.2006 i.e. from A.Y. 2006-07 conclusively proves that the derivative transactions are in the nature of speculative transactions till A.Y. 2005-06 - ITAT deleted penalty levy - Held that:- While.....


191

2015 (6) TMI 810 - DELHI HIGH COURT - Income Tax

COMMISSIONER OF INCOME TAX Versus M/s CAIRS COMPUTER AIDED INFORMATION & SERVICES PVT LTD

Claim for depreciation - AO disallowed this on the ground that the assessee was unable to demonstrate that the machinery claimed to have been used by it was in fact owned or acquired by assessee for its business - ITAT allowed claim - Held that:- It is a matter of record that for AY 2006-07 and 2007-08, the assessments were completed under Section 143(3) after due enquiries were conducted by the AO. There is nothing on the record to suggest that those were either erroneous or based on premises .....


192

2015 (6) TMI 809 - ITAT DELHI - Income Tax

SURINDER KUMAR, PROP. MOSAIC HOUSE (INDIA) AND DILER STONE Versus ACIT, REWARI CIRCLE, REWARI

Unexplained cash payments reflected in cash book - Held that:- The balance sheet of M/s. Mosaic House furnished along with return of income shows the addition of ₹ 1,50,000/- against the property. Moreover it is not in dispute that assessee is an owner of the property although a personal property. It is also a matter of record that appellant has furnished affidavits of all the eight parties in support of the claim of advance against land. No doubt, appellant has failed to produce the parti.....


193

2015 (6) TMI 808 - ITAT MUMBAI - Income Tax

Asstt. Commissioner of Income Tax, 8 (1) , Mumbai Versus M/s. Cordcon Builders Pvt Ltd

Reopening of assessment - disallowance of assessee's claim of deduction u/s.80IB(10) - Held that:- AO appears to have relied exclusively on an audit objection. There was, hence, a total absence of "tangible material", to justify the conclusion that income had escaped assessment. All the conditions were fulfilled by the appellant for the claim of the deduction under section 80IB(10) and the Ld. AO verified the same during the original assessment which was completed after conducting a survey oper.....


194

2015 (6) TMI 807 - ITAT AHMEDABAD - Income Tax

Gujarat Paguthan Energy Corpn. P. Ltd. Versus ITO, Ward-4 (1) Ahmedabad

Validity of reopening of assessment - Held that:- The undisputed facts are that the reopening is made on the basis of the note enclosed with the return of income by the assessee. The submission of the assessee that the assessee has not added provision for doubtful debt in working of the book profit relying on the judgement of Hon’ble Bombay High Court in the case of CIT vs. Echjay Forgings Pvt.Ltd. reported at [2001 (2) TMI 56 - BOMBAY High Court] is not disputed by the Revenue that the material.....


195

2015 (6) TMI 806 - ITAT MUMBAI - Income Tax

M/s Flag Telecom Group Limited (Erstwhile FLAG Limited) (FLAG) , Versus Dy. Director of Income Tax

Standby maintenance revenues earned under the Construction and Maintenance Agreement (C&MA) from VSNL - whether taxable in India as ‘Fees for Technical Services’ (‘FTS’) under section 9(1)(vii) - Held that:- It is not in dispute that the standby charges is a fixed annual charge, which is payable not for providing or rendering services albeit for arranging standby maintenance arrangement, which is required for a situation whenever some repair work in under-sea cable or terrestrial cable is actual.....


196

2015 (6) TMI 805 - ITAT PUNE - Income Tax

Maximize Learning Private Limited Versus The Asst. Commissioner of Income Tax, Circle 11 (2) , Pune

Transfer Pricing adjustment - addition made to the value of international transaction entered into by the assessee with its associated enterprise in respect of Provision of Information Technology Enabled Service - selection of comparable - Held that:- Accentia Technologies Ltd. - As during the year under consideration there were extraordinary events that took place in the said concern which warranted exclusion of this company as a comparable. We therefore hold that the said concern cannot be con.....


197

2015 (6) TMI 804 - ITAT DELHI - Income Tax

M/s Minda Industries Ltd. Versus Deputy Commissioner of Income Tax, Circle-6 (1) , New Delhi

Reopening of assessment - unaccounted cash credit - Held that:- AO while framing the original assessment, specifically, asked the assessee to furnish the details of the unsecured loans and the assessee gave the details by disclosing the name of the persons from whom loans were received and also furnished their PAN nos. alongwith the requisite details in the form of affidavit from the Directors of the lending companies, balance sheet & profit & loss A/c of those companies as well as copies of ack.....


198

2015 (6) TMI 803 - ITAT HYDERABAD - Income Tax

The Asst. Commissioner of Income Tax, Circle-5 (1) , Hyderabad and others Versus M/s. Sahara States, Hyderabad and others

Reopening of assessment - deduction u/s. 80IB(10) denied - contention of the later AO that since assessee has purchased the land as early as 1996, the project was to be deemed to have started then and the same was prior to 01-10-1998. Therefore, the assessee is not eligible for deduction - Held that:- As far as reopening of assessments u/s. 147/148 are concerned, we agree with the Ld.CIT(A) that this is a mere change of opinion. In fact, the AO at the time of completion of assessment has indeed.....


199

2015 (6) TMI 802 - ITAT JAIPUR - Income Tax

Assistant Commissioner of Income Tax Versus M/s Glaze Paints Limited

Disallowance of deduction claimed U/s 80IC - CIT(A) allowed part claim - Held that:- CIT(A) had given detailed findings in his order dated 06/07/2012 and verified the XIII schedule items and held that PVC Pipe do not fall in excise classification 39.09 to 39.15 of Schedule-XIII of Act or under Schedule 14. Further, the auditor had corrected the audit report in column No. 26(A) in form No. 10CCB. Further the ld DR has not controverted the finding given by the ld CIT(A). Therefore, we uphold the o.....


200

2015 (6) TMI 801 - ITAT HYDERABAD - Income Tax

Net Cracker Technology Solutions (India) P. Ltd. Versus Addl. CIT, Range-1 Hyderabad

Transfer pricing adjustment - adjustment of arm’s length price - selection of comparable - Held that:- Infosys Technologies Ltd.,Wipro Ltd. (Seg.), KALS Information Systems Ltd., (Seg.), Tata Elxsi Ltd., (Seg.), Avani Cimcon Technologies Ltd. and E-Zest Solutions Ltd. are to be excluded from the final list of comparable as functionally dissimilar and different from the software activity of assessee as relying on case of M/s. Invensys Development Centre India (P) Ltd., Hyderabad vs. ACIT, Circle .....


201

2015 (6) TMI 800 - ITAT DELHI - Income Tax

Asian Consolidated Industries Ltd. and others Versus The Asstt. Commissioner of Income Tax, Central Circle-2, New Delhi and others

CIT-I power u/s 264 - ex-parte order - revival of the company - HC while accepted the prayer of the company has stated that, The prayer is accepted to secure the ends of justice, exmanagement of the (Company-in-liquidation) would now appear in the office of the Commissioner of Income Tax - Held that:- In the present case, it appears that the department passed the ex-parte order during the period of liquidation and the ld. CIT-I, Delhi while deciding the petitions of the assessee u/s 264 of the A.....


202

2015 (6) TMI 799 - ITAT HYDERABAD - Income Tax

Shri Sama Srinivas Reddy and others Versus Income Tax Officer Ward 9 (1) Hyderabad

Unexplained deposits in bank account - ex-parte order u/s 144 - Held that:- Since the AO has verified only one account namely ICICI Bank and has passed the assessment order u/s 144 as ex-parte order and also that the assessee has informed about the Vijaya Bank a/c only before the CIT (A), we are of the opinion that the matter should be remitted back to the file of the AO to verify the bank accounts. Since the assessee has provided copy of the bank statements with ICICI Bank and Vijaya Bank and i.....


203

2015 (6) TMI 798 - ITAT AHMEDABAD - Income Tax

M/s. Sun Enterprise Versus The Assistant Commissioner of Income Tax, Baroda

Rejection of the claim u/s. 80IB(10) - assessee failed to satisfy the conditions laid in the Act - Held that:- The issue under consideration is squarely covered by the decision of the Hon’ble jurisdictional High Court in the case of Manan Corporation vs. ACIT [2012 (9) TMI 700 - Gujarat High Court] wherein held Section 80IB(10) originally indicated 100% deduction on the profits derived from housing projects approved by local authority subject to certain conditions set out in the provision. By vi.....


204

2015 (6) TMI 797 - ITAT MUMBAI - Income Tax

ACIT, Range-9 (1) /ITO-9 (1) (3) , Mumbai Versus M/s. Edicon Mining Equipment Pvt. Ltd.

Disallowance of interest under section 36(1)(iii) - CIT(A) deleted the addition - Held that:- Where the assessee had established availability of funds of its own and also where the investment was made in 100% subsidiary of the assessee, which in turn was engaged in the same line of business and had utilised the funds for its business, the existence of commercial expediency stands proved. In case the connection between the lender and the borrower is of commercial expediency, then in view of the r.....


205

2015 (6) TMI 796 - ITAT DELHI - Income Tax

ACIT, Circle 25 (1) , New Delhi Versus Subhash Chander Gupta

Share transaction - short term capital gain or income from business - whether impugned shares were held by assessee as its investment and were taxable as short term capital gain on its transfer as held by CIT(A) - Held that:- The evidence on record have been relied upon by assessee for establishing that the shares were purchased on 30-08-2007 by M/s TCG Stock Broking Ltd. on assessee’s behalf, has not at all been controverted by the department. It is a simple case of purchase of shares by an ind.....


206

2015 (6) TMI 795 - ITAT JAIPUR - Income Tax

Shri Kuldeep Kumar Sharma And Others Versus Income Tax Officer And Others

Unexplained cash deposits in the bank account - CIT(A) restricted addition - Held that:- The financial year in question is 2007-08 and the affidavits have been sworn by the debtors during 27-07-11 to 25-07-2011 i.e. after the assessment order, the names of these debtors were not given to the AO. Thus the affidavits are nothing but a make believe evidence and an afterthought. The debtors nowhere specified when the loans were taken and when repaid so as to draw any view about availability of cash .....


207

2015 (6) TMI 794 - ITAT PUNE - Income Tax

Serum Institute of India Ltd. (Erstwhile Serum International Ltd.) Versus Addl. Commissioner of Income Tax, Asstt. Commissioner of Income Tax Versus M/s. Serum International Ltd.

Disallowance of the 'Provision for Leave Encashment' - Held that:- Issue is liable to be decided against the assessee following the decision of the Pune Bench of the Tribunal in the assessee's own case for earlier assessment years 2002-03 & 2003-04 .As the aforesaid precedents continue to hold the field, we hereby affirm the action of the lower authorities in disallowing assessee's claim for deduction on account of Provision for leave encashment amounting to ₹ 5,36,234/- - Decided against .....


208

2015 (6) TMI 793 - ITAT HYDERABAD - Income Tax

Mr. Zubin Ranka Versus The Income Tax Officer

Disallowance for unsecured loans under section 68 - CIT(A) restricted the additions to part - Held that:- CIT(A) actually represented loans and advances given by the assessee and that too in the earlier years and not in the year under consideration. He has contended that these amounts representing advances given thus cannot be added under section 68 of the Act. Although the learned D.R. has agreed in principle with this contention of the Learned Counsel for the Assessee, he has contended that th.....


209

2015 (6) TMI 792 - SECURITIES APPELLATE TRIBUNAL MUMBAI - Corporate Laws

Mrs. Komal Nahata Versus Securities and Exchange Board of India, Mumbai

Penalty under Section 15A(b) of the SEBI Act, 1992 - Violation of regulation 7(1) & 7(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (SAST) and regulation 13(1) & 13(3) read with 13(5) of SEBI (Prohibition of Insider Trading) Regulations, 1992 (PIT) - Held that:- Argument that appellant being house wife, she was not aware of the consequences of erroneous transfer of shares cannot be accepted because admittedly appellant is a post graduate in commerce and apart from.....


210

2015 (6) TMI 791 - SECURITIES APPELLATE TRIBUNAL MUMBAI - Corporate Laws

Comfort Fincap Limited Versus Securities and Exchange Board of India

Penalty for violation of regulation 8(3) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (SAST) - Whether intention , suspension of trading in exchange and reporting is only for academic purpose, have any impact on the penalty amount imposed by SEBI - Held that:- Obligation to make disclosures under regulation 8(3) of SAST Regulations, 1997 is mandatory and that obligation is not dependent upon any of the circumstances set out hereinabove. Penalty for not making di.....


211

2015 (6) TMI 790 - ITAT DELHI - Income Tax

ITO, Ward-15 (1) , New Delhi Versus Radha Ballabh Nest Build Pvt. Ltd.

Computation of income - applying net rate of 2.24% on the gross receipts by CIT(A) - CIT(A) deleting the addition made on account of 4% commission on debit and credit entries regarding providing accommodation entries - CIT(A) deleting the addition made in respect of TDS amount claimed from M/s PACL India Ltd - Held that:- In almost similar facts identical issues have been decided by the Tribunal in favour of the present assessee. In the present year, also in the case of the assessee, the Assess.....


212

2015 (6) TMI 789 - CESTAT MUMBAI - Service Tax

Saptashrungi Shram & Kadwa Parisar Vikas Trust, Shivajirao Desai O.T.V.S.S. Ltd. Versus CCE Nashik, CCE Kolhapur

Manpower Recruitment and Supply Agency Services - Held that:- Issue is regarding the taxability of an amount paid by the appellants to one of the Sansta which is engaged in providing labour for harvesting and transportation of sugar cane to the appellants for sugar factory. It is the case of revenue that this activity will fall under the category of Manpower Recruitment and Supply Agency Services . We find that this issue is no more res integra. - In view of authoritative judicial pronouncements.....


213

2015 (6) TMI 788 - CESTAT NEW DELHI - Service Tax

CI Automotors Pvt. Ltd. Versus C.C.E. & S.T., Bhopal

Denial of CENVAT Credit - Trading service - Invocation of extended period of limitation - Held that:- There was a clear scope for genuine confusion in the matter. Ld. Departmental Representative contends that if there was indeed a bona fide belief on the part of the appellants, they would have mentioned the trading activities in ST-3 returns under exempted category but that trading is an exempted service was clarified by an amendment to the Act only with effect from 01.04.2011. Further, several .....


214

2015 (6) TMI 787 - MADRAS HIGH COURT - Service Tax

The Narasimha Mills Private Ltd. Versus The Commissioner of Central Excise (Appeals) , The Assistant Commissioner of Central Excise

Rejection of declaration under VCES 2013 - Statutory provision of Appeal under VCES - Adjudicating authority vs Designated authority - Held that:- In similar circumstances, the Punjab and Haryana High Court, in its decision in M/s.Barnala Builders s case [2013 (12) TMI 568 - PUNJAB AND HARYANA HIGH COURT ] , has categorically held that the order passed under VCES is appealable. We are unable to accept correctness of instructions issued by the Central Board of Excise and Customs, for the simple r.....


215

2015 (6) TMI 786 - CESTAT NEW DELHI - Service Tax

M/s. Shubham Electricals Versus CST & ST, Rohtak

Default in remitting the service tax dues - Improper details in SCN - Specific taxable service not mentioned in SCN - Held that:- It is a axiomatic that a best judgment assessment under Section 72 could only be for ascertaining the quantum of the tax liability, in a context where the actual extent of liability cannot be determined with methematical precision on account of non-availability of relevant documents or financial records. There cannot be a best judgment assessment regarding the specifi.....


216

2015 (6) TMI 785 - CESTAT NEW DELHI - Service Tax

Commissioner of Customs Central Excise, Delhi And Others Versus M/s. The Clique (Personality Development Institute) And Others

Pre-licensing training and coaching to the prospective insurance agents - Sponsored by Insurance companies - Held that:- In the case of NIS Sparta Ltd. [2015 (1) TMI 504 - CESTAT NEW DELHI] it was held that the training imparted by the appellants does not fall under the ambit of Section 65(27) of the Finance Act, 1994 as the training imparted by the appellant is having the recognition of law and covered under exclusion clause of Section 65(27) of the Finance Act, 1994, therefore the appellant is.....


217

2015 (6) TMI 784 - CESTAT NEW DELHI - Service Tax

M/s Tanay Landcon India Pvt. Ltd. Versus CST & ST, Jaipur

Irregular/ unauthorized availment of Cenvat credit - Charges of no separate accounts maintained while providing both taxable and exempted services - Held that:- If there was a doubt either regarding maintenance of separate accounts or utilizing credit on common inputs/input services, as required under Rule 6 (2) of the Cenvat Credit Rules, the authorities ought to have summoned the appellants records or should have verified from the appellant s premises, whether assessee had incorrectly pleaded .....


218

2015 (6) TMI 783 - CESTAT MUMBAI - Service Tax

M/s. Khandwala Securities Ltd. Versus Commissioner of Service Tax, Mumbai-I

Extended period of limitation - Penalty u/s 78 - share broking services - Held that:- No case of contumacious conduct and/or deliberate default of provisions of Act or Rules is made out against the assessee. The transactions have been found to be duly recorded in the Books of Account, as found by the Audit party. Further, the appellants have immediately applied for amendment to registration certificate pursuant to Audit showing willingness to pay for difference in balance-sheet and ST-3 returns......


219

2015 (6) TMI 782 - CESTAT NEW DELHI - Central Excise

M/s JJ Packagers Pvt Ltd Versus Commissioner of Central Excise, Allahabad

Confiscation of goods - Non accountal of goods - Clandestine removal of goods - Held that:- duty demand of ₹ 12,58,816/-on 30,23,345 HDPE Caps alleged to have been cleared without payment of duty during period from 1999-2000, 2001-2002, the details about these clearances had been supplied by the appellant company himself. However, their plea is that these HDPE Caps had been manufactured on job work basis out of the Granules supplied by the principal manufacturers and had been returned back.....


220

2015 (6) TMI 781 - ITAT DELHI - Central Excise

M/s Salasar Steel And Power Ltd Versus Commissioner of Central Excise And Customs, Raipur

Duty demand - Clearance of goods without payment of duty - Held that:- The case against the appellant is based only on the records recovered from M/s Gopal Steel, a commission agent whose proprietor is Shri Gopal Krishna Aggarwal. The records recovered from M/s Gopal Steel indicate the sale of several consignments of sponge iron manufactured by the appellant to various customers through him for which he had received the commission. However, it is seen that no inquiry has been made with the custo.....


221

2015 (6) TMI 780 - CESTAT NEW DELHI - Central Excise

Jaiswal Industries Versus Commissioner of Customs, Central Excise And Service Tax, Allahabad

SSI exemption - Duty demand on the basis of power consumption - Held that:- Appellant during the period of dispute had neither taken central excise registration nor were paying duty, claiming that their clearances are fully within the SSI exemption limit. However, the challan book recovered from the factory which contained the details of the clearances during the period 06.05.2011 to 18.10.2011 showed the clearances of pipes weighing 3,55,825 Kg. during this period and valued at ₹ 2.49 Cro.....


222

2015 (6) TMI 779 - CESTAT NEW DELHI - Central Excise

Commissioner of Central Excise And Service Tax, Chandigarh/Chandigarh-I Versus M/s Asim Enterprises, M/s BD Gupta And Sons, M/s Chandigarh Steel Corporation, Shri Rajinder Paul, Vinod Kumar, M/s Rachna Steel Corporation, M/s Rushil Alloys, Shri Parmodhan Singh Authorised Signatory of M/s Vipul Steel And Agro Industries

Availment of fraudulent MODVAT Credit - Commissioner (Appeals) set aside the penalties imposed on the registered dealers and the Authorised Signatory of the unit- Held that:- Unit M/s Vipul Steel & Agro Industries had not challenged the Adjudication order in respect of demand of MODVAT Credit. It is seen that the said unit issued Modvatable invoices to various dealers and manufacturers. The registered dealers, the respondents herein, took the stand before the Adjudicating Authority that they sup.....


223

2015 (6) TMI 778 - CESTAT NEW DELHI - Central Excise

Commissioner of Central Excise, Jaipur-I/Jalandhar Versus M/s Goyal Proteins Ltd, Sukhjit Starch And Chemicals Ltd

Reversal of cenvat credit on emergence of exempted by-product Hydrol i.e Acid Oil - Demand of 8% of the sale value of the acid oil - Non maintenance of separate account and inventory of the input/input services used in or in relation to the manufacture of exempted final products and dutiable final products - Held that:- While the main product being manufactured by the respondent i.e , refined vegetable oil being manufactured by M/s Goyal Proteins and Dextrose Monohydrate and Dextrose Anhydrous b.....


224

2015 (6) TMI 777 - SUPREME COURT - Central Excise

COMMISSIONER OF CENTRAL EXCISE, VAPI Versus SYNFAB SALES

Valuation - PTY Twisted Yarn - Factory gate sale or not - allegation that assessee was clearing PTY from its factory gate at a very low value in the name of non-existing firms, while the goods were actually being cleared to godown at Bhiwandi (Maharashtra) and Surat (Gujarat) from where they are subsequently being sold through brokers to actual buyers at a higher value - Held that:- On a perusal of the order passed by the Commissioner and that of the Tribunal, it is luminescent that the assessee.....


225

2015 (6) TMI 776 - BOMBAY HIGH COURT - Central Excise

JSK INDUSTRIES PVT. LTD. Versus UNION OF INDIA

Settlement Commission rejected the application - scope of the powers of the Commission - Bifurcation or segregation of the issues in the show cause notice is permissible or not - Differential duty on aluminium conductors manufactured - Wrong availment of Cenvat credit - Held that:- The term ‘case’ has been defined to mean any proceeding under the Act or any other Act for the levy, assessment and collection of Excise duty, pending before an adjudicating authority on the date on which the Applicat.....


226

2015 (6) TMI 775 - SUPREME COURT - Customs

M/s UP State Bridge Corporation Ltd. Versus Collector of Customs, Allahabad

Valuation of imported machines - Depreciation method in terms of Circular No. 493/124/86-CUS dated 19.11.87 - No sale involved only transfer of goods - Held that:- We find that section 14 of the Customs Act, 1962 deals with valuation of goods for the purposes of assessment.The reading of the aforesaid provision manifests that the valuation of the imported goods is to be arrived at by ascertaining the price at which such or like goods are ordinarily sold or offered for sale for delivery at the ti.....


227

2015 (6) TMI 774 - SUPREME COURT - Customs

M/s Habasit Lakoka Pvt Ltd Versus The Commissioner of Customs (Imports)

Valuation of Jumbo rolls - Import from related party - Held that:- CESTAT has rejected the valuation on following fronts - The original authority also found that the exporting Swiss Company charged the independent importers 20% extra on the basic list price of S-251, A-2 grade materials towards cutting and joining. This extra 20% has been into account and adjusted by the original authorities to compare the prices charged to the respondents and other independent importers. This method adopted by .....


228

2015 (6) TMI 773 - SUPREME COURT - Customs

Commnr. of Customs, Kolkatta Versus M/s. Diascans (India) Ltd.

Reduction of penalty - Exemption under Notification No.64/88-CUS dated 1.3.1988 - Import of Nuclear Magnetic Resonance Scanner, which is a medical instrument - Held that:- Insofar as the payment of duty at the reduced value is concerned, Mr. A.K.Sanghi, learned senior counsel may have something to say, but we find that in the order dated 3.11.2003 passed in this appeal, notice was issued limited to the question of reduction of penalty. Therefore, we refrain from going into the issue raised in t.....


229

2015 (6) TMI 772 - COMPANY LAW BOARD CHENNAI - Corporate Laws

Mr. Nitin Baraskar Versus Mr. Suryakumar Shivsagaran and Others

Non compliance of the provisions of the Company Law Board Regulations, 1991. - Suppression of the material facts - Incorrect statement in the petition - Held that:- I have considered the submissions and examined the relevant provisions of the Indian Companies Act, 1956 and the Regulations made there under. The present petition is filed under Section 397/398 of the Companies Act, 1956. Section 400 of the Companies Act mandates that the Company Law Board shall give notice of every application made.....


230

2015 (6) TMI 771 - BOMBAY HIGH COURT - Corporate Laws

Mrs. Madhu Ashok Kapur Versus Rana Kapoor

Appointment of directors under section 10A of the Banking Act - jurisdiction of the civil court - Held that:- In the first place, when a banking company elects its board as a whole in compliance with section 10A(2), the appointments are not under section 10A and there is no question of any of the directors having a "protected" status under sub-section (6) thereof. If for any reason, including the reason of new appointment/s, retirement/s or removal/s, the composition of the board becomes non-com.....


231

2015 (6) TMI 770 - MADRAS HIGH COURT - Wealth tax

The Commissioner of Income Tax, Chennai Versus M/s. MIL Industries Ltd.

Whether the land at Ambattur sold by the assessee would fall within the exclusion clause of Section 2(ea) of the Wealth Tax Act - Held that:- as the issue involved herein being pure question of fact and as both the Appellate Authorities, after verifying the records, arrived at such conclusion, we find no question of law much less any substantial question of law arises for consideration in these appeals. - Decided against Revenue.


232

2015 (6) TMI 769 - ANDHRA PRADESH HIGH COURT - Income Tax

Commissioner of Income-Tax, Visakhapatnam Versus S. Vijaya Kumar

Entitlement to claim 100% depreciation on the centering/shuttering material - Held that:- The bottles containing the soft drink cannot be stock-in-trade inasmuch as the bottle by itself is not the subject of sale. The customer or the retailer returns back the bottle to the assessee after the soft drink is consumed. Likewise, the shells which are sent to the customer or dealer also come back with the empty bottles and they cannot also be stock-in-trade. What is the function these bottles and shel.....


233

2015 (6) TMI 768 - BOMBAY HIGH COURT - Income Tax

The Commissioner of Income Tax -14 Versus M/s Kewal Silk Mills

Compensation for surrender the tenancy right - Whether the assessee has not termed as tenant as per the Maharashtra rent control act? - whether amount received by assessee on account of transfer of capital assets occupied by assessee within the meaning of "capital gain" even otherwise the deed of surrender of tenancy stated that it is a compensation in connection with loss of business, profit and convenience and hardship due to shifting elsewhere? - Held that:- It is an undisputed position that .....


234

2015 (6) TMI 767 - ALLAHABAD HIGH COURT - Income Tax

Jalan Jee Polytex Ltd. Versus Asstt. Commissioner of Income Tax And Another

Stay of demand - whether assessee be not treated as defaulter under the provisions of Section 220 (6) and the assessee has a good prima facie case in its favour? - Held that:- The Powers of Assessing Officer under Section 220 (6) of the Act, cannot be said to be power to grant stay against the recovery of disputed demand. The said provisions gives discretion to the Assessing Authority, not to treat the assessee in default subject to such conditions as he may think fit, to impose in the circumst.....


235

2015 (6) TMI 766 - ITAT AMRITSAR - Income Tax

Deputy Commissioner of Income Tax Circle-1, Bathinda Versus Ishar Infrastructure Developer (P) Ltd, M/s Royal Deep Construction Co., M/s Bhalaria Constructions, M/s Euro Infrastructure & Power Ltd., M/s Ram Kumar Bansal

Undisclosed closing stock - difference in the value of stock shown to the bank by the assesses in their stock statements issued to the bank and as declared to the income tax department in their returns of income - Held that:- AO relied on the statement of the bank manager in which he stated that physical verification of the stock was carried out, in support of his finding that the appellant possessed larger quantity of stock than the stock as per books of account, but the AO has not been able t.....


236

2015 (6) TMI 765 - ITAT DELHI - Income Tax

Hyundai Heavy Industries Co. Ltd. C/o. M/s. Hemant Arora & Co. Versus ADIT, International Taxation, Dehradun.

Existence of fixed place PE - fixed place PE in Mumbai treating its liaison office as such for the purpose of taxing royalties received from Hyundai Construction Equipment India (P) Ltd. (HCEIPL) - Held that:- The authorities below has simply followed its orders for earlier assessment years on the issue of treating the Mumbai Liasioning Office as PE. However, to decide the issue as to whether Mumbai Liaisoning is PE for the purpose of HCEIPL as well for the purpose of taxing royalties received f.....


237

2015 (6) TMI 764 - ITAT CHANDIGARH - Income Tax

The Income Tax Officer, Ward-Vi (1) , Ludhiana And Others Versus Bhartiya Vidya Mandir Trust And Others

Disallowance of excess utilization of income - CIT (Appeals) in allowing credit for 15% of the gross receipts in working the short fall of the amounts spent when the assessee - Held that:- CIT (Appeals) on proper appreciation of facts in the light of the provisions of section 11 of the Act and the judgment of the Hon'ble Supreme Court in the case of A.L.N. Rao Charitable Trust (1995 (10) TMI 2 - SUPREME Court) rightly decided the issue in favour of the assessee. The learned D.R for the Revenue d.....


238

2015 (6) TMI 763 - ITAT DELHI - Income Tax

Asstt. Commissioner of Income-tax, Circle-2, Ghaziabad and others Versus Vijay Kumar Goel and others

Bogus purchases - AO made the addition only on the basis of statement of Sh. Surendra Kumar Sharma which was retracted later on by stating that no bogus entries were provided either to the assessee or any other person - CIT(A) directed the AO to apply net profit rate of 5% on the said unverifiable purchases - Held that:- AO made the addition merely on the basis of statement of one Sh. Surendra Kumar Sharma, Proprietor of M/s Riddhi Siddhi Enterprises which was later on retracted and it was state.....


239

2015 (6) TMI 762 - ITAT AHMEDABAD - Income Tax

Addplast Agencies Versus ACIT, Central Circle-3, Surat

Validity of Section 153C proceedings challenged - Deemed dividend addition u/s.2(22)(e) - Held that:- Neither there existed any incriminating material as contemplated u/s.153C of the Act nor is the present a case of a valid satisfaction recorded therein. We reiterate that this is a case of search proceedings wherein the Revenue’s powers have to be strictly interpreted. We conclude accordingly that the initiation of section 153C proceedings against the assessee under challenge is liable to be qu.....


240

2015 (6) TMI 761 - ITAT DELHI - Income Tax

Smt. Ruta S Jindal Versus ACIT, Central Circle Ghaziabad

Unaccounted jewellery - joint family system - search u/s 132 - Held that:- Revenue has in some cases considered the jewellery found in the possession of one family members, as jewellery belonging to the other family member. It is undisputed that all these family members are residing together. Under these circumstances the submissions of the assessee that jewellery cannot be said to be kept in water tight compartments in joint hindu families and that the jewellery of one family member is given to.....


241

2015 (6) TMI 760 - ITAT AHMEDABAD - Income Tax

Adani Properties Pvt. Ltd Versus DCIT, Circle-1, Ahmedabad

Disallowances of interest expenses - assessee has running account with the sister concern - Held that:- As far as Assessment Year 2007-08 is concerned, assessee has liquidated its investment of ₹ 100 crore, therefore, a sum of ₹ 100 crore was available with the assessee. During the course of hearing, we have confronted the ld. counsel to show that on liquidation of investment, assessee had realized 100 crore. Because, if the value of shares was diminished on account of fluctuation i.....


242

2015 (6) TMI 759 - ITAT DELHI - Income Tax

M. Sons Gems N Jewellery Pvt. Ltd., (formerly : M Sons Enterprises Pvt. Ltd.) Versus Addl. CIT, Range 6, New Delhi

TDS u/s 194A - addition on account of factoring/discounting charges as no tax at source was deducted - assessee submitted that the factoring charges is not to be treated as interest and is not liable to be deducted at source u/s 194A - Held that:- In the instant case, the Assessing Officer had listed out the distinction between factoring and bill/invoicing discount. It was further held by the Assessing Officer that as per the terms of agreement entered between the assessee and GTF, the “discount.....


243

2015 (6) TMI 758 - ITAT AHMEDABAD - Income Tax

Dr. Jayeshbhai M. Patel, Prop. of Reejay Children Hospital Versus ACIT, Kheda Circle, Nadiad

Unexplained cash credit addition u/s.68 - Held that:- The assessee nowhere disputes contents of the survey statement. He seeks to justify his credits in question by claiming impugned payments of ₹ 3 lac to have been made while acquiring the rented hospital building in the year 1993. However, there is no evidence forthcoming from the case file whatsoever in support thereof. It is made clear that once the assessee has raised this plea of very old payment, it was incumbent for him to place on.....


244

2015 (6) TMI 757 - ITAT MUMBAI - Income Tax

Camoron Finance And Investments And Others Versus Asstt. CIT. 21 (1) , Mumbai And Others

Income received towards amenities - 'income from other sources' or 'income from house property' - Held that:- On going through the amenities agreement, the only amenity to be provided by the lessor to the lessee was in respect of structural repairs to the building let out and to pay municipal and property taxes in respect of the let out property. We fail to understand how these can be termed as amenities in respect of the letting out property. Even if the property is not let out, the assessee h.....


245

2015 (6) TMI 756 - ITAT MUMBAI - Income Tax

Preimus Investment And Finance Ltd. Versus DCIT 3 (2) , Mumbai

Dis-allowance of Interest expenses - Disallowance on ground that RBI not recognised the assessee as NBFC - Disallowance of Carry-forward loss and depreciation - Held that:- Permission/denial by the RBI to register an assessee as NBFC does not decide the issue of carrying of business or make the business illegal. If the assessee had violated any provisions of law under the RBI Act it would be penalised by the appropriate authority. But that does not mean that the systematic organized activity car.....


246

2015 (6) TMI 755 - ITAT BANGALORE - Income Tax

M/s Jeans Knit Pvt Ltd And Others Versus Asstt. Commissioner of Income-Tax, Circle-11 (5) , Bangalore And Others

Eligibility of for deduction u/s 10B - whether approval of the EOU does not automatically make the assessee eligible for deduction u/s 10B of the Act and the deduction is available only after verification? - AO came to the conclusion that it is the reconstruction of the business of FFIPL and hence the assessee was not eligible for deduction u/s 10B - CIT(A) allowed claim - Held that:- There was no transfer of old plant and machinery during the financial year 2004-05, 2005-06 and 2006-07 and furt.....


247

2015 (6) TMI 754 - ITAT BANGALORE - Income Tax

M/s. Krupanidhi Education Trust Versus The Director of Income Tax

Revision u/s 263 - Registration u/s.12A cancelled - when deduction u/s 35(2)(iv) is allowed in respect of capital expenditure on scientific research, no depreciation is allowable u/s 32 on the same asset as held by DIT(E) - Held that:- The issue raised in the ground of appeal is no longer res integra as has been decided in the case of CIT v. Market Committee, Pipli,(2010 (7) TMI 374 - Punjab and Haryana High Court) considering several decisions on that issue and also case of Escorts Ltd. (1992 .....


248

2015 (6) TMI 753 - ITAT PUNE - Income Tax

Sandvik Mining and Construction Tools India Private Limited Versus Income Tax Officer

Reopening of assessment - taxing the receipt of INR 21,138,400 as revenue receipt - Held that:- As in the current assessment year, assessee received a sum of ₹ 2,11,38,400/- as a partial refund of the business purchase consideration on account of certain objections raised by the assessee. The aforesaid amount was accordingly reduced by the assessee from the amount of Goodwill recorded in the books of account.

It is quite clear that upon acquisition of the mining and constructio.....


249

2015 (6) TMI 752 - ITAT PUNE - Income Tax

Nashik District Security Guards Board Versus Commissioner of Income Tax-I

Registration u/s 12A(1)(a) denied - services to the employers who were engaged in business and therefore it was hit by the proviso to section 2(15), therefore, held by the Commissioner that the assessee was not entitled to registration u/s 12A(1)(a) - Held that:- As per the provisions of the Maharashtra Private Security Guards (Regulation of Employment and Welfare) Act, 1981 that the said legislation is intended to regulate the employment of private security guards employed in factories and esta.....


250

2015 (6) TMI 751 - ITAT MUMBAI - Income Tax

Centrum Broking Ltd Versus Asstt. Commissioner of Income Tax

Disallowance of VSAT and Lease line charges u/s 40(a)(ia) - Held that:- This issue has been decided in favour of the assessee in the case of The CIT Vs. M/s The Stock and Bond Trading Company (2011 (10) TMI 172 - BOMBAY HIGH COURT) wherein followed case of “The Income tax Commissioner, Mumbai City-4 Vs. Angel Capital & Debit Market Ltd [2014 (5) TMI 584 - BOMBAY HIGH COURT] to hold that the there is no requirement to deduct tax at source from the payments made to NSE/BSE towards VSAT charges and.....


251

2015 (6) TMI 750 - ITAT DELHI - Income Tax

DCIT, Circle 14 (1) Versus M/s. Pepsico India Holding Pvt. Ltd.

Provisions for leave encashment and gratuity - whether not includable to the book profits u/s 115JB? - Held that:- We following the order of Tribunal in Assessment Year 2000-01 and 2001-02, partly allow the appeal of Revenue by holding that the provisions for leave encashment is ascertained liability.

As regards provisions for gratuity, the argument of Ld. A.R. that in subsequent years Ld. CIT(A) has allowed the relief and Revenue has not filed appeals, therefore, order of Ld. CIT(A).....


252

2015 (6) TMI 749 - CESTAT MUMBAI - Service Tax

M/s Clearpoint Learning Systems (India) Pvt. Ltd. Versus Commissioner of Central Excise, Pune-III

Denial of refund claim - Bar of limitation - Held that:- Following the ruling of the Division Bench of this Tribunal in the case of KPIT Cummins Infosystems Ltd. (2013 (7) TMI 124 (CESTAT-Mum)),and Hon'ble M.P. High Court in STI India Ltd. (2008 (10) TMI 246 - HIGH COURT OF MADHYA PRADESH AT INDORE), I hold that limitation will not apply for claim of refund of CENVAT Credit in case of export of service in terms of Section 11B of the Central Excise Act read with Rule 5 of the Cenvat Credit Rules......


253

2015 (6) TMI 748 - CESTAT NEW DELHI - Service Tax

Dorling Kindersley India Pvt. Ltd. Versus CCE & ST, Noida

Denial of CENVAT Credit - Belated service tax registration - Held that:- Since the eligibility of the appellant to the cenvat credit on the input services has not been disputed by the Department and the only ground taken for disallowance is on account of non-registration of the service provider, I am of the considered opinion that the same is not a valid ground for disallowance of the benefit of refund, to which, the appellant is legally entitled to. - in absence of a statutory provision prescri.....


254

2015 (6) TMI 747 - CESTAT MUMBAI - Service Tax

Commissioner of Central Excise, Kolhapur Versus Chandrashekhar Exports Pvt. Ltd.

Denial of refund claim - Input services used in Export of goods - Notification 41/2007-ST. - Held that:- It is very clear that the refund is payable on the taxable services which the exporter receives and uses for export. Further it has been clarified that the procedural violation by the service provider in the instant case the service provider is registered under Business Support Service or Business Auxiliary Service, (as the case may be) needs to be dealt with separately, independent of the p.....


255

2015 (6) TMI 746 - CESTAT CHENNAI - Central Excise

M/s. S. Karthikeyan & Co. Versus Commissioner of Central Excise, Madurai

Benefit of Notification No.45/2010-ST dated 20/07/2010 - Applicant executed Civil Construction Foundation Work and Erection of Power Transmission and Sub-Station for Tamil Nadu Electricity Board - Held that:- Tribunal in the case of K. Shanmugavelu Vs Commissioner of Central Excise reported in [2014 (7) TMI 936 - CESTAT, Chennai] set aside the demand of tax for the period May,-06 to May,-07 relating to civil structure to facilitate transmission of electricity. In the present appeal, we do not fi.....


256

2015 (6) TMI 745 - CESTAT AHMEDABAD - Central Excise

M/s. GHCL Ltd. Versus C.C.E. & S.T. ' Vapi

Simultaneous exemptions under notification no.29/2004-CE, dt. 09.07.2004 as amended and also notification no.30/2004-CE as amended - Held that:- Decision in the case of M/s. Arvind Ltd. and M/s. Arvind Polycot Ltd. Vs. CCE, Ahmedabad-iii [2014 (6) TMI 271 - CESTAT - Ahmedabad] - impugned order in this case is liable to be set aside - Decided in favour of assessee.


257

2015 (6) TMI 744 - CESTAT BANGALORE - Central Excise

Graphite India Ltd. Versus Commissioner of Central Excise

Denial of CENVAT Credit - whether the appellant is eligible for CENVAT credit of service tax paid on Outdoor Catering Service, Canteen Service and service tax paid on Printing and Stationery expenses - Held that:- appellant is eligible for the benefit of CENVAT credit. As regards Printing and Stationery, the learned consultant submits that the Printing and Stationery expenses relate to printing of job cards etc for use in the factory. I find that in respect of these services credit should be all.....


258

2015 (6) TMI 743 - CESTAT CHENNAI - Customs

T.V. Shanmugam, Sanco Trans Limited. Versus Commissioner of Customs (Seaport-Export) , Chennai

Penalty upon CHA and CFS u/s 114 - smuggling of red sanders - Misdeclaration of goods - Confiscation of goods - Held that:- Xharges levelled against the CHA is that he has failed to discharge the functions as a CHA and no other evidences have been brought out by the adjudicating authority to establish the role of the appellant in the attempt of smuggling of red sanders. By respectfully following the Hon ble High Court s decision (2015 (1) TMI 1032 - MADRAS HIGH COURT), I hold that penalty impose.....


259

2015 (6) TMI 742 - CESTAT NEW DELHI - Customs

Power Grid Corporation of India Ltd. Versus C.C.E., & Customs, Jaipur II

Exemption in terms of Notification No.108/95-CE. - Refund claim - Funding by World Bank - Held that:- Problem was being faced by the appellant at various projects and some of matters went in appeal before the Commissioner at other places and were decided in their favour. Revenue challenged the said decisions before the Tribunal. We find that Tribunal vide [2013 (4) TMI 707 - CESTAT NEW DELHI] rejected the appeals filed by Revenue. Another decision in the appellant’s own case is reported as Power.....


260

2015 (6) TMI 741 - CESTAT MUMBAI - Service Tax

M/s Infosys Technologies Ltd Versus Commissioner of Central Excise, Pune- I

Denial of refund claim - Classification of service - Consulting Engineers Service or Maintenance or Repair Service - Difference of opinion - matter is placed before the Hon'ble President for reference to the Third Member on the following points:-

(i) Whether under the facts and circumstances, software will be treated as 'goods' w.e.f. 9.7.2004 in view of clarification vide Ministry of Finance, Department of Revenue's letter F.No. 256/1/2006-CX.4 dated 7.3.2006 read with Circular No. .....


261

2015 (6) TMI 740 - CESTAT MUMBAI - Service Tax

M/s Vodafone Essar Ltd Versus Commissioner of Service Tax, Mumbai

Valuation - whether during April 2003 to September 2006 distribution of free of recharge voucher attracts service tax liability or otherwise despite the fact that the recharge voucher are given free of cost to the dealers as consideration for commission. - Held that:- Appellant is discharging the service tax liability under the category of "Telephone Services" on an amount received by them from distributors/dealers for the sale of prepaid SIM Cards; the SIM Cards are sold to the distributors/de.....


262

2015 (6) TMI 739 - CESTAT MUMBAI - Service Tax

Alfa Laval (India) Ltd, Employees Co-Operative Consumers Society Versus Commissioner of Central Excise, Pune-I

Outdoor catering service - whether the appellant during the relevant period 10.9.2004 to 31.7.2009 would be covered under the service tax net under the category of outdoor catering service or otherwise - Held that:- A person who supplies directly or indirectly any food, edible preparations, alcoholic or non-alcoholic beverages or crockery and similar articles or accoutrements for any purpose of occasion, is a "caterer". - Appellant is a separate entity in the eyes of law and engages various pers.....


263

2015 (6) TMI 738 - UTTARAKHAND HIGH COURT - VAT and Sales Tax

Commissioner, Commercial Tax, Uttarakhand, Dehradun Versus M/s. Ballarpur Industries Ltd.

Violation of Section 4-B(5) - Whether the learned Tribunal was legally justified in holding, as per facts and circumstances of the case, that there is no violation of Section 4-B(5) of Trade Tax Act - Held that:- A perusal of Section 4-B(2) of the Act would show that it contemplates grant of recognition certificate when a dealer requires any goods referred to in sub-section (1) for the purpose of either manufacturing goods or processing goods by him which are notified goods or in the packing of .....


264

2015 (6) TMI 737 - CESTAT CHENNAI - Central Excise

M/s. Shri Kaderi Ambal Steel Ltd. Versus CCE & ST, Coimbatore

Waiver of pre dpeosit - Annual Capacity Production - compound levy scheme on re-rolling mills - Held that:- Decision in the case of [2015 (6) TMI 587 - CESTAT CHENNAI] followed - impugned order confirming the demand is set aside and the matter is remanded to the original authority with the direction to follow the directions ordered in Tribunal s Final order dated 24.02.2015 and decide on merits after determining the ACP. - Decided in favour of assessee.


265

2015 (6) TMI 736 - CESTAT MUMBAI - Central Excise

M/s. Tata Motors Ltd Versus Commissioner of Central Excise, Pune-I

Levy of Automobile Cess on tractors - Whether Cess would be applicable on the Tractors cleared by the appellant during the period of Jun 2001 to Dec 2001 - Held that:- Appellant are liable to pay @18% even though in the demand notice it was proposed to be recovered under Sr. No. 7 while tractors are more specifically covered under Sr. No. 10. We observe that even Sr. no. 7 is wide enough to cover the said goods. However, since tractors are specifically listed in Sr. No. 10, these will be covered.....


266

2015 (6) TMI 735 - CESTAT NEW DELHI - Central Excise

M/s Shri VK Gupta (Ex Employee Margra Ind Ltd, Shri Pramod Nigam, Shri Manoj Gupta, Shri Abbas Ali Versus Commissioner of Central Excise, Noida

Evasion of duty - clandestine removal of goods - Imposition of penalty - Held that:- Role of Shri V K Gupta as described in para 4.301 and 4.302 of the impugned order is not covered by the activities enumerated in rule 209A of Central Excise Rule 1944/ Rule 26 of the Central Excise Rule 2001/02 for which penalty is attracted and similarly the Role of Shri VK Gupta is also not covered by the activities enumerated in section 112(b) of the Customs Act 1962 which would attract penalty. Shri VK Gupta.....


267

2015 (6) TMI 734 - CESTAT NEW DELHI - Central Excise

M/s. Jindal Drugs Ltd. Versus Commissioner of Central Excise, Jammu

Denial of CENVAT credit - credit on ASTM, shapes and sections, joists, MSI beam, MS angle, channel, welding rods and black sheet as capital goods - items do not fall under the definition of Capital goods as per Rule 2A of the Cenvat Credit Rules, 2004 - Held that:- Cenvat credit on the items in question was availed by the appellant during the period 2006-2007 up to 15.2.09 and in their show cause notice, it has been recorded that appellant vide their letter dated 3.3.2010 contended that the Cenv.....


268

2015 (6) TMI 733 - CESTAT NEW DELHI - Central Excise

Shri Suresh Kumar, Manager, M/s Brite Shoe Factory, M/s Delhi Footwear, M/s New Advance Shoe Factory, M/s Ashoka International, M/s Ashoka Boot Factory Shri Sunil Gupta, Partner, M/s Rajiv Shoe Factory, M/s DB Footwear, M/s Combat Boot Company, M/s Mahajan Boot Factory Versus Commissioner of Central Excise, Kanpur

Valuation of goods - Exemption under notification No.5/06-CE dated 01/3/06/(Sl.No.5) - Whether the retail price was indelibly printed or embarks on the shoes - Held that:- Director of the appellant company had initially given the statement that the price was not being printed or embossed but he has subsequently retracted his statement. Other than this, there is no evidence that the appellant were not complying with this condition. - Even if in respect of a product being supplied to institutiona.....


269

2015 (6) TMI 732 - SUPREME COURT - Customs

Union of India & Others Versus M/s Param Industries Ltd. & Others

Effective date and time of effective Rate of Duty - Effect of notification - bill of entry was filed filed on 03.08.2001 - notification was sent for publication after the normal office hours, i.e., much after 5 p.m. on 03.08.2001. - Held that:- For bringing the notification into force and make it effective, two conditions are mandatory, viz., (1) Notification should be duly published in the official gazette, (2) it should be offered for sale on the date of its issue by the Directorate of Publici.....


270

2015 (6) TMI 731 - SUPREME COURT - Customs

Secretary (Revenue) Government of India And Another Versus Dyestuffs Manufacturers Association of India And Others, M/s Hindustan Organic Chemicals Ltd And Others Versus Secretary (Revenue) Government of India And Others

Levy of anti dumping duty - designated authority found that Aniline originating in, or exported from, European Union was exported to India below normal value, resulting in dumping - The finding arrived at applying the best judgment assessment - Tribunal set aside the anti dumping duty - Held that:- It is a case where the Designated Authority applied the provisions of Rule 6(8) of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determi.....


271

2015 (6) TMI 730 - SUPREME COURT OF INDIA - Customs

Commissioner of Customs (Imports) , Mumbai Versus Gujarat Research & Medical Institute

Import of certain medical equipments - Exemption from payment of Customs duty under the Notification No. 64/1988-Customs - Held that:- Tribunal in certain cases has directed the Commissioner to consider the applicability and admissibility of the said Notifications to the assessees and if the notifications are applied the appellant-assessee would only be liable to pay the duty as per the rate fixed by the Central Government at the relevant time. Without entering into the justifiability of the sub.....


272

2015 (6) TMI 729 - COMPANY LAW BOARD MUMBAI - Corporate Laws

Shri Pankajbhai Shambhubhal Patel & Anr Versus M/s. Times Life Science Pvt. Ltd. & Ors.

Charges of oppression and mismanagement - Section 397, 398 read with Sections 402 of the Indian Companies Act, 1956 - Several changes in the shareholding pattern and in the composition of the Board of Directors of the Company from time to time by adopting illegal means and without following the provisions of the Companies Act, 1956 - Unexplained delay and lathes in filing application - Held that:- I have come to the conclusion that this company petition is not a bonaflde petition. According to t.....


273

2015 (6) TMI 728 - ITAT AHMEDABAD - Wealth tax

ACIT (OSD) , Circle-5, Ahmedabad Versus M/s. Prasad Machinery Pvt. Ltd.

Valuation - Addition in net wealth - Held that:- Revenue seeks to restore the Assessing Officer’s findings treating assessee’s industrial sheds in question as taxable under the provisions of wealth tax law. It has come on record that the assessee is utilizing the same in its business of plastic processing machineries and generates revenue therefrom. The lower appellate authority has exempted these sheds from being assessed by quoting section 2(ea)(5) of the Act. It also quotes case law of the tr.....


274

2015 (6) TMI 727 - MADRAS HIGH COURT - Income Tax

The Commissioner of Income Tax, Central Circle III (4) Versus Shri S. Duraipandi & S. Thalavaipandian (AOP) , C/o. CNGSN & Associates

Condonation of delay - Held that:- Tribunal has gone in depth into the various proceedings that had been undertaken by the assessee before approaching the Commissioner of Income Tax (Appeals) for pursuing the appeals and the delay is not on account of the inaction on part of the assessee, but on account of availing remedies before various forums including before the Tribunal, the details of which have already been set out in the order of the Tribunal. Since the assessee has not chosen to pursue .....


275

2015 (6) TMI 726 - PUNJAB & HARYANA HIGH COURT - Income Tax

Bhupinder Singh Chauhan Versus Commissioner of Income Tax, Karnal

Computation of capital income - Tribunal having held the appellant's agricultural income to be ₹ 9 lacs as against the claim of ₹ 12 lacs - Held that:- The Tribunal has considered in detail the evidence. The Tribunal for instance considered the income of the Assessee even during the previous years which was substantial. The Tribunal therefore, came to the conclusion that the assessee had been engaged in agricultural activity. The main dispute related to the agricultural activities. I.....


276

2015 (6) TMI 725 - ITAT CHANDIGARH - Income Tax

Hycron Electronics, M/s Stove Kraft India, M/s Vanser Metallics, M/s Sansui Electronics, , Lyon DC, Cutting Edge Technologies, M/s UPS Invertor Com, Shri Rakesh Verma, Usaka Electricals, M/s Digital Systems Inc, Admac Formulations, Shri Vipan Gupta Versus Income Tax Officer, Ward-2, Baddi And Others

Deduction u/s 80-IC - CIT(A) restricting deduction to 25%i instead of 100% claimed by the appellant in the sixth year of operation of new industrial undertaking - Held that:- Before the introduction of section 80IC which is before us for consideration, the deduction to the backward states was available in terms of section 80IB(4). The third proviso makes it clear that after 31.3.2004, this deduction will be available only u/s 80IC. The sub section further makes it clear that deduction would be @.....


277

2015 (6) TMI 724 - ITAT BANGALORE - Income Tax

LSI Technologies India Private Limited Versus The Income-Tax Officer, Ward 11 (2) , Bangalore

Transfer pricing adjustment - adjustment in the arm’s length price(ALP) of international transaction - selection of comparable - Held that:- M/S.Accel Transmatic Limited (seg.), Avani Cincom Technologies Ltd., Celestial labs Limited and KALS Infosystems Ltd. need to be excluded from the list of comparable as decided in ase of First Advantage Offshore Services Pvt.Ltd. Vs. DCIT IT [2012 (2) TMI 478 - ITAT BANGALORE ].

Avani Cincom Technologies Ltd. (‘Avani Cincom’)unusually high profi.....


278

2015 (6) TMI 723 - ITAT BANGALORE - Income Tax

The Income Tax Officer, Ward 12 (2) , Bangalore and others Versus M/s. Sunquest Information Systems (India) Private Limited and others

Transfer pricing adjustment - CIT(A) allowed partial relief to assessee - selection of comparables - improper application of the RPT filter by the CIT(A) as per revenue - Held that:- It is not in dispute before us that this Tribunal, in the cases of 24/7 Customer Pvt. Ltd. ( 2013 (1) TMI 45 - ITAT BANGALORE), Sony India Private Ltd. reported in (2008 (9) TMI 420 - ITAT DELHI-H ) and various other cases has taken a view that comparables having RPT of upto 15% of total revenues can be considered. .....


279

2015 (6) TMI 722 - ITAT MUMBAI - Income Tax

Five Stars Shipping Co. Pvt. Ltd. and others Versus Dy. Commissioner of Income Tax- Central Circle – 47 and others

Treatment to Agricultural income - CIT(A) held that the expenditure incurred for earning agricultural income has to be set off against the income from agricultural operations and the resultant loss from agricultural operations was treated as the net disallowance u/s 14A - Held that:- The finding recorded by the ld. CIT(A) has not been controverted by the ld. D.R. by bringing any positive material on record, we, therefore, find no reason to interfere with the findings recorded by the ld. CIT(A) h.....


280

2015 (6) TMI 721 - ITAT- HYDERABAD - Income Tax

Andhra Pradesh State Housing Corporation Ltd Versus Director of Income-tax

Non-granting of registration u/s 12A - the basic intention of the assessee company is to earn profit out of its activities and to make payment of dividend out of the same to the concerned persons / authorities - Held that:- As seen from the Memorandum of Association and Articles of Association filed by the assessee before us, the object of the assessee cannot be said that it is in the nature of general public utility and the objects stated therein make the assessee a commercial orginsation and .....


281

2015 (6) TMI 720 - ITAT PUNE - Income Tax

Asstt. Commissioner of Income Tax, Ahmednagar Circle, Ahmednagar Versus Smt. Asha Ashok Boob Prop-Shri Tiles

Entitlement to benefit of deduction u/s. 54F - long term capital gain on sale of shares invested towards purchase of a flat - allegation of the AO that it is only a lease and not a purchase - Assessing Officer denied the deduction on the ground that the assessee has made the claim under wrong provision and the correct provision is Section 54F - CIT(A) allowed claim of deduction u/s. 54F issue as raised in additional ground - Held that:- Hon'ble Bombay High Court in the case of Pruthvi Brokers a.....


282

2015 (6) TMI 719 - ITAT DELHI - Income Tax

DCIT, Circle-11 (1) , New Delhi and others Versus Ester Industries Ltd. and others

Addition of prior period expenses - CIT(A) deleted the addition - Held that:-In the facts of the present case there is no reference to any evidence having been considered by the CIT(A) to hold that the expenses stated to be incurred in June 2014 to August 2005 actually pertained to setting up some new business, reference there to is completely missing in the pleadings and the finding. Similarly what is the evidence to show that the specific venture was abandoned is also found missing. Nothing is.....


283

2015 (6) TMI 718 - ITAT DELHI - Income Tax

Ambience Hotel & Resort Pvt. Ltd. and others Versus Commissioner of Income-tax

Revision u/s 263 - CIT directing the A.O. to examine the issue that the lease rental incomes from shops/retail space owned by Ambience Hotels & Resorts Ltd. should not be assessed in the assessee’s hands but in the hands of Ambience Hotels & Resorts Ltd.- Held that:- It is now a established proposition of law that for invocation of the provisions laid down under sec. 263 of the Act, both the ingredients i.e. firstly the assessment order must be erroneous and secondly it must be prejudicial to th.....


284

2015 (6) TMI 717 - ITAT BANGALORE - Income Tax

M/s. AT & T Global Business Services India Pvt. Ltd. Versus Income-tax Officer, Ward 11 (1) , Bangalore

Transfer pricing adjustment - selection of comparable - Held that:- Celestial Biolabs Ltd., Infosys Technologies Ltd., Tata Elxsi Ltd., Wipro Ltd., Kals Information Systems Ltd., Persistent Systems Ltd., Avani Cimcon Technologies Ltd., Thirdware Solutions Ltd., Lucid Software Ltd., Quintegra Solutions Ltd., E-Zest Solutions Ltd. and Softsol India Ltd. are to be excluded from the list of final comparables as to be functionally dissimilar with that of assessee. See case of 3DPLM Software Solutions.....


285

2015 (6) TMI 716 - ITAT BANGALORE - Income Tax

The Income Tax Officer, Ward 2 (3) , Mangalore Versus The Sumangala Credit Co-operative Society Ltd., Panemangalore

Eligibility to exemption to the assessee u/s. 80P(2)(a)(i) - CIT(A) allowed claim holding that the assessee is a cooperative society and not a co-operative bank and therefore the provisions of section 80P(4) of the Act are not applicable - Held that:- The Hon’ble Karnataka High Court in the case of CIT Vs. Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha, Bagalkot, [2015 (1) TMI 821 - KARNATAKA HIGH COURT] has held that a credit co-operative society giving credit to its members is not hit.....


286

2015 (6) TMI 715 - ITAT MUMBAI - Income Tax

Mr. Lakhamshi J. Gala Versus The DCIT, Cen. Cir. 12, Mumbai

Penalty Order u/s. 271(1)(b) r.w.s. 274 - Held that:- In the present case assessee has never been put to the notice to explain as to why penalty should not be imposed under section 271(1)(b) as there was only an indication in the notice issued under section 142(1) that the failure of the assessee to attend the proceedings on 12/2/2013 would entail the assessee for levy of penalty under section 271(1)(b) of the Act. But that cannot be said to be fulfillment of the requirement of section 274(1) as.....


287

2015 (6) TMI 714 - ITAT MUMBAI - Income Tax

M/s. Infinity Industries Pvt. Ltd. Versus The DCIT, Cen. Cir. 12, Mumbai

Penalty Order u/s. 271(1)(b) r.w.s. 274 - Held that:- In the present case assessee has never been put to the notice to explain as to why penalty should not be imposed under section 271(1)(b) as there was only an indication in the notice issued under section 142(1) that the failure of the assessee to attend the proceedings on 12/2/2013 would entail the assessee for levy of penalty under section 271(1)(b) of the Act. But that cannot be said to be fulfillment of the requirement of section 274(1) as.....


288

2015 (6) TMI 713 - ITAT AHMEDABAD - Income Tax

ACIT, Ahmedabad Versus Amrapali Capital & Financial Services Ltd.

Long Term Capital Gain on sale of shares of BSE Ltd. - revised computation submitted by the assessee during assessment proceedings - Held that:- The CIT(A) has accepted the assessee’s revised computation as per section 55(2)(ab) of the Act. The Assessing Officer had refused the very relief by quoting the case law of Goetze (India) Ltd. (2006 (3) TMI 75 - SUPREME Court) and also the fact that the time limit for filing revised return had already elapsed. This is not the Revenue’s case that the as.....


289

2015 (6) TMI 712 - ITAT AHMEDABAD - Income Tax

Income-tax Officer, Ward-1 (1) , Baroda Versus M/s Cube Mines & Minerals (P) Ltd, Baroda.

Difference in valuation of closing stock - CIT(A) deleted addition - Revenue argued that the assessee company had not shown any finished or sorted material in the return of income - Held that:- The assessee has placed a paper book containing its audited annual accounts, taxaudit report, certified valuation of stock by expert Lab Technician, invoices for the purchase of raw materials @ ₹ 275/- per MT. Page 32 of the paper book describes sorting of manganese ore in four different rate-wise c.....


290

2015 (6) TMI 711 - ITAT AHMEDABAD - Income Tax

M/s. Jindal (India) Textiles Versus ITO, Ward 2 (2) , Surat

Unexplained cash credits u/s.68 - unsecured loans - Held that:- The Revenue strongly refers to the Assessing Officer’s findings. However, we tend to disagree with the same. The creditors’ bank statements maintained with the United Bank of India bearing no. 0521010049760 and 49757 duly proved these loan payments as well as repayments thereof. For instance, the assessee obtained sums of ₹ 4 lacs, ₹ 1 lac and ₹ 2,90,000/- on 27, 28 & 29th March, 2006; respectively. Thereafter, it .....


291

2015 (6) TMI 710 - ITAT AHMEDABAD - Income Tax

Abhishek Engineers (P) Ltd. Versus Income-Tax Officer, Ward 1 (1) , Ahmedabad

Disallowance of depreciation on the motor car - Held that:- For all practical purposes the car was owned by the company. The expenses have been debited in the accounts of the company. A similar issue had come up in the case of CIT vs. Basti Sugar Mills Co. Ltd. (2002 (5) TMI 27 - DELHI High Court) wherein upheld the allowance of depreciation on the car which was not registered in the name of company but used for the business purposes of the company. Also see CIT vs. Navdurga Transport Co. (1997 .....


292

2015 (6) TMI 709 - ITAT AHMEDABAD - Income Tax

H.K. Dave Ltd. Versus Tax Recovery Officer, Range -1, Bhavnagar,

Invoking the provisions of Section 172 r.w.s. 163 - non affording any opportunity of hearing - Held that:- Scheme of taxation 172 lays emphasis the tax object, i.e. the activity which is to be taxed, and not the tax subject, i.e. the person who is to be taxed. Therefore, when a person assumes liability, by filing return under section 172(3) in respect of tax liability under section 172(2), such a liability is qua the taxability of income in respect of the amount paid or payable on account of car.....


293

2015 (6) TMI 708 - ITAT CHENNAI - Income Tax

The Asstt. Commissioner of Income-tax Company Circle II (3) , Chennai Versus M/s India Shoes Exports P. Ltd and ISIS Exports P. Ltd

Disallowance u/s 40(a)(i) - 'Export Sales Commission' payments made to the non resident u/s.195 - CIT(A) deleted the disallowance - whether the assessee’s commission payments made to its overseas agents in lieu of procuring export orders amount to ‘fee for technical services’ or not u/s 9(1)(vii)? - Held that:- Section 9(1)(vii)(b) has to be taken as part of section 9(1)(vii). Once the former provision stipulating fee for technical services itself is not applicable, latter limb cannot be invoke.....


294

2015 (6) TMI 707 - BOMBAY HIGH COURT - Corporate Laws

Madhu Ashok Kapur and Others Versus Rana Kapoor and Anothers

Right vested by the Articles of Association denied - Control of Yes Bank - Family dispute - Held that:- Yes Bank’s Articles do contain a set of proprietary and participative rights; particularly in Article 110(b). These are rights that are attached to shares, and flow from, and only from the shareholding of Ashok Kapur and Rana Kapoor.

Of these various rights, the right to recommend under Article 110(b) decidedly is not and never was personal to either Ashok Kapur or Rana Kapoor. It .....


295

2015 (6) TMI 706 - ITAT AHMEDABAD - Income Tax

Income Tax Officer, Ward-11 (4) , Ahmedabad Versus M/s. Mukeshkumr & Co.

Unexplained cash credits u/s. 68 - CIT(A) deleted the addition - Held that:- The assessee established the genuineness of the transaction of both the creditors since the loan was taken by account payee cheque and credited to the bank account of the assessee hence clear transaction was effected through banking channel. The creditworthiness of the creditors were filed by copy of relevant bank account of the creditors, the bank account, complete address of the holder and clearing cheque of the credi.....


296

2015 (6) TMI 705 - ITAT AHMEDABAD - Income Tax

Shri Matruprasad C. Pandey Prop. M/s. Transworld Telecommunication Versus ITO, Ward-9 (2) Ahmedabad

Addition u/s 41(1) - outstanding credit balances of certain parties brought forward from earlier years - Held that:- It is an admitted fact that the assessee has not written off the credit balance of the certain parties brought forward from earlier years, and they are appearing in the liability side of the balance sheet of the assessee. The issue of disallowance thereof under section 41(1) of the Act is covered in favour of the assessee with the decisions of the Hon’ble Gujarat High Court CIT V.....


297

2015 (6) TMI 704 - ITAT CHANDIGARH - Income Tax

M/s Ansysco and M/s Ansysco Sunrise Complex Versus The Addl. CIT, Chandigarh

Denial of deduction u/s 80IC in respect of 'Other Income" - Interest received on refund of excess recovery by HIMUDA, Award reed from Government, Interest on IT Refunds and Foreign Exchange Fluctuation - CIT(A) agreeing with the AO that the said income was not derived from the business of the eligible Undertaking - Held that:- While deciding appeal of the revenue upheld the order of Commissioner of Income Tax (Appeals) in allowing deduction under section 80IC of the Act on Miscellaneous Income, .....


298

2015 (6) TMI 703 - ITAT AHMEDABAD - Income Tax

ITO, Ward-11 (4) , Ahmedabad Versus M/s. Puranmal Dhanulal Shah (HUF) and M/s. Shravankumar Puranmal Shah (HUF)

Unexplained cash credit taxed u/s.68 - CIT(A) deleted the addition - Held that:- We are not in agreement with the argument of learned DR, firstly, that both the assessees have discharged their primary onus as prescribed u/s.68 of IT Act and secondly that the order on which learned CIT(A) had placed reliance stood confirmed by the Respected Co-ordinate Bench in the case of M/s. Mukesh Kumar and Co. [2015 (6) TMI 706 - ITAT AHMEDABAD]. We, therefore, hereby confirm the factual as well as legal fi.....


299

2015 (6) TMI 702 - Cestat- Ahmedabad - Central Excise

M/s ASR Multimetals Pvt. Ltd Versus CCE Rajkot

Waiver of pre-deposit - utilization of credit of Basic Excise Duty - discharge of Education Cess - Held that:- High Court of Gujarat in the case of Madura Industries Textiles in [2013 (1) TMI 352 - GUJARAT HIGH COURT], has upheld the order of the Tribunal, wherein this view was taken. Since the issue has attained some kind of finality by the judgment of Hon'ble High Court of Gujarat, we find that the impugned order which holds against the appellant is unsustainable and is liable to be set aside. - Decided in favour of assessee.


300

2015 (6) TMI 701 - DELHI HIGH COURT - Customs

Narcotics Control Bureau vs Chen Ching Sung

Challenge to acquittal of the Respondent under offence under Sections 22 and 23 of the Narcotics Drugs & Psychotropic Substances Act, 1985 - Held that:- when a passenger, boarding an international flight presents a ticket at the airlines counter, his baggage is weighed and a baggage tag is issued which is then affixed either on the ticket or on the boarding pass. The passenger has to physically present himself at the counter with the baggage he wishes to check in. In many airports the baggage is.....


301

2015 (6) TMI 700 - CESTAT NEW DELHI - Central Excise

AJMER FOOD PRODUCTS PVT. LTD. Versus COMMISSIONER OF CENTRAL EXCISE, JAIPUR

Benefit of Cenvat credit - whether the appellant is liable to reverse the Cenvat credit of ₹ 61,000/- approx. which has been used by them for payment of duty in respect of goods produced and cleared by them on 4th and 5th May, 2007 which was not in any case payable by them, Cenvat credit of ₹ 61,000/- was be available to them if they are liable to pay duty - Held that:- The same was reversed by paying duty liability on the goods which were not required to pay any duty. As such by usi.....


302

2015 (6) TMI 699 - ITAT CHENNAI - Income Tax

Smt. Padma Vashi Shewaramani Versus The Assistant Director of Income Tax, International Taxation

Disallowance u/s 14A read with Rule 8D - assessee is a non-resident individual - Held that:- AO has applied Rule 8D for making disallowance on income not chargeable to tax. The Hon'ble Bombay High Court in the case of Godrej and Boyce Mfg. Co. Ltd. (2010 (8) TMI 77 - BOMBAY HIGH COURT) has held that the provisions of Rule 8D are applicable from assessment year 2008-09. Thus, to the impugned assessment year, i.e. assessment year 2007-08, the provisions of Rule 8D will not be applicable. However,.....


303

2015 (6) TMI 698 - CESTAT AHMEDABAD - Central Excise

M/s Electrotherm India Ltd., M/s Wespun Corpn. Ltd, M/s Sky Appliances Ltd Versus Commissioner, Central Excise & Service Tax, Rajkot

Utilization of basic excise duty - Whether the Appellants are eligible to utilize the Basic Excise Duty for payment of Education Cess and Secondary & Higher Education Cess leviable on the final product. - Held that:- Decision in the case of M/s Ajanta Mfg. Ltd Vs CCE Rajkot [2015 (6) TMI 662 - CESTAT AHMEDABAD] and CCE Vs Madura Industries Textiles [2013 (1) TMI 352 Gujarat High Court] - Decided in favour of assessee.


304

2015 (6) TMI 697 - MADRAS HIGH COURT - Service Tax

M/s. Visranthi Builders Versus Customs, Excise and Service Tax Appellate Tribunal, The Commissioner of Central Excise

Penalty u/s 76 - Whether Sections 76 and 80 of the Finance Act, 1994 as amended warrant levy of penalty equal to amount of Service Tax by way of mandatory condition or any discretion is left with the authorities for imposing such penalty - Held that:- This is a case of deliberate suppression of facts with a willful intention to evade payment of Service Tax and the evasion would not have come to light but for the investigation conducted by the Officers. On a revision, the Commissioner (Appeals) i.....


305

2015 (6) TMI 696 - GUJARAT HIGH COURT - Service Tax

Gopala Builders Versus Directorate General of Central Excise Intelligence And 1

Recovery of service tax - Recovery before adjudication of upon the matter and fixed the quantum of service tax - Held that:- It cannot be disputed that even before adjudication, the respondents could recover the amount. But on the assumed basis, the recovery which is being made that smacks with arbitrariness - Decision in the case of Technomaint Contractors Limited v. Union of India, reported in [2014 (4) TMI 882 - GUJARAT HIGH COURT] followed - the petitioner is entitled for interim order - re.....


306

2015 (6) TMI 695 - CESTAT MUMBAI - Service Tax

M/s Tata Steel Ltd. Versus Commissioner of Service Tax, Mumbai-I

Demand of service tax - Banking and other Financial services - taxability of 'Arrangement fees - Service Tax on Agent's Bank fee - Invocation of extended period of limitation - Difference of opinion - matter to be placed before the Hon'ble President for reference to the Third Member on the following points:-

(i) Whether in the facts and circumstances of the case, the Arrangement fee and Agent's Bank fee are taxable in the hands of the appellant company in view of the findings recorded.....


307

2015 (6) TMI 694 - CESTAT MUMBAI - Service Tax

Sadhana Educational & People Development Services Pvt Ltd, Sadhana Educational & Empowerment Foundation, Institute of Management Education Versus Commissioner of Central Excise, Pune-III

Commercial Training and Coaching service - vocational training - valuation - exemption under Notification 24/04-ST - levy of penalty - Held that:- From the course content, it is clear that courses are academic in nature and covers broad spectrum of subjects as diverse as Micro Economic, Business Communication, Psychology & Organizational Behaviour, Commercial Laws, Computer based Data-Analysis, Corporate Finance, Negotiation & Contracting. In the second year, courses though gets limited to the f.....


308

2015 (6) TMI 693 - CESTAT MUMBAI - Central Excise

Commissioner of Central Excise, Mumbai-I Versus M/s. Hindustan Lever Ltd.

Transfer of CENVAT Credit - Sale of manufacturing unit alongwith raw material and semi finished goods - Duty demand in respect of inputs and semi finished goods transferred to the buyers of the unit - inputs were not used by the appellant in the manufacture of the final product - Held that:- Though the manufacturing unit was sold by the appellant to M/s. Bon Ltd. but sale is on as where is basis. Accordingly, the input in question was not removed from the factory and therefore in absence of remo.....


309

2015 (6) TMI 692 - CESTAT NEW DELHI - Service Tax

M/s Vishnu Chemicals Versus Commissioner of Central Excise And Service Tax, Raipur

Waiver of pre deposit - CENVAT Credit - invoices issued in the name of the Corporate Office and distributed the credit to various units under ISD invoices - according to the department, this service tax cenvat credit is in respect of the service which had been entirely used in the Vizag Unit and, therefore, the service tax credit in respect of this service which was received and used by Vizag Unit was not available to the appellant unit located at Bhilai

Held that:- There was no provi.....


310

2015 (6) TMI 691 - CESTAT NEW DELHI - Central Excise

Trimurti Fragrances Pvt Ltd Versus Commissioner of Central Excise And Service Tax, Kanpur

Determination of capacity of production - Appellants were manufacturing Pan Masala containing tobacco known as Gutka with two Retail Sale Prices namely, ₹ 1.00 per pouch and ₹ 0.50 per Pouch - two different RSPs of the goods manufactured by them was falling in the same slab – what is the "new retail sale price" and whether an RSP different from existing RSP belonging to the same RSP slab of the various RSP slabs mentioned in Rule 5 can be treated as the "new RPS" for the purpose of t.....


311

2015 (6) TMI 690 - CESTAT CHENNAI - Central Excise

M/s JSW Steel Ltd Versus Commissioner of Central Excise, Salem

Cenvat credit - Runner Mass in the nature of input or capital goods - whether it is to be treated as an input for manufacture of the final product and eligible for 100% credit or it is a part of the capital goods and not eligible for 100% credit, whether the appellants are liable for penalty and whether the demand is hit by limitation or otherwise - Held that:- runner mass is not even used inside the furnace but it is used in the runner path which allows smooth flow of the molten metal therefore.....


312

2015 (6) TMI 689 - CESTAT BANGALORE - Central Excise

Dynamatic Technologies Ltd Versus Commissioner of Central Excise Service Tax And Customs, Bangalore-II

Exemption Notification No.10/2003 - CENVAT Credit - appellants had manufactured and cleared hand pumps by availing exemption - Held that:- Assessee is required to file an application along with a Chartered Accountant certificate after making payment of the amount of duty with interest. If the Commissioner finds that the amount paid is not correct, he is required to ensure that the verification is done within two months and the shortfall, if any, is intimated to the assessee within two months and.....


313

2015 (6) TMI 688 - High court of Gujarat - Customs

B.S. SCAFF FOLDING INDUSTRIES Versus UNION OF INDIA

Duty drawback claim - Seizure of goods - Held that:- Circular No. 1/2011-Customs dated 4.11.2011 and Circular No. 30/2013-Customs dated 5.8.2013 require exporter to execute a bond of an amount equal to the value of goods and furnish appropriate security in order to cover the redemption fine and penalty in case goods are found to be liable to confiscation. We have directed the petitioner to furnish bond of 100% value of the goods. - goods of the petitioner shall be released for export provided t.....


314

2015 (6) TMI 687 - CESTAT MUMBAI - Customs

M/s DSM Sinochem Pharmaceuticals India Pvt Ltd Versus Commissioner of Customs (Imports) , Mumbai-II

Denial of refund claim - Refund of SAD - Bar of limitation - Held that:- there is no limitation for refund of SAD prescribed under Section 27. Further, I agree with the Hon'ble High Court as held in Sony India case (2014 (4) TMI 870 - DELHI HIGH COURT), that limitation period cannot be started before the claim has crystallized. Accordingly, I hold that the appellant is entitled to refund of SAD. - Decided in favour of assessee.


315

2015 (6) TMI 686 - COMPANY LAW BOARD NEW DELHI - Corporate Laws

Naresh N. Shah & Ors. Versus Larson & Toubro Ltd. & Ors.

Rectification in Register of Members u/s Section 111 and 111A of the Companies Act, 1956 - To get convenience of de-materialization share sent to the company for transfer in a single name - Period of limitation - Doctrine of "delay" and "laches" - Held that:- The Petitioners have not given any cogent and convincing reason as to why they did not approach the CLB in the 7 years i.e. from 2005 to 2012. Assuming that the provisions of Limitation Act do not apply with respect to the petition filed un.....


316

2015 (6) TMI 685 - COMPANY LAW BOARD MUMBAI - Corporate Laws

Mr. Gaurishankar Neeklanth Kalyani and Others Versus Mrs. Sulochana Neeklanth Kalyani and Anothers

Rectification in the Register of Members - Section 111 (4) of the Companies Act, 1956 - Shares transferred fraudulently - Doctrine of estoppel - Period of limitation - Held that:- In this case, the only controversy involved is as to whether the Petitioner has signed the documents placed on record by the Respondents in support of their claim. I may make it clear that in the course of submissions, the Ld. Sr. Counsel appearing on behalf of the Petitioner, did not seriously challenge the signatures.....


317

2015 (6) TMI 684 - BOMBAY HIGH COURT - Income Tax

The Commissioner of Income Tax-II, Thane Versus M/s. Jawaharlal Nehru Port Trust

Disallowance u/s 14A read with Rule 8D - Held that:- Question No.(i) stands concluded in favour of the respondent-assessee and against the appellant/revenue by the decision of this Court in M/s Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT reported in [2010 (8) TMI 77 - BOMBAY HIGH COURT] - Decided in favour of assessee.

Denial of exclusion of income exempt u/s 10(35) from the total income of the assessee for the purpose of calculating - whether 85% of the income had been applied for the obje.....


318

2015 (6) TMI 683 - BOMBAY HIGH COURT - Income Tax

The Commissioner of Income Tax-8 Versus M/s Veco Engineering Ltd.

Disallowance of expenditure - Tribunal deleting the disallowance holding that the disallowance intended to be made under Section 40A(2)(b) was apparently made by the Assessing Officer under Section 37(1) - Held that:- It is a common contention of the parties that, it is Section 40A(2)(b) of the Act which was invoked by the Assessing Officer while passing the assessment order and the challenge to the assessment order by the respondent assessee was also in context of Section 40A(2)(b) of the Act. .....


319

2015 (6) TMI 682 - BOMBAY HIGH COURT - Income Tax

Commissioner of Income Tax, Central-I Versus M/s Hindustan Aluminum Corporation Ltd.

Entitlement to extra shift allowance in terms of circular dated 26 May 1985 of the CBDT - whether reduction plant is an integral part of the factory of the assessee ? - Held that:- Both the CIT (Appeals) as well as the Tribunal have reached a concurrent finding of fact that the reduction plant is an integral part of the factory of the respondent. This concurrent finding of fact by Commissioner of Income Tax (Appeals) and the Tribunal is not shown to be in any manner perverse.

This iss.....


320

2015 (6) TMI 681 - BOMBAY HIGH COURT - Income Tax

Commissioner of Income Tax-7 Versus M/s Nicholas Piramal (India) Ltd.

Community development expenditure - whether be allowable as business expenditure - ITAT allowed claim - Held that:- Tribunal while following the decision of the Madras High Court in Commissioner of Income Tax v/s. Madras Refineries Ltd., [2003 (11) TMI 47 - MADRAS High Court] held that the concept of business is not static and over a period of time, it would include within its fold the care and concern for the society at large which would result in a goodwill being created in its favour leading .....


321

2015 (6) TMI 680 - BOMBAY HIGH COURT - Income Tax

Commissioner of Income Tax-4 Versus M/s. Prime Broking Co. (I) Ltd.

Disallowance under Section 40(a)(ia) - rent payment made without deduction of TDS - ITAT deleted the addition - Held that:- Commissioner of Income Tax (Appeals) as well as the Tribunal has reached a concurrent finding of fact that the payment made by the respondent assessee to its holding company of ₹ 51.91 lacs is not rent but is merely a reimbursement of expenses. Consequently, the occasion to apply Section 195 of the Act does not arise. This concurrent finding of fact is not shown to be.....


322

2015 (6) TMI 679 - BOMBAY HIGH COURT - Income Tax

Hindustan Unilever Ltd. Versus The Additional Commissioner of Income Tax Range-1 (1) , Mumbai And Another

Appeal is admitted with regard to Question 'A' and 'G'.

Whether the Tribunal was justified in holding head office expenditure over and above what had already been allocated by the appellant was required to be further allocated for the purposes of computing deduction under section 10A, 10B, 80IC and 80IB of the Income Tax Act, 1961?

Whether on the facts and in the circumstances of the case the Tribunal ought to have held that no adjudication in terms of Section 145(2) of the.....


323

2015 (6) TMI 678 - ITAT LUCKNOW - Income Tax

Dy. C.I.T. -VI, Lucknow and others Versus M/s Scooters India Ltd. and others

Reopening of assessment - CIT(A) quashed reopening - prior approval of the Commissioner of Incometax- II, Lucknow was duly taken u/s 151 of the Income-tax Act by the Assessing Officer for re-assessment proceedings - Held that:- In the present case, the order of CIT(A) is dated 30/07/2010 and therefore, as per the provisions of the first proviso to section 147, reassessment was time barred at that point of time because of the provisions of first proviso to section 147 because four years from the .....


324

2015 (6) TMI 677 - ITAT KOLKATA - Income Tax

Acclaris Business Solutions Pvt. Ltd. Versus I.T.O., Ward-2 (2) , Kolkata

Transfer pricing adjustment - ALP - selection of comparables - Held that:- We are in agreement with the submissions made by the assessee that the aforesaid comparables i.e. Maple Esolutions Ltd. cannot be selected for the purpose of benchmarking in the case of the assessee while applying TNMM method.. The TPO failed to appreciate that the aforesaid comparable company and the assessee are engaged in different businesses altogether. As the business model of voice based companies is of totally diff.....


325

2015 (6) TMI 676 - ITAT MUMBAI - Income Tax

Punjab Sind Diary Products Pvt Ltd Versus Dy. CIT, C C-33, IT Offices, Central Circle

Rejection of books of accounts - addition on undisclosed income - whether the books of account of the assessee have been rightly rejected u/s 145(3) on the ground that assessee is showing bogus sale of milk in its book in order to suppress the production and sale of various high profit margin products manufactured by it and, therefore, estimation of income is justified? - Held that:- No specific defect or discrepancy has been highlighted by the AO nor any enquiry has been made. Further, we have.....


326

2015 (6) TMI 675 - ITAT KOLKATA - Income Tax

Lok Nath Pd. Gupta Versus Deputy Commissioner of Income Tax Central Circle-XXV, Kolkata

Revision u/s 263 - claim for expenditure towards payment of Excise Duty has been allowed by AO despite not being disclosed in the regular books of accounts - Held that:- The only view possible in view of the specific provisions of section 43B(a) is that the excise duty has to be allowed in the year in which it is actually paid. It is not denied by the revenue that the assessee has paid the excise duty during the impugned assessment year. Since dictum of law on this count does not require any oth.....


327

2015 (6) TMI 674 - ITAT BANGALORE - Income Tax

The Assistant Commissioner of Income Tax, Circle 8 (1) , Bangalore and others Versus Shri Prashant Prakash and others

Deduction u/s. 54F - CIT(A) allowed the claim - Held that:- An analysis of the provisions of section 54F of the Act in the light of the grounds raised by the Revenue in the appeal would show that there is no merit in the grounds raised by the Revenue in its appeal. Section 54F(1) lays down that any capital gain arising from transfer of long term capital asset, not being a residential house, will be allowed exemption, if the assessee has after the date on which the transfer took place, within a p.....


328

2015 (6) TMI 673 - ITAT MUMBAI - Income Tax

Godrej Sara Lee Ltd. Versus The Additional Commissioner of Income Tax, Range 10 (2) , Mumbai

Disallowance u/s 14A - disallowance in respect of the investment in the wholly owned Indian subsidiaries - Held that:- The fund flow statement filed by the assessee is only regarding the fresh investment made by the assessee during the year which is otherwise excluded for the purpose of disallowance u/s 14A being the investment in foreign companies. It is not clear from the record whether any disallowance was made on account of interest expenditure in the earlier assessment years. Since the inve.....


329

2015 (6) TMI 672 - ITAT LUCKNOW - Income Tax

M/s Clara Swain Hospital Versus Income Tax Officer, Ward-1 (1) , Bareilly

Addition on capital gain - invocation of provisions of section 50C - Held that:- From a careful perusal of the joint venture agreement, we find that it is abundantly clear from this agreement that there is no absolute transfer of land by the first party i.e. Methodist Church in India in favour of M/s Ritam Charitable & Education Society. Basically, it is joint venture agreement executed between the Methodist Church in India and M/s Ritam Charitable & Education Society to expand the hospital faci.....


330

2015 (6) TMI 671 - ITAT KOLKATA - Income Tax

Income-Tax Officer, WD-36 (1) , Kolkata Versus Ranjit Singh Surana

Prescribed monetary limits for filing of appeal before ITAT - Whether, this appeal of revenue, which is below the prescribed limit of tax effect in view of the Board’s Instruction No.5/2014 issued on 10.07.2014 revising the monetary limits for filing of appeals by the Department before ITAT is maintainable or not? - Held that:- On query from the Bench, the Ld. DR could not point out any of the exceptions as provided in the Circular as that this is a loss case having tax effect more than the pres.....


331

2015 (6) TMI 670 - ITAT PUNE - Income Tax

Shri Rajkumar P. Shewani And Others Versus Deputy Commissioner of Income Tax, Circle-3, Pune And Others

Addition on account of deemed income from the house property - Held that:- There is no dispute about the elementary position that neither any rent was received in the relevant previous years, no is anything on record to suggest that rent was first payable and then foregone. The assessee had used the premises for the purposes of the business in which he was a partner. In these circumstances, the annual value is to be determined as per the provisions of section 23(1)(a) being applicable for self-o.....


332

2015 (6) TMI 669 - ITAT PUNE - Income Tax

M/s. APS Technologies Versus Income Tax Officer, Ward-2 (2) , Pune

Denial of claim of the assessee u/s. 10A - the business is already in existence and thus condition in section 10A 2(ii) has been violated - Held that:- In the instant case the assessee has produced the evidence to show that two laptops and a printer were purchased by the partner of the assessee firm Shri Arvind V. Patel on behalf of the assessee firm and payment was also made by the said partner from his Bank A/c. The assessee has produced the copy of the HDFC Bank Account of the assessee firm a.....


333

2015 (6) TMI 668 - ITAT CHANDIGARH - Income Tax

M/s Happy Forgings Ltd. Versus The JCIT, Range V, Ludhiana.

Revision u/s 263 - disallowance of depreciation on on forging press as per CIT(A) - Held that:- Assessing Officer has granted depreciation to assessee on being satisfied with the explanation of the assessee, supported by documents that forging press was installed and put to use on 29.03.2008 after conducting proper enquiry into matter. The Assessing Officer, after considering explanation of the assessee, partly disallowed depreciation as well, will prove that issue of depreciation was correctl.....


334

2015 (6) TMI 667 - ITAT LUCKNOW - Income Tax

Jt. C.I.T. (OSD) / DCIT-6, Kanpur Versus M/s Super House Leather Ltd.

Disallowance u/s 14A - CIT(A) deleted the addition - Held that:- This is admitted position of law as per the judgment of M/s Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT reported in [2010 (8) TMI 77 - BOMBAY HIGH COURT] that Rule 8D is prospective and therefore, applicable from assessment year 2008-09 and afterwards. Therefore, Rule 8D is not applicable in the present year. At the same time, even prior to assessment year 2008-09 from when Rule 8D is applicable, some reasonable disallowance has to be ma.....


335

2015 (6) TMI 666 - ITAT DELHI - Income Tax

M/s Jagat Talkies Distributors Versus Deputy Commissioner of Income Tax Circle-29 (1) , New Delhi

Reopening of assessment - non providing reasons for issuing notice - Held that:- Requirement of recording the reasons and communicating the same to the assessee, enabling the assessee to file objections and the requirement of passing a speaking order, are all designed to ensure that the Assessing Officer does not reopen the assessments which have been finalized on his mere whim and fancy, and that he does so only on the basis of lawful reasons and, a deviation from these directions would entail.....


336

2015 (6) TMI 665 - ITAT KOLKATA - Income Tax

Deputy Commissioner of Income Tax Versus M/s. Sparsh Agro-Pro (P) Limited

Disallowance u/s 40(a)(ia) - non deduction of TDS - CIT(A) deleted the addition following the decision of Merilyn Shipping & Transport Limited - Held that:- The decision of Merilyn Shipping & Transport Limited [2012 (3) TMI 402 - ITAT VISAKHAPATNAM] as relied upon by CIT(A) in allowing claim but the said decision has not been approved in the case of Crescent Exports Syndicate [2013 (5) TMI 510 - CALCUTTA HIGH COURT ]. Thus on the basis of which the ld. CIT(Appeals) has allowed the relief to the.....


337

2015 (6) TMI 664 - GUJARAT HIGH COURT - VAT and Sales Tax

STATE OF GUJARAT Versus ESDEE PAINTS LTD.

Levy of turnover tax - Section 10A - turnover tax was leviable only on turnover of sales and purchase above ₹ 50 lakhas. - total turnover including branch transfer outside Gujarat was ₹ 2,38,70,378. The assessing authority has allowed branch transfer of ₹ 2,06,45,800 and ₹ 20,80,022 as interstate sales - Held that:- Tribunal has not committed any error in passing the impugned judgment and order. The learned Tribunal has dealt with all the issues with respect to turnover.....


338

2015 (6) TMI 663 - CESTAT AHMEDABAD - Central Excise

M/s. Sabic Innovative Plastics India Pvt. Limited Versus Commissioner of Central Excise & S.T., Vadodara

Denial of CENVAT Credit - Held that:- adjudicating authority observed that CENVAT credit on capital goods in the same financial year as restricted to 50% and in the instant case, the appellant took 100% credit on capital goods and also utilised for payment of Central Excise duty. On the other hand, it is seen from the same adjudication order that appellant had took stand that they have not utilised the credit and the entire amount of CENVAT credit stands intact in the CENVAT credit register. In .....


339

2015 (6) TMI 662 - CESTAT AHMEDABAD - Central Excise

CCE & ST., Rajkot, M/s Ajanta Manufacturing Ltd Versus M/s Ajanta Manufacturing Ltd, CCE & ST., Rajkot

Denial of CENVAT Credit - Held that:- The provisions of Cenvat Credit Rules, 2004, do not explicitly bar the utilisation of cenvat credit of basic excise duty for discharge of educational cess and secondary and higher secondary education cess for the material period in question - impugned order which upholds disallowance of utilisation of cenvat credit of basic excise duty for payment of education cess and secondary and higher secondary educational cess is incorrect and is liable to set aside. - Decided against Revenue.


340

2015 (6) TMI 661 - CESTAT MUMBAI - Service Tax

Commissioner of Service Tax, Mumbai-II Versus Syntel Sterling Bestshores Solutions Pvt Ltd

Refund - Cenvat credit of input services used in exported output services - Held that:- On perusal of the impugned order, I find that the first appellate authority has come to the correct conclusion as to that the respondents are eligible for CENVAT Credit of input services and also eligible for refund of the same as they have exported the services under the category of "Business Auxiliary Services". The appellants have also contended that the case is fully covered by the clarification issued by.....


341

2015 (6) TMI 660 - CESTAT NEW DELHI - Service Tax

M/s Technocrate Transformers Versus Commissioner of Central Excise, Kanpur

Valuation - Management maintenance and repair service - Inclusion of entire cost of repair including the cost of various items replaced during the repair of transformers, although the repair work was done under a composite agreement - Held that:- Invoices raised by the appellant clearly indicate the value of the goods separately. Not only that the contract itself while giving the rate of repair package clearly stated the value of labour charges and the value of HV/ LV leg oil, transformer oil an.....


342

2015 (6) TMI 659 - CESTAT MUMBAI - Service Tax

Alkyl Amines Chemical Ltd. Versus Commissioner of Central Excise, Pune-III

Business Auxiliary service - Job work - Manufacture - process of converting 'Para Nitro Cumene, in to 'Para Cumidine' - Held that:- Both the lower authorities have wrongly concluded that the processing activity undertaken by the appellant does not amount to 'manufacture' for more than one reason. Firstly, it is undisputed that the goods or inputs were received by the appellant from the principal manufacturer under job work-challan as per the provisions of Rule 4(5)(a) of the CENVAT Credit Rules.....


343

2015 (6) TMI 658 - CESTAT MUMBAI - Central Excise

Sony Dadc Manufacturing India Pvt Ltd Versus Commissioner of Central Excise, Belapur

Manufacture - replicating certain Microsoft software on CDs/DVDs - Benefit of serial No. 27 of Notification No. 6/2006-CE - Held that:- Applicant does not have any case on merits as the work of replicating and that also in large quantity, will not be relating to a customized software. It is not under dispute that such software has been developed by the Microsoft and are used in computer system by various original equipment manufacturers or other customers. In such a situation, the software canno.....


344

2015 (6) TMI 657 - CESTAT NEW DELHI - Central Excise

M/s Jindal Steel And Power Ltd Versus Commissioner Of Central Excise, Raipur

Goods meant for Mega power project / Independent power project - international competitive bidding (ICB) - Denial of exemption under Notification No.6/06-CE dated 01.03.2006 and Notification No.6/2002-CE dated 01.03.2002 - Held that:- Joint Secretary in the Ministry of Power in the certificate issued by him in respect of power project, in question, has certified that the power project is interstate Thermal Power Project of capacity of 1000 Mega Watt and has also certified regarding fulfilment of.....


345

2015 (6) TMI 656 - CESTAT NEW DELHI - Central Excise

M/s Mahendra Sponge And Power Ltd Versus Commissioner of Central Excise And Service Tax, Raipur

Duty demand - Insurance claim - Held that:- In their remand proceedings there were directions to Revenue also to tell the appellant under which provision revenue is seeking the demand of duty from the appellant on insurance claim on damaged goods. Neither both the authorities below nor the Ld. AR is able to tell under which provision duty is payable before the appellant on insurance claim received for damaged goods. In these circumstances, relying on the case laws cited by the Ld. Counsel for th.....


346

2015 (6) TMI 655 - CESTAT NEW DELHI - Central Excise

Commissioner of Central Excise-Chandigarh Versus Sri Rama Steels Ltd And Others

Denial of CENVAT Credit - Fraudulent availment of CENVAT Credit - Held that:- The sole reason to denying the CENVAT Credit is that the Revenue did not find any entry at Punjab Sales Tax Barrier but on the other hand entry at the Himachal Pradesh Sales Tax Barrier entry point is there. Therefore, the receipt of scrap has been entered into the barrier of Himachal Pradesh. Moreover, the allegation against the respondent is that they have procured this scrap from Delhi. If the scrap is procured fro.....


347

2015 (6) TMI 654 - CESTAT MUMBAI - Central Excise

Rashtriya Chemicals & Fertilizers Ltd Versus Commissioner of Central Excise, Mumbai - II

Determination of value of ammonia manufactured by the appellant - Rule 6(b)(i) - Held that:- The appellant, no doubt, had cleared ammonia to the dealers and, therefore, the value of comparable goods manufactured by them is available. But, in accordance with the proviso to Rule 6(b)(i), while determining the assessable value in respect of captively consumed goods, the proper officer has to make reasonable adjustments taking into consideration all relevant factors. To our mind, the relevant factor.....


348

2015 (6) TMI 653 - HIGH COURT OF PUNJAB AND HARYANA - Customs

M/s Auto Dynamic Corporation Versus Union of India

Demand of differential duty - Demand of bank guarantee - Held that:- petitioner is allowed to avail the alternative remedy of appeal as provided under Section 129A of the Act within the period of limitation, which according to learned counsel for the petitioner is still subsisting. It is, however, observed that in case an appeal is filed within the period of limitation, the same shall be disposed of expeditiously by the Tribunal preferably within one month from the date of filing of the appeal i.....


349

2015 (6) TMI 652 - CESTAT MUMBAI - Customs

M/s Scope Amra Logistics (I) Pvt Ltd, M/s Marinetrans (I) Pvt Ltd, Shri Manoj B Kotian, Shri K Venugopal Versus Commissioner of Central Excise, Customs, And Service Tax, Aurangabad

Confiscation of goods - Smuggling of red sanders - Held that:- Appellants were not involved in the smuggling of Red Sanders for the reason that the containers were stuffed and sealed with Corrugated Boxes at ICD, Waluj under the physical supervision of the custom officers, thereafter the custodian got the control of the container. The tampering of seal, change of the goods i.e. loading and concealment of prohibited goods i.e. Red Sanders were taken place in the transit from ICD to the Nhava Shev.....


350

2015 (6) TMI 651 - SUPREME COURT OF INDIA - Corporate Laws

Securities & Exchange Board of India (SEBI) Versus Sahara India Real Estate Corpn. Ltd.

Illegal collection of deposits from general public - Deposit in the form of 'Optional Fully Convertible Debentures' (OFCD) - Conditional order of bail that the contemnors deposit ₹ 10,000 crores – ₹ 5000 crores in cash and balance of ₹ 5000 crores in the form of bank guarantee of a nationalised bank, to be furnished in favour of SEBI - No full compliance of the condition for grant of interim bail -

Held that:- This Court feels concerned with the fact that three pers.....


351

2015 (6) TMI 650 - ANDHRA PRADESH HIGH COURT - Corporate Laws

LVSR Farms (P.) Ltd. Versus Official Liquidator, High Court at Hyderabad

Entitlement of contractual rate of interest by secured creditor for the post winding up period - Surplus amount available before such amount is distributed among the unsecured creditors - Held that:- Under provisions of sections 529, 529A and 530 of the Act , the dues of the secured creditor and the dues of the workmen of the company in liquidation are made to stand on par with each other. As per sub-section (2) of section 529A, the debts payable to these categories shall be paid in full. The ph.....


352

2015 (6) TMI 649 - MADRAS HIGH COURT - Income Tax

Commissioner of Income Tax, Chennai Versus M/s. Sea Rose Marines Pvt. Ltd.

Tribunal's right in reviewing its own order on merits - Held that:- If the order has been passed in exercise of powers conferred under proviso to Rule 24 of the Appellate Tribunal Rules, we find no justification to find fault with the order of the Tribunal, that too on the above stated facts. Accordingly, on the first question of law, this Court is of the considered opinion that in view of the power vested with the Tribunal under proviso to Rule 24 of the Appellate Tribunal Rules, there is no em.....


353

2015 (6) TMI 648 - ITAT PANAJI - Income Tax

Good Luck Kinetic Versus ITO, Ward-2, Margao

Addition u/s 43B - statutory liabilities which had not been paid by the Assessee before the due date - Applicability of Sec. 43B when the return is filed applying the provisions of Sec. 44AF - Held that:- The statutory liability in the present case has not been paid before the due date of filing the return. Further, the non-obstante clause in Sec. 43B has a far wider amplitude because it uses the words “notwithstanding anything contained in any other provisions of this Act”. Therefore, even assu.....


354

2015 (6) TMI 647 - ITAT AHMEDABAD - Income Tax

Asst. CIT Circle-5, Ahmedabad and others Versus Raajratna Metal Industries Ltd. and others

Disallowance of interest under Proviso to Sec.36(1)(iii) - CIT(A) deleted addition - Held that:- AO has not brought anything on record to indicate that capital was borrowed for capital work-in-progress. This finding on fact is not rebutted by the Revenue by placing any material on record. Therefore, we do not see any infirmity in the order of the ld.CIT(A), same is hereby upheld. - Decided against revenue.

Disallowance of depreciation - CIT(A) deleted addition - Held that:- The Revenu.....


355

2015 (6) TMI 646 - ITAT BANGALORE - Income Tax

Wonderla Holidays Limited (Fomerly Veega Holidays & Parks P. Ltd) Versus Commissioner of Income-tax Officer, Bangalore - III, Bangalore

Revision u/s 263 - interest expenditure claimed on a loan raised from State Bank of India was not allowable since the loan was intended for starting a new amusement park at Mumbai and assessee had dropped the plan - Held that:- In so far as the first issue viz., interest claimed on loan from SBI, used for acquiring the land in question was concerned, Ld. AR has admitted that the issue required a look by the AO, since it was not verified by him at the stage of the assessment proceedings. Hence, i.....


356

2015 (6) TMI 645 - ITAT DELHI - Income Tax

ITO, Ward 11 (2) and others Versus M/s. Faith Real Estates P. Ltd. and others

Income from house property - Disallowance of interest on borrowed capital u/s 24(b) - CIT(A) allowed partial relief - Held that:- In financial year 2003-04, out of repayment of ₹ 2.08 crores, ₹ 2 crores was borrowed as a short term loan from ERHL (a group company of assessee). This short term loan of ₹ 2 crores was repaid to ERHL in financial year 2004-05 by again borrowing ₹ 2 crores from D. S. Construction Company. These facts are verifiable from paper book page 8, wher.....


357

2015 (6) TMI 644 - ITAT DELHI - Income Tax

ACIT, CIRCLE-24 (1) , New Delhi Versus M/s Ess Ell Cables Co.

Addition on fall in G.P. rate - CIT(A) deleetd the addition - Held that:- Working of gross profit must necessarily take into account the opening and closing stock, and direct expenses, and not only be based on comparison of purchase prices of raw material and sale prices of finished products. That the Assessing Officer has based the addition of ₹ 4,31.41,035/- entirely on the fall in gross profit rate, without bringing any other material on record, and without disputing the results. It is .....


358

2015 (6) TMI 643 - ITAT KOLKATA - Income Tax

D.C.I.T., CC-XXV, Kolkata Versus Sri Loknath Pd. Gupta (Ind.)

Order passed under section 154 by the AO annulled by CIT(A) - AO disallowed to the assessee excess duty, penal interest and central excise and interest - whether the rectification order passed by the AO is valid or not? - Held that:- Mistakes are of two types, mistake of fact or mistake of law. So far the fact is concerned, there is no mistake. The facts submitted before us are undisputed. In respect of mistake of law, the ld. DR, even though vehemently contended but could not bring to our knowl.....


359

2015 (6) TMI 642 - ITAT KOLKATA - Income Tax

The W.B. State Co-Opt. Marketing Federation Ltd Versus D.C.I.T., Circle-36, Kolkata

Penalty u/s 271(1)(c) - CIT(A) partly allowed the appeal of the assessee and sustained the penalty in respect of addition made due to provision for sundry debtors and provision for suspense - Held that:- In the case of the assessee, we noted that the assessee has returned the income at ₹ 1,32,45,460/- and the income has been assessed at ₹ 1,32,45,460/-, even though there has been addition made by the AO in respect of provision for sundry debtors and provision for suspense, for which .....


360

2015 (6) TMI 641 - ITAT MUMBAI - Income Tax

M/s Trends Electronics Versus Income Tax Officer, Ward 24 (1) (2) , Mumbai

Reopening of assessment - non-furnishing of reasons recorded by the AO - Held that:- No copy of the reasons recorded were furnished to the assessee, which is necessary before the assessment is completed. We hold that in view of the decision of the Tribunal in the case of Telco Dadajee Dhackjee Limited (2012 (8) TMI 495 - ITAT MUMBAI ) and the case of Videsh Sanchar Nigam Ltd., (2011 (7) TMI 715 - Bombay High Court ), the reassessment order passed by the AO u/s.143(3) r.w.s 147 of the Act dated 3.....


361

2015 (6) TMI 640 - ITAT MUMBAI - Income Tax

M/s. Stock Holding Corporation of India Ltd. C/o. Kalyaniwalla & Mistry Versus ACIT – 3 (3)

Disallowance u/s 14A r.w.r. 8D(2)(iii) - Held that:- In view of the detailed working given by the assessee and following the ratio laid down in Godrej & Boyce Mfg. Co. Ltd. (2010 (8) TMI 77 - BOMBAY HIGH COURT) and Taikisha Engineering India Ltd. [2014 (12) TMI 482 - DELHI HIGH COURT] and Maxopp Investment Ltd. [2011 (11) TMI 267 - Delhi High Court] before applying the provisions of Rule 8D of the I.T. Rules, the AO was duty bound to record his dissatisfaction that the working of the disallowanc.....


362

2015 (6) TMI 639 - ITAT MUMBAI - Income Tax

Mr. Vasant R. Shinde Versus ITO 19 (1) (4)

Appeal decided ex-parte - Held that:- The appeal of the assessee was decided ex-parte on the basis of material on record. In the absence of the assessee having explained reason for non attendance before the CIT(A) on different dates of hearing, we find no merit in the plea of the assessee. Author plea raised by the assessee was that CIT(A) had not considered the statement of facts filed by assessee. However, perusal of order of CIT(A) reflects that the statement of facts are incorporated ground .....


363

2015 (6) TMI 638 - ITAT MUMBAI - Income Tax

M/s. Bhuvan Leasing and Infrastructures LLP (Formerly Ocean City Trading India P. Ltd.) Versus Income Tax Officer 7 (1) 2

Leave and licence income - assessability under “income from other sources” or “profits and gains of business or profession” - Held that:- Assessee, in furtherance of its object of Memorandum of Association, had leased out the premises, which in turn was subleased on leave and licence basis, thus the intention of the assessee was to exploit the asset leased by it, by way of letting out the same, then such letting out activity is in furtherance of assessee’s intention to carry out the business in .....


364

2015 (6) TMI 637 - ITAT MUMBAI - Income Tax

Dy. Commissioner of Income Tax, -3 (2) Versus M/s Mobile Trading & Investment Pvt. Ltd.

Disallowance of speculation loss from trading in gold bullions - CIT(A) deleted disallowance admitting additional evidence - Held that:- If a person purchases any item and then sold the same in both situations, there is a physical delivery is taken and given. It is also noted that the parties from whom the dealing in gold was made like Shri Rakesh Patel of Jorss Bullions, Pushpak Bullions and R.S. Bullions were produced before the Assessing Officer, who accepted the transactions as has been disc.....


365

2015 (6) TMI 636 - ITAT MUMBAI - Income Tax

M/s. Parth Enterprises and others Versus ITO-22 (1) (4) Mumbai and others

Addition of unsecured loans u/s. 68 - CIT(A) deleted addition - Held that:- The assessee had produced all the required documentary evidences and discharged its onus as far as those 76 creditors are concerned.The AO did not make any further inquiry.So,in our opinion,order of the FAA does not suffer from any legal infirmity.In case of remaining 14(JVA and 13 creditors about whom the assessee filed details before the FAA)creditors the FAA had rightly held that it had failed to discharge the initial.....


366

2015 (6) TMI 635 - ITAT AHMEDABAD - Income Tax

Dy. CIT, Circle -1, Surat Versus M/s En-Vision Enviro Engineers (P) Ltd.

Disallowance of deduction claimed u/s 80IA(4) - CIT(A) deleted addition - Held that:- As dedcided in assessee's own case [2012 (4) TMI 563 - ITAT AHMEDABAD] the obligations which the assessee assumed under the terms of the contract were not merely for supply and installation of the cranes, but involved a continuous obligation right from the supply of the cranes to the installation, testing, commissioning, operation and maintenance of the cranes for a term of ten years after which the cranes were.....


367

2015 (6) TMI 634 - ITAT AHMEDABAD - Income Tax

Shree Yogi Steels Pvt. Ltd Versus DCIT, (OSD) Circle-8, Ahmedabad

Revision u/s 263 - CIT(A) directed AO to recompute the short term capital gain after ascertaining the correct cost of acquisition of the wind mill and correct amount of depreciation - Due to huge business losses, the depreciation u/s. 32(1) was not claimed in Assessment Year 1997-98 when this wind mill was acquired by the assessee even not in subsequent year up to 2001-02. and was claimed in Assessment Year 2002-03 when it was made obligatory for the assessee to claim deprecation - depreciation .....


368

2015 (6) TMI 633 - ITAT AHMEDABAD - Income Tax

The Rai University Versus Director of Income Tax (Exemption) , Ahmedabad

Application filed by the assessee u/s 12AA rejected - Held that:- In the instant case, in case of dissolution of University, property would go to sponsoring body that itself is registered under section 12AA of the Act, subjected to the relevant provisions of the Act. Undisputedly, the education is included into the definition of charitable purpose as per Section 2(15) of the Act.

It is settled position of law that at the time of registration u/s 12AA of the Act, the DIT(E) has to sat.....


369

2015 (6) TMI 632 - ITAT DELHI - Income Tax

ITO, Ward 11 (2) , New Delhi Versus M/s. Facor Power Ltd.

Treatment to the interest received on account of bank deposit - capital receipt or income from other sources - Held that:- In the present case, the funds were not surplus funds as the fixed deposits which were made from October onwards were redeemed till April 2009 and funds were utilized for contract payments for the project. During proceedings before Ld. CIT(A), the assessee had filed copy of contract awarded during July 2008 to June 2009 and it had demonstrated that funds which were kept temp.....


370

2015 (6) TMI 631 - ITAT DELHI - Income Tax

DCIT, CC-13, New Delhi Versus Mohan Proteins Ltd.

Addition on cash seized from Shri Ghanshyam Sharma - CIT(A) deleted the addition - Held that:- There is no dispute that Shri Deepak Aggarwal, Director of MIs Continental Milkose India Ltd had accepted the fact of having sent the cash of ₹ 1,75,000/ - to the assessee company through Shri Ghanshyam Sharma. The source of the amount of ₹ 1,75,000/- has also been explained by statement of Shri Deepak Aggarwal recorded the course of survey. As such the ownership of the cash recovered.....


371

2015 (6) TMI 630 - ITAT DELHI - Income Tax

Nilgiri Cultivations Pvt. Ltd. (now known as DLF Utilities Ltd.) Versus DCIT, Circle 13 (1) , New Delhi

Disallowance of the loss on expenditure on account of Stamp Papers purchased for buying Stock of Lana by Companies amalgamated with the Appellant Company but which could not be utilized. - Held that:- In the mercantile system of accounting expenses or income are allowed on the basis of incurrence or accrual. The expenditure was not incurred during the year under consideration, nor the expenses can be said to have materialized during the year as discussed earlier in the order, therefore, we hold.....


372

2015 (6) TMI 629 - PUNJAB & HARYANA HIGH COURT - VAT and Sales Tax

Chhattar Singh and others Versus The State of Haryana and others

Clandestine removal of goods - Duty demand - Held that:- No material is available on record to show that any enquiry was made through the vehicle owners or any material was confronted to the assessee-dealer. Further, in the absence of the same, we find that fastening of liability on the petitioners in the facts and cirumstances was uncalled for. - Revenue had failed to prima facie demonstrate with reference to any material on record that there existed some nexus of the petitioners to remove the .....


373

2015 (6) TMI 628 - ITAT AHMEDABAD - Income Tax

Joshi Technologies International Inc. Versus ADIT (Intnl. Taxn) Ahmedabad

Liability to payment of Fringe Benefit Tax - whether there exists a master servant relationship between the appellant and its consultants? - Held that:- As relying on assessee's own case [2013 (5) TMI 713 - ITAT AHMEDABAD] FBT is eligible only in a case where expenditure is incurred by the employer ostensibly for the purpose of business but includes partially a benefit of a personal nature passed on to the employee. But, a legitimate business expenditure not within the ambits of employer & emplo.....


374

2015 (6) TMI 627 - CESTAT BANGALORE (LB) - Service Tax

Sri Chaitanya Educational Committee (SCEC) Versus Commissioner of Customs, Central Excise And Service Tax, Guntur, Commissioner of Customs, Central Excise And Service Tax, Guntur Versus Sri Chaitanya Educational Committee (SCEC)

Demand of service tax - 'Commercial training or coaching' services - Invocation of extended period of limitation - whether the Service Tax is leviable in respect of the coaching provided by the Appellant through their junior colleges under its management or under the management of others - Difference of opinion - Majority order - Held that:- Students appear for the intermediate examinations under the hall ticket issued by the respective colleges and the students after passing examination, are aw.....


375

2015 (6) TMI 626 - CESTAT NEW DELHI - Service Tax

M/s. Travel Inn India Pvt. Ltd. Versus C.S.T., Delhi

Denial of the benefit of abatement Notification No.1/2006-ST, dated 01.03.2006 - Availment of CENVAT Credit - Held that:- f the assessee has reversed the Cenvat credit availed along with interest, the same shall amount to non-availment of Cenvat credit. Consequently, the assessee is entitled for the benefit of exemption Notification No.1/2006-ST ibid. Admittedly, in this case the appellant has reversed the Cenvat credit of their own. On being realisation that they are not entitled to take the Ce.....


376

2015 (6) TMI 625 - CESTAT MUMBAI - Service Tax

Mega Enterprises And Others Versus Commissioner Of Central Excise & Customs, Nashik And Others

Nature of activity - collection of octroi on behalf of the Municipal Corporation - cash management activity or not - Banking and other Financial Services - Held that:- Reading the definition of banking and financial services and the meaning of financial institution, we have to hold that the services rendered by the appellant would not fall under the category of service provided by a banking or a financial institution or any other body corporate or commercial concern. - cash management involves s.....


377

2015 (6) TMI 624 - GUJARAT HIGH COURT - VAT and Sales Tax

SHREE BHAIRAV METAL CORPORATION Versus STATE OF GUJARAT

Denial of input tax credit - Purchases made from the petitioner whose registration certificate has been cancelled ab initio on the ground that the seller had involved into the billing activities only and all the transactions are held to be bogus - Held that:- petitioner was not served with the copy of the order in the case of M/s Lucky Enterprises. Now, the copy of the order passed in the case of M/s Lucky Enterprises is available with the petitioner. Therefore, after giving an opportunity to th.....


378

2015 (6) TMI 623 - GAUHATI HIGH COURT - VAT and Sales Tax

Assam Trading Company Versus State of Assam And Others

Validity of reassessment proceedings - escape assessment - submission of false return - Held that:- quantity of goods shown in form 65A was found to be higher than the one shown in the return, which was assessed in the year 2007 - Subsequent material, a declaration furnished by the petitioner itself under the statutory form 65A, disclose that the quantity and value of the goods were more than what were furnished in the return. Therefore there does not appear to be any reason to hold that the rea.....


379

2015 (6) TMI 622 - MADRAS HIGH COURT - Central Excise

The Commissioner of Central Excise Versus M/s. Mahavishnu Cylinders, Customs, Excise and Service Tax Appellate Tribunal

Duty demand - Violation of Section 11D - Whether the duty demand made under Section 11D of Central Excise Act, 1944 as made out in the Show Cause Notice is correct or not, inasmuch as duty has been charged on the value as per Section 4 of the Central Excise Act, 1944 and the goods removed on invoices as per Rule 11 of Central Excise Rules, 2002 - Held that:- First respondent/assessee were supplying cylinders through open tender to IOCL. They have fixed the price of the cylinder at ₹ 300/-......


380

2015 (6) TMI 621 - ALLAHABAD HIGH COURT - Central Excise

M/s Jaiswal Industries Versus The Commissioner of Central Excise

Waiver of pre deposit - Mandatory pre deposit - Held that:- Provision of Section 35F as amended vide Finance Act 2 of 2014 w.e.f 6th August, 2014 will have no application on the appeals which were filed and were pending before the Tribunal prior to the said date. - that if the language of the statute is simple and admits of only one meaning than no rule of interpretation is to be applied and the simple meaning has to be given effect to. - Tribunal has recorded that between 6th May, 2011 to 18th .....


381

2015 (6) TMI 620 - BOMBAY HIGH COURT - Central Excise

Subhaschandra Balchandra Badjate Versus The Director General, Central Excise (Intelligence) , And Others

Validity of arrest of Petitioner - Held that:- Summons was served on the petitioner and he was called to Pune to appear before the empowered officer. He failed to comply with this summons. Authorization of arrest was then given. It is submitted for the Department that Excise Officer empowered to arrest person like the petitioner was at Pune and so the petitioner was taken to Pune. Admittedly the petitioner was produced before the Magistrate from Pune by such empowered officer and within the pres.....


382

2015 (6) TMI 619 - BOMBAY HIGH COURT - Central Excise

COMMISSIONER OF C. EX., MUMBAI-I Versus DEV ASHISH

Interest u/s 11AB - Scope of Section 11AB - Whether on the facts of the case and in law, whether CESTAT was correct in law in deciding the appeal on the ground that section 11AB is prospective - Held that:- Court has not admitted the Appeal on the question of law now raised by the Revenue. However, the Appeal has been admitted on the substantial question of law formulated on 20th October, 2005. The order was passed after noting the contentions of the Revenue and perusing the memo of Appeal. In t.....


383

2015 (6) TMI 618 - CESTAT AHMEDABAD - Central Excise

M/s Sunmet Industries, Shri Rajendra Singh Bhati, Shri Ramesh B Jain Versus Commissioners of Central Excise, Customs and Service Tax-Daman

CENVAT Credit - Whether certain inputs sent to the job workers were properly used or not - held that:- It is observed from the statement dated 27.1.2005 of Shri Sanjay S Mardia of M/s Nissan Copper Pvt Ltd that they are the job worker of the main appellant. He answered to question No. 14 of this statement that several consignments of inputs were received by the job worker and returned to the appellant after job work completion. Job worker has also received payments for the job work done though c.....


384

2015 (6) TMI 617 - CESTAT MUMBAI - Central Excise

Commissioner of Central Excise, Belapur Versus UPM Kymmene India Pvt Ltd

Manufacture - cutting and slitting of imported self-adhesive film and self-adhesive paper - Manufacturing activity or not - assessee argued that in the process of slitting and cutting no new, distinct or different commodity comes into existence. The use of the goods also do not change - Held that:- Mere mention of a product in a tariff heading does not necessarily imply that the said product was obtained by the process of manufacturing. That, just because the raw material and the finished produc.....


385

2015 (6) TMI 616 - CESTAT CHENNAI - Customs

M/s Indian Oil Corporation Ltd Versus Commissioner of Customs, Trichy

Denial of refund claim - whether the refund arising out of finalization of provisional assessment on the imports of the appellants which was sanctioned and credited to the Consumer Welfare Fund on the ground of unjust enrichment is applicable or not - Held that:- finalization of provisional assessment was completed in the year 1999 much before the insertion of sub-section (5) to Section 18 of Customs Act. The decisions relied by the learned AR for Revenue is not applicable to the present case as.....


386

2015 (6) TMI 615 - CESTAT MUMBAI - Customs

Schlumberger Asia Services Ltd Versus Commissioner of Customs (Adj) , Mumbai

Rectification of mistake - Re-appreciation of evidence - Held that:- Tribunal vide order dated 17.4.2003 has remanded the matter for limited purpose. Further we find that in the ROM application which runs into 14 pages, the applicant has listed out a large number of points. We have gone through each of these points and we do not find any obvious and patent mistake on the facts. In fact the reasons for differing with the so called facts given by the applicant have not been accepted by the Tribuna.....


387

2015 (6) TMI 614 - CESTAT CHENNAI - Customs

M/s. Manohar Enterprises, Shri R. Muthuramalingam Versus Commissioner of Customs (Seaport-Export) , Chennai

Imposition of penalties - smuggling of 'Ketamine Hydrochloride' concealed in the export consignment as 'Onions' - Misdeclaration of goods - Held that:- Adjudicating authority has imposed penalty of ₹ 10,00,000/- on M/s. Manohar Enterprises and ₹ 5,00,000/- on Shri.R. Muthuramalingam, under Section 117 of the Customs Act. Therefore, by virtue of limitation provided under Section 117 adjudicating authority has no power to impose more than the limit specified under the section 117 of th.....


388

2015 (6) TMI 613 - COMPANY LAW BOARD NEW DELHI - Corporate Laws

Arun Kumar Goyal Versus Aar Kay Chemicals (P.) Ltd.

Absence from three consecutive Board meetings with out obtaining leave of absence - Automatic cessation under section 283(1)(g) of the Companies Act 1956 - Cessation of right to inspect the books of account - Held that:- Board Meetings dated 16.8.2012 and 19.1.2013 there is no quarrel since the Petitioners have themselves produced copy of notice of such board meetings with the petition and P-2 did not attend either of the two meetings. However so far as the Board meeting allegedly held on 13.10......


389

2015 (6) TMI 612 - GUJARAT HIGH COURT - Income Tax

DCIT, Circle-28, Kolkata Versus M/s. AP Exports

Entitlement to Exemption u/s 10B - whether assessee is not a manufacturer? - Held that:- During the survey made on M/s. Arora Industries and M/s. Anil Industries certain invoices were raised on the assessee were impounded. The word semi-finished goods were not mentioned. It was explained in this regard that the word " unpacked and unlable condition" is mentioned and packing and labelling were also made by the assessee. This description means that the said garments were semi-finished. Therefore .....


390

2015 (6) TMI 611 - MADRAS HIGH COURT - Income Tax

The Commissioner of Income Tax Versus M/s. Ambattur Clothing Limited

Interest under Section 244A on refund - benefit of MAT credit under Section 115JAA - Tribunal allowed claim - Held that:- In the present case, originally the Commissioner of Income Tax (Appeals) has correctly interpreted the provisions of Section 115JAA(4) of the Income Tax Act to the effect that tax credit should be allowed set-off in a year when tax becomes payable on the total income computed in accordance with the provisions of this Act other than Section 115JA or Section 115JB, as the case .....


391

2015 (6) TMI 610 - BOMBAY HIGH COURT - Income Tax

The Commissioner of Income Tax, Valsad Versus M/s. Jolly Polymers

Eligibility for deduction u/s 80IB - license to run the factory was not obtained on or before 31/03/2004 i. e. the cut off of starting the industrial undertaking as per provisions of Section 80IB(4) - Held that:- Assessing Officer did not doubt about raw material consumption, power consumption, sales and employment of workers for the purposes of denying the benefit of Section 80IB of the said Act. It was further held that for the purpose of Section 80IB of the said Act, what is essential is that.....


392

2015 (6) TMI 609 - ITAT KOLKATA - Income Tax

Outotec GmbH and Outotec India Pvt. Ltd. Versus Deputy Director of Income Tax, (International Taxation) -2 (1) , Kolkata

Taxability of supply of equipment in India - India-Germany Double Taxation Avoidance Agreement (DTAA) - Held that:- The designing, procurement of material, fabrication and manufacturing of equipment was undertaken outside India. From the facts of the case it is clear that the Company is not involved in the manufacturing of equipment and such equipment were sourced from third party vendors based outside India. From the agreements and documents it is clear that the equipment was directly sold by t.....


393

2015 (6) TMI 608 - ITAT PUNE - Income Tax

Shri Vinit Ranawat Versus ACIT, Central Circle-1 (1) , Pune

Undisclosed cash receipt - validity of the assessment u/s.153A - Held that:- The presumption u/s 132(4A) is available only in respect of the person from whom the paper is seized. It could not be applied against a third party and hence, no addition could be made on the basis of the evidence found with third party. In this case, the addition has been made on the basis of the documents found with Dhariwal Group and thus, the presumption u/s. 132(4A) could not be used against the assessee since no i.....


394

2015 (6) TMI 607 - ITAT KOLKATA - Income Tax

Infinity Infotech Parks Limited Versus Deputy Commissioner of Income Tax

Revision u/s 263 - Doctrine of merger - development agreement entered into by the assessee with Godrej Waterside Properties Pvt. Ltd., the capital gain has arisen to the assessee during the impugned assessment year in the opinion of the CIT, assessing officer erroneously not assessed the capital gain during the impugned assessment year in respect of transaction under the said development agreement - Held that:- It so far as the issue no.1 is concerned, the Assessing officer has after examining t.....


395

2015 (6) TMI 606 - ITAT ALLAHABAD - Income Tax

Board of Directors, Allahabad Agricultural Institute Versus Commissioner of Income-tax, Allahabad.

Revision u/s 263 - CIT(A) cancelled the registration granted to the assessee u/s 12A - Held that:- AO granted relief u/s. 11 to 13 of the Act to the assessee in ITNS 150 because registration u/s. 12AA was restored in favour of the assessee by the Tribunal and the capital expenditure and benefit u/s. 11 were allowed to the assessee. These deductions are allowable when the registration is effective in favour of the assessee and have also been granted originally in favour of the assessee. Therefore.....


396

2015 (6) TMI 605 - ITAT DELHI - Income Tax

Ashish Chaudhary Versus ITO Ward-29 (1) , New Delhi

Sale of shares - business income OR capital gains - CIT(A) confirming action of the assessing officer in assessing the gains arising on sale from long-term capital assets and gains arising on sale of short term capital assets, being investment in equity shares, as "business income" instead of "capital gains" declared by the appellant - Held that:- It was submitted by the ld. AR's that as and when the opportunity arose, the assessee sold the shares in the open market. According to him, the said g.....


397

2015 (6) TMI 604 - ITAT KOLKATA - Income Tax

Shri Som Datt, C/o. A.S. Gupta & Co. Versus Assistant Commissioner of Income Tax, Circle-27, Kolkata

Remittance from outside India - revenue v/s capital receipt - onus to prove - whether a sum received by the assessee from White Label Trust which was constituted under the laws of the Island of Jersey on 20.07.1993 by making ANZ Grindlays Trust Corporation (Jersey) Limited as Trustee? - Held that:- The decisions of Kale Khan Mohammad Hanif –vs - CIT (1963 (2) TMI 33 - SUPREME Court); CIT –vs.- Devi Prasad Vishwanath Prasad (1968 (8) TMI 5 - SUPREME Court ) and Roshan Di Hatti –vs.- CIT (1977 (3).....


398

2015 (6) TMI 603 - ITAT PUNE - Income Tax

The Karad Janata Sahakari Bank Ltd. Versus Tax Recovery Officer, Satara

Claim of deduction on amortization of expenses - premium paid on purchase of Government securities (HTM Securities) - Held that:- The issue arising before us is similar to the issue before the Tribunal in The Ahmednagar Merchants Co-operative Bank Limited Vs. JCIT (2015 (6) TMI 552 - ITAT PUNE), in assessee's own case relating to assessment years 2008-09 and 2009-10 and before the Hon'ble Bombay High Court in CIT Vs. M/s. Gajanan Nagari Sahakari Bank Ltd. (2015 (6) TMI 551 - BOMBAY HIGH COURT) .....


399

2015 (6) TMI 602 - ITAT HYDERABAD - Income Tax

CYIENT Ltd. Versus Deputy Commissioner of Income-tax Officer, Circle -2 (1) , Hyderabad

Disallowance of payment towards consultancy charges by determining Arm's Length Price (ALP) at Nil - Held that:- In the instant case, the UK and USA subsidiaries did only contractual work parcelled out to it whose results were given to clients directly and no technical knowledge was made available to assessee. Hence, even under the respective DTAA, the payments made to UK and US subsidiaries/companies would not fall under the ambit of FTS.'

The payments made by assessee to its foreign.....


400

2015 (6) TMI 601 - ITAT DELHI - Income Tax

M/s Computer Engineering Services India (P) Ltd. (Amalgamated With Istronics Ltd) , M/s Foryu Overseas (P) Ltd And Others Versus ACIT, Central Circle-21, New Delhi And Others

Search and Seizure - Notice u/s 153C - Statutory requirement of filing statement of facts with Form No. 35 was not complied with - whether CIT(A) has erred in law in adjudicating the appeal filed by the assessee? - Held that:- arguments raised by the ld. DR are devoid on merit. Defects in the return of income filed, defects on Form No. 35 which is the form of appeal etc. are to be considered by the respective authorities before whom these are filed and the maintainability of the appeal before us.....


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