Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Consultating Engineering Services (India) Pvt. Ltd. Versus Deputy Commissioner of Income Tax & Another

Reopening of assessment - additions on account of section 40(a)(ia), under section 14A and on account of extra depreciation claimed on computer peripherals - whether the interest payments were to be on the revenue account or the capital account? - Held that:- As can be seen from the reasons, the assessing officer has done nothing but to re-examine the records which were already available and has arrived at a different conclusion in stating that the interest expenses ought to have been capitalise .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

titioner had not made a full and true disclosure of the material particulars necessary for assessment.

With regard to the second point we find that the assessing officer has not even indicated the extent of the alleged escapement of income. Furthermore, the assessing officer has once again stated that on “perusal” of the notes to the accounts of the assessee and particularly the note at serial number 9 of the auditor’s report, it is seen that the assessee has booked the professional f .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sions of the first proviso of section 147 the revenue cannot be permitted to reopen the assessment as the necessary pre-condition for doing so in a case which is beyond four years from the end of the relevant assessment year has not been fulfilled. - Decided in favour of assessee. - W. P. (C) 2029/2014 & CM 4235/2014 - Dated:- 21-9-2015 - Badar Durrez Ahmed And Sanjeev Sachdeva, JJ. For the Petitioner : Mr Salil Kapoor with Mr Sanat Kapoor, Mr Sumit Lalchandani For the Respondents : Mr Rohit Mad .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

15.12.2010. The assessing officer had made certain additions on account of section 40(a)(ia) ( ₹ 1,55,94,534/-), under section 14A (Rs.1,55,603/-) and on account of extra depreciation claimed on computer peripherals (Rs. 6,87,043/-). 3. The impugned notice under section 148 was, as mentioned above, issued on 21.03.2013, beyond four years from the end of the relevant Assessment Year. Consequently, the first proviso to section 147 of the said Act would come into play. The said proviso stipu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s were as under: Reasons for reopening the assessment u/s 148 of the I-T Acting the case of M/s Consulting Engineering Services India (P) Ltd PAN AAACC 5110G for the A.Y. 2007-08 Return of income in this case for A.Y. 2007-08 was filed on 17.02.2009 declaring total income at ₹ 12,26,51,602/-. The return was processed u/s 143(1) of the Income-tax Act at the returned income. Subsequently the case was selected for scrutiny and the order u/s 143(3) was passed on 15.12.2010 at an income of S .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

iod under consideration. However, the interest capitalized against the same has been shown at NIL. From the above, it is clear that the assessee should have been capitalized. The assessee however, claimed the same as revenue expenses instead thereby making a wrong claim. It is pertinent here to mention that similar claim of the assessee regarding the interest expenses has been disallowed by the AO amounting to ₹ 24,73,568/- for AY 2009-10. Hence it is clear that the assessee failed to disc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the auditors at sr. No. 9 that the assessee has booked the professional fees less than the Job in progress brought forward from the last year on their ultimate completion by ₹ 3,21,21,550/-. Further it is notice that the assessee follows two methods for revenue recognition for the jobs in progress:- (a) In cases where the agreements were executed before revised AS-7, the revenue is recognized on completed contract method. (b) In cases where the agreements were executed after revised AS-7, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

articulars of its income on this issue and the same was not dwelled upon by the AO during the original assessment proceedings and no findings were given on this issue by the AO. In view of the above, I have reasons to believe that taxable income on the abovementioned issues to the tune of ₹ 3,46,28,674/- has escaped assessment and I am satisfied that it is a fit case for issue of notice u/s 148 of the Income-tax Act. To complete the narration of facts, we may point out that the petitioner .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

2 of the reasons, the assessing officer has done nothing but to re-examine the records which were already available and has arrived at a different conclusion in stating that the interest expenses ought to have been capitalised. This, by itself, to our mind does not amount to any failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment. It has not been indicated as to what particulars were not disclosed by the assessee. All the relevant acco .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Forum: On what Value tax to be deducted at source (TDS)

Forum: REGISTRETION

Highlight: IGST Rate Schedule u/s 5(1) - notifying rates of IGST @ 5%, 12%, 18%, 28%, 3% and 0.25% on supply of goods. - Notification no. 1/2017 as amended vide notification dated 22-9-2017

Notification: IGST Rate Schedule u/s 5(1) - notifying rates of IGST @ 5%, 12%, 18%, 28%, 3% and 0.25% on supply of goods.

Highlight: National Advisory Committee on Accounting Standards - Tenure of the NACAS extended from one year to two years

Notification: National Advisory Committee on Accounting Standards

Forum: Duty Drawback- Urgent

Notification: Central Government appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the Companies Act 2013, shall come into force - "subsidiary company" or "subsidiary"

Highlight: Restriction on number of layers for certain classes of holding companies - More than two layers of subsidiaries not allowed subject to certain exceptions.

Forum: GST on RCM on rent in a unregistered state

Forum: COMPOSITION SCHEME

Forum: Input Tax Credit - Reg

Forum: GST Invoice

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

Highlight: Levy of additions tax u/s 115O on distribution of dividend - shares of its profits declared as distributable among the shareholders is not impressed with the character of the profit from which it reaches the hands of the shareholder - not to be bifurcated as agriculture and non-agriculture dividend - SC

Highlight: Rate of GST on old and scrap buses - 28% or 18% - at such initial tender process initiated by the Respondents-KSRTC, the present petitions filed by the petitioners are premature and misconceived and do not require any interference by this Court at this stage. - HC

Highlight: In view of amendment made u/s 132A of the Income Tax Act, 1961 by Finance Act of 2017, the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal, SC dismissed the appeal of the assessee

Highlight: Validity of Assessment Order - period of limitation u/s 153 (2A) is applicable even if the entire order was not set aside but matter was remanded back for for limited aspects with directions - HC

News: Note ban was a shake-up, achieved its main objectives

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Highlight: Levying interest u/s 234C - interest is to be charged on the returned income and not on assessed income.

Highlight: Accrual of income - sale of right to develop and sell incentive FSI under LOI - till the conditions of LOI are fulfilled transfer is not complete and income does not accrue to the assessee

Highlight: TPA - determination of ALP - TP adjustment by applying Bright Line Test (BLT) is not sustainable on protective basis having no statutory mandate.

Highlight: Safeguard Duty - Advance License Scheme - as there is no exemption from safeguard duty leviable under Section 8C, which is imposed on the goods imported from China, the importer has to pay safeguard duty

Highlight: Manufacture - process of cutting of waste plastic container - Such plastic containers before and after cutting are nothing but waste / scrap - Not a manufacturing activity as no new product emerges.

News: NITI Aayog and Govt. of Assam organizes workshop on health sector reforms in Guwahati; launches SATH- Sustainable Action for Transforming Human Capital

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Notification: Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

Notification: Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

Notification: Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

News: Notification Issued For GST Actionable Claim On Branded Food Products

Highlight: Classification printed computer stationary/manifold Business Forms - to be classified under Chapter Heading 4820.00 or under Chapter Heading 4901.90 - items like A4 sheets, advertisement and job card to be classified under Chapter 49

Article: RCM – Applicability to persons not liable to get registered us 23(1)

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

News: GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

News: Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

Article: 20 Things You must know about E Way Bills in GST Law

Article: MISTAKES IN DRAFTING

Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities – Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version