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Highlights / Annotations / Quick updates
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Showing 1 to 20 of 40119 Records
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May 24, 2019
Insolvency and Bankruptcy:
Opening of a separate Bank Account - contributed by the Member of the CCOC towards CIRP cost - asset now so generated is in compliance of the Order of the Code can not be attached by any other Authority under law - This is not an asset of the defaulter company hence otherwise also beyond attachment by Directorate of Enforcement
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May 24, 2019
GST:
Detention Order - Section 129 (3) of CGST Act - though writ was rejected, court order to release the goods detained and subjected to enquiry within twelve hours from the date and time of receipt of bank guarantee - also direct to pass order in time bound manner
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May 24, 2019
GST:
Detention of goods alongwith vehicle - the validity of the e-way bills had expired - directed to release the petitioner's goods and vehicle on its furnishing Bank Guarantee for tax and penalty found due and a bond for the value of goods in the form as prescribed u/R 140(1) of the CGST Rules
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May 24, 2019
Income Tax:
Prosecution u/s 276B r.w.s. 278B - failure to deposit TDS deducted to govt account within the prescribed time - the petitioners cannot escape from the rigour of Section 276B - argument that no prosecution without determining the penalty cannot be accepted for the reason that the petitioners/accused have not disputed their liability and remit the TDS
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May 24, 2019
Income Tax:
Addition u/s 69B - assessee purchased the land directly from PISCO at the prevalent circle rate - the presumption of the AO could not lead to a conclusion of under investment by the assessee, liable for addition - The burden was on the department to prove understatement of sale consideration which was not discharged - no addition
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May 24, 2019
Income Tax:
Additions u/s 69C - CIT(A) contended that the purchases are duly recorded in the books supported by invoices therefore Section 69C do not apply - power of the CIT(A) are co terminus to that of the A.O and, therefore, he should have examined the transaction if he wanted to invoke Section 68 - no second innings should be given to examine the same set of facts which were very much before the lower authorities - addition deleted
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May 24, 2019
Income Tax:
Deduction u/s 35(1)(ii) - retrospective withdrawal of registration/approval - If at the time of giving the donation to the research Institute it had a valid registration granted under the Act, subsequent withdrawal of such registration/approval with retrospective effect would not be a reason to deny deduction claimed by the donor - deduction allowable
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May 24, 2019
Income Tax:
Revision u/s 263 - unexplained cash deposits - AO is not only an adjudicator, but also an investigator who failed to investigate the source and truth behind the cash deposits in assessee’s bank account and endorsed the offer of the assessee without making any enquiry - it is a case of lack of enquiries on the part of AO - rivision upheld
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May 24, 2019
Income Tax:
Penalty u/s 271AAB - relevant column of ‘approval letter No.’ and ‘Date’ had been left blank in the penalty order which have been filled with pen on receipt of said approval of JCIT vide letter no. 1036 dt. 30/09/2016 - it is crystal clear that the penalty order passed by the AO on 29/09/2016 was before taking the approval - penalty order is void ab-initio
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May 24, 2019
Income Tax:
Disallowance of rent payment - assessee neither produce evidence of ownership of the property by those persons(land lord) nor furnish the copies of lease a agreements - TDS was also not deducted stating that individual payment was below the limit - the genuineness of the claim of deduction pertaining to rent expenditure remained unverified - disallowance upheld
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May 24, 2019
Income Tax:
Penalty u/s. 271(1)(c) - the income arising on retrospective applicability of section 13(8) inserted by Finance Act, 2012 - returns for all the assessment years in question were filed before amendment, hence penalty cannot attract by any stretch of imagination - deletion of penalty upheld
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May 24, 2019
Income Tax:
Re-assessment u/s 147 - AO was clinched with tangible information in the shape of information from Sales Tax Authorities which prima-facie suggested possible escapement of income - sanction u/s 151(2) is not required as proceedings were triggered within 4 years and first proviso to Section 147 was not applicable since the original return was processed u/s 143(1) - reopening upheld
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May 24, 2019
Income Tax:
Addition u/s 41(1) - no material has been brought on record to establish that the assessee’s liability with respect to Sundry Creditors ceased to exist, in any manner - the balance amount has been paid in subsequent years - nothing would suggest that there was remission or cessation of liability within the meaning of Sec. 41(1)
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May 24, 2019
Income Tax:
Addition u/s 80I/80IA - crushing of shop stone - the outcome being the soap stone powder of different grades is a different and distinct marketable article from the input which is raw boulder soap stone - the process which is undertaken by the assessee is production and manufactured eligible for deduction U/s 80I & IA
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May 24, 2019
Income Tax:
Undisclosed investment in furniture and fixture - surrender in survey subsequently retracted - onus of proof - If the assessee has denied making any such investment other than investment shown in the books, then onus shifts upon the AO to bring on record either by way of inquiry or any material which has been found during the course of survey that there was certain Undisclosed investment - if not done, no addition
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May 24, 2019
Income Tax:
Disallowance of depreciation - asset ready to use VS put to use - the use of the plant and machinery depended upon the operation of the furnace which was not put to use before 30th September 2010, hence No ambiguity that the plant & machinery under question were not put to use before 30th September - entitled to depreciation at the rate of 50%
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May 24, 2019
Customs:
Bail application - allegation on appellant(officer) that Passenger Manifest Data from from Airline Operators had handed over to the licensee to enable them to manipulate their sales data in respect of foreign made foreign liquor sold by them from the duty free shops - apprehension that he would inevitably be arrested and tortured appears to be misconceived - no anticipatory bail
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May 24, 2019
Customs:
Refund of Anti-Dumping Duty paid - After the amendment in Section 17 and 27 of the Customs Act 1962 w.e.f. 08.04.2011, there is no need to challenge the self-assessment made by the importer as there is no assessment order - impugned order rejecting refund is plainly erroneous and not sustainable in law
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May 24, 2019
Customs:
Refund of Anti-Dumping Duty paid - Polished Porcelain Tiles - A Notification comes into force only from the date of its publication, since Anti-Dumping duty Notification was published on 02.04.2016 - the appellant was not liable to pay Anti-Dumping duty on 29.03.2016 when he filed the Bill of Entry and the said duty paid by him is paid under mistake - refund allowable
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May 24, 2019
Insolvency and Bankruptcy:
Recovery of debt under I & B Code - pre-existing dispute - copies of emails placed on record revealed that as early as in October, 2014 about some of the defects noticed in the work done by the Petitioner - It is clear that there is an existing of ‘dispute’ (default) in this case prior to the date of raising of Invoices by the Operational Creditor - Petition not admitted
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