Home Highlights March 2013 Year 2013 This

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1. Penalty levied u/s 271D - capital contributed by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section 269SS - No penalty - AT

2. Demand of service tax on partners services to partnership firm - separate identity - mutuality of services - there cannot be a service provider – service recipient...

3. Vicarious liability of partner of the firm - separate identity of partnership firm - merely the petitioner running a firm, but it is not a legal entity and it cannot be...

4. Penalty u/s 271D - Cash loan taken from the Partner of the Partnership Firm -Assessee with a bona fide belief that the provisions of section 269SS are not applicable has...

5. Penalty u/r 26 of CER - Clandestine removal - Once the penalty was imposed on a partnership firm, no separate penalty should be imposed on the partners separately for...

6. Imposition of penalty - If any liability arises against the partnership firm i.e. shifted on partners of partnership firm in the sharing ratio of the partners,...

7. Penalty u/s 112 - since penalty has been imposed on partnership firm under Section 112 (a), separate penalty on its partner would not be justified - AT

8. Addition u/s 68 in the hands of partnership firm - capital introduced by five partners, which in turn was out of the loan advanced - The Appellate Tribunal (AT) examined...

9. Disallowance of remuneration paid by the assessee to its Working Partner u/s 40A(3) - Cash payment of expenditure in excess of specified limit - Scope of separate...

10. Characterization of income - consideration received by the partner of a firm upon retirement from the firm - retirement benefit - any money received by the partner upon...

11. Tribunal was justified in holding that no separate penalties were warranted on the partners in addition to the penalty on the partnership firm - AT

12. Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

13. Penalty under Section 11AC - The partner of the partnership firm had already paid the duty before issue of the show cause notice in order to avoid legal proceedings. In...

14. In deposit of trading receipts of the firm in the bank account of the partner, the assessee has not violated any of the provisions of the Income Tax Act, even if it may...

15. Taxability in the hands of partners v/s firm - transfer of capital asset by firm to partners - There is no merit in the arguments advanced by assessee, that transfer of...