SEBI : SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2013 - Amendment in regulations 73, 74, 77, 78 and 79
Tuesday 27 August 2013
HUF or its Karta not a body corporate and not eligible to become a partner in LLP, MCA clarifies
CL : Section 5 of the Limited Liability Partnership Act, 2008 - Partners - Whether Hindu Undivided Family (HUF)/its Karta can become Partner/Designated Partner (DP) in Limited Liability Partnership (LLP)
CBDT issues modified order on constitution of DRP at specified jurisdictions
IT/ILT : Section 144C of the Income-tax Act, 1961 - Dispute Resolution Panel (DRP) - Reference to - Reconstitution of DRP at specified areas of jurisdiction - Amendment in Order No.1/FT&TR/2013, dated 13-8-2013
ITAT favoured assessee as no contrary material was furnished by revenue to justify TP adjustment
IT/ILT: Commissioner (Appeals)'s order that no TP adjustment was required to be made in respect of international transaction of purchase of edible oil, need not be interfered with in absence of any contrary material on record
Input service credit available on ST paid under reverse charge as it hasn't been treated as output s
ST: Services on which service tax is paid under Section 66A are not treated as "output services" for purpose of CENVAT Credit and tax paid on such services is available as "input credit" provided said services are used as input services
Activities which tantamount to production and not manufacture are also eligible for sec. 80-IB relie
IT: Activities which tantamount to production and not manufacture are also eligible for section 80-IB relief
CIT(A) can't admit additional evidence if AO hadn't been given an opportunity to examine them
IT: Where Assessing Officer had not been afforded opportunity to examine additional evidence, order of Commissioner (Appeals) relying on such evidence was unsustainable, as it violated rule 46A
Gift received by assessee on the occasion of his daughter's marriage isn't exempt from tax
IT : Gift received by assessee on occasion of his daughter's marriage won't be exempt as the word individual appearing in proviso to sub-clause (vi) of sec. 56(2) relates to marriage of assessee and not of his daughter
Discretionary trust gets exemption under sec. 10(15) for interest income earned from RBI relief bond
IT : Exemption of interest income on RBI relief bonds under section 10(15) cannot be denied in case of discretionary trust
An alternate remedy arising from an arbitration clause won't cause automatic refusal of winding up p
CL : Existence of an alternate remedy in terms of arbitration clause, does not necessitate refusal by Court to exercise its discretionary jurisdiction under section 433(e)
M/S YORK EXPORTS (P) LIMITED Vs. COMMISSIONER OF INCOME TAX, DELHI-III
[unable to retrieve full-text content]M/s York Exports Private Limited has filed the present writ petition for quashing of order dated 19th December, 1996 read with order dated 17th August, 1995 passed by Commissioner of Income Tax, Delhi-III. {ad} For more information...
KAHAN UDYOG Vs. COMMISSIONER OF INCOME TAX
ITA No. 56/2000 Page 1 of 4
$~R-24.
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ INCOME TAX APPEAL NO. 56/2000
Date of decision: 14th August, 2013
KAHAN UDYOG
..... Appellant
Through Mr. Prakash Kumar, Advocate.
versus
COMMISSIONER OF INCOME TAX
..... Respondent
Through Mr. Sanjeev Rajpal, Sr. Standing
Counsel.
CORAM:
HON'BLE MR. JUSTICE SANJIV KHANNA
HON'BLE MR. JUSTICE SANJEEV SACHDEVA
SANJIV KHANNA, J. (ORAL):
This appeal by the assessee-M/s Kahan Udyog relates to block
period 1st April, 1985 to 16th November, 1995 and arises out of the
order of the Income Tax Appellate Tribunal dated 31st December, 1999
in IT(SS) A. No. 32/Del/96. The appeal was admitted vide order dated
9
th May, 2001 and the following substantial question of law was
framed:-
“Whether the Tribunal’s conclusions as regards
the additions under Section 69C of the IncomeTax Act, 1961 are sustainable?”
Rectification order to disallow interest on refund is invalid if issue as to attribution of delay is
IT : Where issue of attribution of delay to whom, was a debatable issue, rectification order disallowing interest on refund under section 244A was invalid
In case of reverse charge credit can't be denied even if invoice doesn't comply with prescribed form
ST/ECJ: Where an assessee, as recipient of services, is liable to pay tax under reverse charge, department cannot deny credit taken by him on ground that invoice is not drawn up as per rule 4A of Service Tax Rules, 1994
Making it Less Taxing
As we approach the last quarter of the financial year, most salaried individuals would have received a deadline from their employers to submit their proof of investments that qualify for deductions from their taxable salary income. It can be a taxing affair if you don't plan ahead.
Most of us are aware of popular investment avenues, such as life insurance policies, Public Provident Fund (PPF), National Saving Certificates (NSC) etc., which are eligible for deduction under Section 80C of the Income-tax Act, 1961. However, we tend to ignore a few other investments and expenditures that may also be eligible for tax concessions. It could save you a neat sum for a profitable investment. While making a tax-saving investment, evaluate the need and risk associated with each. Also, revisit these avenues keeping the Direct Taxes Code in mind, which is proposed to be effective from 1 April 2012.
Here is a list of some of the investments and expenditures that qualify for exemptions/ deductions under various sections of the Act.
Investments eligible under Section 80C/80CCC/80CCD
These investments are subject to a limit of Rs 1 lakh per financial year.
Life insurance premiums: Deduction is available under Section 80C with respect to premium paid towards life insurance policy for self, spouse and any child. It may be noted that no deduction is available for any late-fee charges paid. The amount received on maturity of the policy is exempt from tax, subject to prescribed conditions.
While making atax-saving investment, evaluate the risk associated with each product. Also, revisit these avenues keeping in mind the Direct Taxes Code, which is proposed to be implemented from 1 April 2012.
Public Provident Fund (PPF): Contribution to a PPF account in the name of self, spouse and a child is eligible for deduction under Section 80C. Earlier the annual investment in PPF was limited to Rs 70,000, thereby limiting the tax deduction also. However, with effect from 1 December 2011, this limit has been raised to Rs 1 lakh per year. The annual accretion on the account is also not taxable.
National Saving Certificate (NSC): The amount invested in NSC is eligible for deduction under Section 80C. Further, the interest accrued annually on NSC, though taxable, is deemed to be re-invested and qualifies for deduction (except in the year of maturity).
Parizad Sirwalla is a partner at KPMG
Parizad Sirwalla is a partner at KPMG
Five-year bank fixed deposits (FDs): FDs with a scheduled bank, under a notified scheme, with a tenure of five years is eligible for deduction under the above section. However, the interest accrued on the FDs is subject to tax laws.
Post office five-year time deposit (POTD) scheme: POTDs are similar to bank FDs. A five-year POTD qualifies for deduction under Section 80C. However, interest accrued on the same is entirely taxable.
Senior Citizen Savings Scheme (SCSS): SCSS is another scheme eligible for deduction under Section 80C. However, it is intended only for senior citizens. The interest accrued on the same is entirely taxable.
Unit-linked insurance plans (Ulip): Investments in Ulips in the name of self, spouse and a child, which covers life with benefits of equity investments, is eligible for deduction under Section 80C.
Mutual fund (MF) and Equity-linked savings scheme (ELSS): Subscription to MFs and ELSSs qualifies for deduction under Section 80C. Currently, dividend and long-term capital gains on equity-oriented funds where securities transaction tax is paid are exempt from tax.
Home loan principal repayment: Equated monthly installments that are paid to repay home loans consists of two components-principal and interest. The principal component qualifies for deduction under Section 80C, provided the loan is taken from a prescribed lender (banks, PSU, etc.). The interest component can save your income tax as a deduction from rental income, subject to prescribed conditions.
Stamp duty and registration charges for a home: Stamp duty and registration charges paid for transfer of property qualify for deduction under Section 80C.
Tuition fees: Tuition fees paid for full-time education in an Indian university, college, school, educational institution, for any two children are eligible for deduction under Section 80C. It is pertinent to note that tuition fees do not include payment towards any development fees or donation or payment of similar nature.
NABARD rural bonds: Investment in rural bonds issued by NABARD qualify for deduction under section 80C.
Contribution to pension funds: Contributions to certain pension funds of LIC or any other insurer are eligible for deduction. Contribution to the National Pension Scheme is also eligible for deduction.
Other deductions
Infrastructure bonds: The amount invested in these qualify for additional deduction up to Rs 20,000 per annum (pa) under Section 80CCF.
Medical insurance premium: Premium paid for self, spouse and dependent children can be deducted up to Rs 15,000 per annum (pa) and an additional Rs 5,000 can be discounted if they are senior citizens. You can claim a deduction of up to Rs 15,000 for premium paid for your parents' health cover, with an additional deduction of up to Rs 5,000 pa for senior citizens.
Maintenance, including treatment, of disabled dependent: Deduction of Rs 50,000 pa is available for expenditure incurred for treatment of a disabled dependent or for an amount deposited in a prescribed scheme (Section 80DD). The deduction is increased to Rs 1 lakh if the disability is severe-over 80%.
Medical treatment: Deduction of up to Rs 40,000 (Rs 60,000 for senior citizens) is available under Section 80DDB per financial year on medical expenses incurred for treatment of specified diseases (self and dependent).
Donations: An amount donated to a prescribed charitable institution qualifies for deduction under Section 80G. It would need to be claimed at the time of filing your personal tax return.
Rent: This deduction is usually associated with salaried taxpayers. However, a deduction is also allowed for individuals who do not receive HRA under Section 80GG. The deductible amount is the rent paid in excess of 10% of total income-subject to a maximum of Rs 2,000 per month or 25% of total income, whichever is less.
Interest on education loan: Interest paid on an education loan qualifies for deduction under Section 80E. It is available for eight years starting from the financial year in which the individual starts paying interest.
Notification No 38 (RE-2013) / 2009-2014 dated 26-08-2013
Government of India
Ministry of Commerce & Industry
Department of Commerce
Udyog Bhawan
Notification No. 38(RE-2013)/2009-2014
New Delhi, the 26th August, 2013
Subject : Import policy of Worked monumental or building stone (except slate) and articles thereof, other than goods of heading 6801; mosaic cubes and the like, of natural stone (including slate), whether or not on a backing; artificially coloured granules, chippings and powder, of natural stone (including slate)
S.O.(E) In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in the Schedule 1 (Imports) of the ITC (HS) Classifications of Export and Import Items.
- Existing policy conditions (prior to this amendment) as available at page 545-546, for the ITC HS Codes 68022310, 68022390, 68022900, and 68029300 of Chapter 68 of ITC(HS) Classifications of Export and Import Items are extracted below (earlier policy conditions) :
“Import permitted freely “
- After amendment the entry would read as below (amended policy conditions) :
“Import permitted freely provided cif value is US$ 80 & above per square metre.”
- The effect of this Notification :-
Now the import of items under the ITC HS Codes specified above is permitted freely if cif value is US$ 80 and above per square meter.
(Anup K. Pujari)
Director General of Foreign Trade
E-mail : dgft@nic.in
[Issued from F. No. 01/89/180/ Misc-06/AM-08 /PC-2(A)]
Rectification order to disallow interest on refund is invalid if issue as to attribution of delay is
IT : Where issue of attribution of delay to whom, was a debatable issue, rectification order disallowing interest on refund under section 244A was invalid
Notification No 36 (RE-2013) / 2009-2014 dated 26-08-2013
Government of India
Ministry of Commerce & Industry
Department of Commerce
Notification No. 36 (RE-2013)/2009-2014
New Delhi, Dated: 26th August , 2013
Sub.: Policy for allocation of quota for import of Rough Marble Blocks for Indian companies investing abroad in marble mining, for the year 2013-14.
S.O. (E) In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 as amended, read with paragraph 2.1 of the Foreign Trade Policy, 2009-14, the Central Government hereby makes the following amendments in Schedule-I (Imports) to the ITC (HS) Classifications of Export and Import Items:
- Import Licensing Note No. (5) inserted at the end of Chapter 25 through Notification No.20 of 9th October 2012 , is amended to read as :
“5. Facility for Indian companies who have invested in Mining abroad .
This will be subject to conditions laid down as under:
5(a): Eligibility;
- Mining company where such investment is made must be a 100% subsidiary of the Indian company.
- Minimum investment should be Rupees 10 crores as on 31.3.2013 and is subsisting.
- Such investment should only be in plant and machinery. No plant and machinery on leased basis will be considered.
- The overseas mining company should be operational and have the operating license in its own name.
(b) Quantity to be permitted;
- Only marble blocks produced from its own quarries overseas shall be allowed for import.
- The total annual import quantity will be limited to 1 lakh MT .
- The quantity to be allocated for import per applicant shall not exceed 30,000 MT or the total quantity of marble mined and sold from its overseas mines in the previous financial year, whichever is less. ( Reference to financial year would be Indian financial year i.e. 1st April 2012-31st March 2013)
- If the quantity to be imported by the eligible applicants exceeds 1 lakh MT, then allocation will be on a pro rata basis. Distribution of pro rata allocation will be on the basis of total sale of quantity produced in the previous financial year from its mines overseas. Quantum of sale shall be certified by an independent Chartered Accountant and will be accompanied with annual accounts of foreign mines (subsidiary of Indian Company).
(c) Filing of Application;
Applications should reach DGFT(HQ) office at Udyog Bhavan, New Delhi before 5 pm on 5th September 2013.
(d) Floor Price;
Such imports shall be subject to a floor price of US$ 325 per Metric Tonne (MT) .
(e) ITC HS Codes;
Such imports shall be permissible under ITC HS Codes 25151100 and 25151210.
(f) Actual User Condition;
All authorisations shall be subject to actual user condition.
(g) Monthly Return;
Authorisation holders shall file monthly returns regarding imports made by them, to the concerned Regional Authority of DGFT by the 15th of each succeeding month in which authorisation is obtained (for example if a authorisation is obtained on 13th September, the authorisation holder will file monthly return by 15th of October and for each month thereafter). This is a mandatory requirement.
(h) Validity of Import authorisation;
Authorisation for Import of marble will have a validity of 12 months from date of issue.
- Effect of this notification:
Import Policy for allocation of quota for import of Rough Marble Blocks by Indian companies investing abroad in marble mining has been notified with an annual quota of 1 lakh MT.
(Anup K. Pujari)
Director General of Foreign Trade
E-mail: dgft@nic.in
(Issued from File No. F. No. 01/53/162/293/Marble/ M-3/AM 13/IC)
Notification No 37 (RE-2013) / 2009-2014 dated 26-08-2013
Government of India
Ministry of Commerce & Industry
Department of Commerce
Notification No. 37 (RE-2013)/2009-2014
New Delhi, Dated: 26th August, 2013
Sub.: Policy for issue of import licenses of Rough Marble and Travertine Blocks for the Financial year 2013-14.
S.O. (E) In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 as amended, read with paragraph 2.1 of the Foreign Trade Policy, 2009-14, the Central Government hereby makes the following amendments in Schedule-I (Imports) to the ITC (HS) Classifications of Export and Import Items:
- Import Licensing Note No. (2) inserted at the end of Chapter 25, will be amended to read as : “Import of rough marble blocks will be subject to conditions laid down in Notification No.37 dated 26th August, 2013.”
- Conditions for import of marble.
- The following Policy provisions will be applicable for import of Rough Marble Blocks and Travertine for the financial year 2013-14. This will supersede earlier Policy /Guidelines for issue of import licenses of Rough Marble Blocks.
- Attention is invited to ITC HS Codes 25151100 and 25151210 indicated in Schedule-1 (Imports) of ITC (HS) Classifications of Export and Import Items. As per the provisions contained therein, import of Marble and Travertine – Crude or Roughly trimmed and merely cut, by sawing or otherwise, into blocks of a rectangular (including square) shape is restricted and subject to import licensing procedures.
- The applications for import license for import of rough marble blocks and travertine under the above mentioned ITC HS Codes will be considered in the following manner: -
- Eligibility of the units will be decided based on the following three criteria:
- Units who have installed marble gangsaw machine (except 100% EOUs and units in SEZ) on or prior to 31.3.2013. The marble gangsaw machine shall be in the name of the applicant only. No gangsaw on “Lease Basis” shall be considered for the purpose of allocation of import entitlement.
- The Units should have been in operation for 5 years on or prior to 31.3.2013.
- All eligible units as per (a) above should have cumulative turnover of atleast Rupees Five crores ( Rs 5 Crores) during the 5 years period i.e. financial years 2007-08 to 2011-12 irrespective of whether it is from domestic or foreign sources in respect of processed marble slabs/tiles only.
- Floor Price-
Licenses for import of crude or roughly trimmed marble and travertine blocks or merely cut, by sawing or otherwise into blocks of a rectangular (including square) shape shall be subject to a floor price of US$ 325 per Metric Tonne (MT), which shall be endorsed on all licenses.
- Entitlement:
The total import of Rough Marble and Travertine blocks under ITC HS Codes 25151100 and 25151210 will be subject to a ceiling of 6 lakh MT for the whole of the licensing year, 2013-14. Eligible units will be entitled for an import license on the basis of cumulative turnover ( indigenous or foreign) of atleast Rupees 5 crores of processed marble slabs/tiles only, over the previous five financial years 2007-08 to 2011-12. The quantity so calculated will however be subject to the overall ceiling of 3000 MT for the first gang saw and 1500 MT for every subsequent gang saw.
- Actual User Condition:
All licenses shall be subject to actual user condition. Modalities for submitting hard copies of the applications is attached as Annexure 1 to this notification.
- Monthly Return
License holders shall file monthly returns regarding imports made by them, to the concerned Regional Authority of DGFT by the 15th of each succeeding month in which license is obtained (for example if a license is obtained on 13th September, the license holder will file monthly return for imports made in September by 15th of October and for each month thereafter by the 15th ). This is a mandatory requirement.
- Validity of Import licences
Licenses for Import of Marble and Travertine will have a validity upto 30th September 2014.
- Eligibility of the units will be decided based on the following three criteria:
- Effect of this notification:
Import policy of Rough Marble and Travertine blocks for the year 2013-14 has been notified with a quota of 6 lakh MT and an MIP of US$ 325 per MT .
(Anup K. Pujari)
Director General of Foreign Trade
E-mail: dgft@nic.in
(Issued from File No. 01/53/162/293/Marble/M-3/AM13/IC)
Annexure-1 to Notification No: 37 (RE-2013)/2009-14 Dated : 26th August,2013
Modalities for submitting applications for grant of quota for import of rough marble blocks
- Eligible applicants will submit hard copies of their application, in the relevant Aayaat Niryaat Form, along with the documents prescribed therein, to concerned RA for import of rough marble blocks for the financial year 2013-14. RA will then forward the applications to DGFT HQ for scrutiny and allocation of quota. Calendar of events is attached as Annexure 2 to this Notification.
- The following conditions would need to be followed and documentary proof submitted to concerned RA along with the application for grant of quota :-
- The Marble gangsaw in the Unit should be in the name of the Unit and established on or prior to 31.3.2013, as certified by State Industry Department (District Industry Centre). The gang saw should not be ‘on Lease’ from any other party. The marble gangsaw machine should have linear movement and should have minimum 60 steel blades impregnated with diamond segments and be used only for cutting marble blocks into slabs;
- SSI/SIA Registration Certificate should show the Unit being in operation on or prior to 31.3.2008;
- The list of equipments / capital goods (other than Marble gangsaw) set up by the applicant in the Unit for processing marble slabs / tiles should be prior to 31.3.2008, as per Balance Sheet as on 31.3.2008, duly certified by a Chartered Accountant;
- Income Tax Return for the financial year 2007-08 indicating processing of marble by the Unit duly certified by a Chartered Accountant;
- A Certificate indicating domestic/foreign sales turnover of marble slabs / tiles of years 2007-08, 2008-09, 2009-10 , 2010-11 and 2011-12; and
- A copy of Chartered Accountant certified statement of accounts, filed along with Balance Sheet to Income Tax authorities for each of the years i.e. 2007-08, 2008-09, 2009-10 , 2010-11 and 2011-12 (in order to prove cumulative turnover from domestic or foreign sources) of marble slabs / tiles of atleast Rs. 5 crore in the last 5 years).
- The sale against Form H and other relevant Forms, job work income earned by any unit sawing marble blocks of third parties into slabs/tiles and the amount of excise duty, service tax and sales tax/VAT paid on such indigenous sales turnover of marble slabs/tiles may also be included for calculating indigenous sales turnover of the applicant. An applicant would need to submit certified copies of VAT/Sales Tax returns filed by the applicant for each of the 5 financial years indicating the indigenous sales turnover of marble slabs/tiles along with the income tax returns for the same period. No trading turnover shall be considered.
- With regard to calculation of indigenous sales turnover, it is clarified that the turnover will include the net sales after deducting the sales returns from the gross sales. It is also clarified that the turnover of the applicant only shall be taken into consideration and the turnover of group concerns/ sister concerns/ subsidiaries etc. shall not be counted for calculating the turnover.
- The applicant must not be on DEL (Denied Entities List).
- In case any applicant/ firm is found to have furnished wrong/ false information or made any misrepresentation, then it shall be debarred from the allocation for import of marble and also liable for penal action under the provisions of FTD&R Act 1992,as amended.
- The last date for receipt of hard copy of application with complete documents with RA shall be 5th September, 2013.
Annexure-2 to Notification No: 37 (RE-2013)/2009-14 Dated : 26th August,2013
CALENDAR OF EVENTS
| 1. | Notification to be issued on | 26th August, 2013 |
| 2. | Receipt of Application in RA | Upto 5th September, 2013 |
| 3. | Forwarding of Applications to DGFT HQ by RA’s | Upto 9th September, 2013 |
| 4. | Declaration of Allocation | 19th September, 2013 |
| 5. | Issuance of Licences | 20th to 25th September, 2013 |
ITO vs. Bhagwan Agarwal (ITAT Agra)
ICAI directed to initiate disciplinary proceedings against CA for suppressing information and obtaining order by fraud The assessee bought and sold shares and claimed that he had earned capital gains which were exempt u/s 54F. When the AO alleged that the transactions were bogus and entered into for converting black money into white, the assessee surrendered the claim for exemption u/s 54F and offered the capital gains to tax. The AO levied penalty u/s 271(1)(c) on the ground that the surrender of income was not voluntary. This was upheld by the Tribunal. The assessee filed an appeal before the High Court which was dismissed. The assessee thereafter filed a Miscellaneous Application before the Tribunal on the ground that as the AO had not specified whether the penalty was for concealment or for furnishing inaccurate particulars, penalty could not be levied. The Tribunal allowed the MA and deleted the penalty (order included in file). The Department then filed a MA stating that as the first order of the Tribunal had merged in the order of the High Court, the subsequent MA was not maintainable. The assessee accepted that he was advised by his CA not to disclose the fact of dismissal of the appeal by the High Court in the MA so filed. The CA argued that though the fact of dismissal of the appeal was not stated in the MA he had not concealed the fact because it was known to the Department. HELD by the Tribunal allowing the MA: |
CIT vs. Intezar Ali (Allahabad High Court)
CBDT directed to inquire into conduct of AO in framing assessment with ill-will/ ulterior motive
The assessee sold agricultural land for Rs. 1.20 crore and deposited the cash proceeds in his bank account. He filed a return in which the transaction was disclosed and claimed to be not chargeable to tax. However, as the sale deed showed the transaction at Rs. 22 lakh and because the purchasers claimed that the sale value was only Rs. 22 lakh, the AO treated the difference of Rs. 97.80 lakhs as income from undisclosed sources. The AO admitted that the evidence produced by the assessee to show that the land was in fact worth Rs. 1.20 crore and that he had in fact received the said sum from the purchasers prima facie supported the version of the assessee though he still made the addition. The CIT(A) upheld the stand of the AO though the Tribunal reversed it on the ground that the evidence on record showed that the assessee had offered the entire sale proceeds and that the purchasers had sought to undervalue the land. On appeal by the department to the High Court HELD dismissing the appeal:
The assessee is an honest citizen who deposited the entire amount in the bank and voluntarily filed return. He also made a complaint to the registering authority that the sale deed has been registered at a value much below the amount actually received. The other evidence produced by the assessee was more than sufficient to discharge the burden which the AO had unreasonably placed on the assessee. The ITO did not act in a bonafide manner. He discarded the overwhelming evidence led by the assessee without giving any reasons at all. The assessment was framed only on the ipse dixit of the AO which gives us reason to believe that he had exceeded his authority with some ill will or with ulterior motive. The CBDT should cause an enquiry into the conduct and motives of the ITO in framing the assessment and raising demand of income tax against the assessee.
Interest-free loan to sister concerns should sprout from borrowed funds to tax notional interest inc
IT: Where assessee had given interest-free advances to its sister concern but it was not case of revenue that interest bearing borrowed money was given as interest-free advance to those parties, no addition on account of notional interest income was warranted
Rectification order to disallow interest on refund u/s 244A invalid if issue as to attribution of de
IT : Where issue of attribution of delay to whom, was a debatable issue, rectification order disallowing interest on refund under section 244A was invalid
HC directs ITAT to handle trifle discrepancies in affidavit with leniency; remands matter for recons
IT: Where Tribunal taking into consideration minor discrepancy, in affidavit filed by assessee in support of its condonation application, dismissed assessee's appeal, matter was directed for reconsideration
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