IT : Section 264 debars Commissioner from passing any order which is prejudicial to assessee and, therefore, once assessee approaches Commissioner for getting relief under section 264, Commissioner can not pass an order by invoking provisions of section 263
Friday 7 February 2014
Sum incurred on shifting of old machinery to facilitate installation of new machinery was capital ex
IT : Where assessee claimed expenditure incurred for community development, in view of fact that he had not placed any materials on record in support of their claim of expenditure so as to apply test of commercial expediency, expenses incurred by assessee for community development was not allowable under section 37(1)
Assessee couldn't asks for revival of old appeal which was dismissed for want of clearance from Comm
Service Tax : Requirement of obtaining clearance from Committee on Disputes for filing of appeal was not withdrawn/rescinded retrospectively by subsequent judgment of Supreme Court; hence, appeals dismissed for want of said clearance, as per erstwhile procedure, cannot be revived
Trust entitled to claim sec. 11 exemption even if it files audit report belatedly before AO or appel
IT : In order to claim exemption under section 11, assessee can file audit report in Form No. 10B even at a later stage either before Assessing Officer or before appellate authority by showing a sufficient cause
Reassessment notice without prior approval of Asstt. or Joint Commissioner would nullify reassessmen
IT : Notice issued under section 148 after obtaining approval of Commissioner would be of no consequence as said approval is contrary to provisions of section 151
No question of law arose from ITAT's order as he had made addition after considering entire material
IT: Where Tribunal having considered entire material on record, confirmed a part of addition made to assessee's taxable income, no substantial question of law arose from said order of Tribunal
ITAT deletes additions and fixes ALP of license fee paid to AE relying upon earlier order
IT/ILT : Following Tribunal's order for earlier years in assessee's own case, rate of license fee at rate of 3 per cent of total turnover for use of intellectual/intangible properties was treated at ALP
Services availed for setting-up of hotel premises were eligible for input service credit
Cenvat Credit : Works contract services availed by a hotelier for setting up of hotel premises may be eligible for input service credit
Book vendor at Railway Station can't have dominance in market; plea of Indian Publisher Federation r
Competition Law: Opposite party having bookstall agents at different railway stations could not be said to be a dominant purchaser in relevant market of sale/purchase of books, newspapers, magazines, etc. in India
Employees of foreign enterprise working under control of Indian subsidiary can’t constitute its serv
IT/ILT: Indian subsidiary providing back office services to foreign enterprise shall not be deemed as its PE merely because it is being indirectly controlled by it - Employees of foreign enterprise working for domestic operation of and under control and supervision of Indian subsidiary do not constitute service PE of foreign enterprise - Assets of Indian subsidiary cannot be deemed inevitably to be used by foreign enterprise for its business carried on in India to establish its fixed PE in India
Exp. on free sample distribution is allowable even if it isn't yielding effective sales, rules HC
IT: Free sample distribution expenses were allowable under section 37(1) even though there was no effective sale during year
License fee for surveyors and loss assessors plummets down to Rs. 1000 for new applicants and Rs. 10
INSURANCE/INDIAN ACTS & RULES : IRDA (Licensing of Insurance Agents) (Amendment) Regulations, 2013 - Amendment in Regulation 7 and Form IRDA-Agents-VA & Form IRDA-Agents-VC
IRDA cuts license fees for insurance agents to Rs. 125
INSURANCE/INDIAN ACTS & RULES : IRDA (Licensing of Insurance Agents) (Amendment) Regulations, 2013 - Amendment in Regulation 7 and Form IRDA-Agents-VA & Form IRDA-Agents-VC
Permanent transfer of intellectual property rights not liable to service-tax
Service Tax : Transfer of invention, design, idea, process, patent and other technical know-how in terms of sale and purchase agreement as a going concern is not liable to service tax under Scientific or Technical Consultancy Services or Intellectual Property Services
Proviso to sec. 113 is clarificatory in nature and have retro effect; surcharge leviable even prior
IT: Proviso inserted to section 113 by Finance Act, 2002 with effect from 1-6-2002, is merely clarificatory in nature and, therefore, in case of block assessment, surcharge is leviable even prior to aforesaid amendment
Winding up petition by foreign Co. was admissible if respondent-Indian co. failed to pay debt, High
CL : Winding up petition by foreign company was admissible if respondent-Indian company failed to pay debt
No sec. 271AAA penalty if assessee admits undisclosed income and specifies manner of earning such in
IT : No penalty under section 271AAA where taxes and applicable interest were paid on undisclosed income and details of nature of undisclosed income and manner of earning was recorded
Sec. 10(38) exemption available if physical shares are dematerialized first and STT is paid on its s
IT : Where assessee having purchased shares in physical form, converted them in D-Mat form and thereupon sale of those shares was carried out through recognized stock exchange after paying securities transaction tax, said transactions were to be regarded as genuine in nature and, therefore, assessee's claim for exemption under section 10(38) was to be allowed
Notification appointing review Committee need not name members; mentioning name of post is sufficien
Service Tax : There is no requirement in section 86 that notification issued thereunder must name authorities/persons concerned; a notification issued in name of Posts is also valid and persons who hold such Post or may subsequently be appointed at such post automatically become members of Review Committee
ITAT applies trend study to unearth bogus claim for commission exp; uphold its disallowance
IT : Disallowance upheld where expenditure on account of commission was found to be much higher as compared to earlier years and assessee could not justify its claim with relevant material
Wholly owned subsidiary of a public company should be deemed as widely held company under sec. 2(18)
IT: Where 100 per cent shares of assessee-company was held by a company which was recognized as a company in which public were substantially interested, same status was to be extended to assessee-company
CCI allow combination resulting from acquisition of cement unit as it didn't have adverse effect on
Competition Law: Where proposed combination for acquisition by acquirer-company of assets, liabilities and operations of cement unit of target company at Gujarat was not likely to have an adverse effect on competition in India, same was to be approved
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