IT: In order to determine annual value of property, municipal rateable value may not be binding on Assessing Officer but that is only in cases where he is convinced that interest free security deposit and monthly compensation do not reflect prevailing rate and, in such a case, Assessing Officer can himself resort to enquire about prevailing rate in locality
Saturday 9 August 2014
Delay in filing appeal before Commissioner(A) due to wrong time-limit given in adjudication order is
Service tax: Where delay in fling appeal before Commissioner (Appeals) was beyond permissible period of condonation but had occurred due to wrong time-limit given in adjudication order, High Court condoned delay, as assessee cannot suffer for fault of adjudicating authority
Addition affirmed as assessee-firm had diverted its funds to partners for bringing it back as capita
IT: Where money introduced in names of partners was infact earned by firm from its business of cold storage, same was to be treated as unaccounted income of firm
No penalty merely for non-filling up of name, address of supplier and transporter of goods in form S
CST & VAT: Where Assessing Authority checked a vehicle carrying goods from a consignor in Pune to consignee in Jaipur and having found that in declaration form ST-18A name and address of sender as well as name and address of transporter were not stated treated said form as incomplete and levied penalty upon consignee of goods under section 78(5) of Rajasthan Sales Tax Act, 1994, matter was remanded back to Assessing Officer for deciding issue afresh
No sec. 269SS violation on acceptance of cash loan from spouse due to business exigencies; ITAT dele
IT : Where assessee running a proprietorship concern, took cash loans from her husband carrying on another proprietorship business on account of business exigencies for making payments to labourers and lenders, there being no violation of provisions of section 269SS, impugned penalty order passed under section 271D was to be set aside
SetCom has power to enhance penalties levied in adjudication, subject to limits provided under the A
Excise & Customs : Settlement Commission can suitably modify duty demand and monetary penalties imposable under Act, subject to limits provided in Act itself
AO couldn’t rescind trust’s registration if assessee-society had complied with requirements of sec.
IT: Where there was no whisper that assessee-society did not fulfill any conditions mentioned in section 12AA(3), cancellation of registration only on ground that society did not solely exists for charitable purpose, was unjustified
RBI modifies guidelines on 'Mortgage Guarantee Companies'
NBFCs : Modification of Guidelines on Mortgage Guarantee Companies (MGCs)
Retail investors to get 10% reservation and discount under modified framework of offer for sale of s
SEBI : Expanding the framework of Offer for Sale (OFS) of Shares through stock exchange mechanism
No appeal lies to High Court against issues relating to classification or taxability of services
Service Tax : Appeal against judgment of Tribunal holding that 'services rendered by assessee were 'information technology service' and outside scope of 'business auxiliary service' and therefore, not liable to service tax' lies to Supreme Court and not to High Court
AO couldn’t allow interest on refund by resorting to sec. 154 as it was specifically provided for un
IT: Interest on grant of refund is specifically provided under section 244A; hence, order passed by Assessing Officer under section 154 granting interest was without jurisdiction and all subsequent proceedings emanating from it would also be nullity in eyes of law
HC quashed CLB’s order for rectification of register as no convincing docs were produced for transmi
CL: Where no convincing/relevant document was produced for transmitting of shares, order of CLB directing rectification of register was to be quashed and set aside
ITAT follows AS-10 to include one-time vehicle tax in cost of vehicle treating it as capital expendi
IT : Para 20 of Accounting Standard (AS)10 Accounting for Fixed Assets requires that the cost of a fixed asset should comprise its purchase price and any attributable cost of bringing the asset to its working condition for its intended use. One-time tax for the life time of "all motor cars and omnibuses used or kept for use" in the State of Maharashtra under the Bombay Motor Vehicles Tax Act, 1958 is a tax for user, active or passive, of the motor vehicle in the territory of Maharashtra . Theref
Delay in filing appeal due to counsel’s mistake was condonable who had filed affidavit explaining hi
Excise & Customs : Where delay in filing appeal has been caused by mistake of assessee's counsel who had also filed his personal affidavit, delay must be condoned
Land in hilly and rocky area unfit for cultivation couldn’t be deemed as agricultural land; subject
IT : Requirement of new material or fresh tangible material coming in possession of Assessing Officer as a pre-requisite condition for reassessment is applicable only where Assessing Officer has made an assessment under section 143(3)
HC concluded that difference in quantity of manufacturing and export would be deemed as suppressed l
IT: Where there was considerable discrepancy in quantity of gold recorded in assessee's books at time when ornaments were manufactured and received from artisans, as compared to gold actually exported by assessee to its foreign importers and such differential quantity of gold did not form part of assessee's exports, it was rightly concluded that gold was subjected to local sales
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