Excise & Customs : Word 'otherwise' in customs section 127B and Words 'any proceedings' in definition of 'case' show that even cases involving smuggling or misdeclaration are admissible before Settlement Commission
Saturday 27 September 2014
No sec. 69 addition if deviation in Qty. of stock shown in books and in statements given to banks wa
IT: Where having regard to difference in figures of closing stock in statement submitted to bank for taking loan and in books of account on last day of relevant financial year, Assessing Officer made addition as unexplained investment, in view of fact that assessee submitted a reconciliation statement wherein said difference was explained as sales which remained uncontroverted, impugned addition deserved to be set aside
AO could attach property to recover VAT dues of assessee even when such mortgaged property was acqui
CST & VAT: Where assessee had mortgaged his properties with a bank in year 2004 and subsequently in SARFAESI proceedings said properties were sold in years 2009 and 2010 and bank was purchaser and long after sale was concluded, for realising sales tax dues of assessee for assessment years 2003-04 and 2004-05, Assessing Officer initiated recovery proceedings against properties in question and issued attachment notice to bank, initiation of recovery proceedings against petitioner-bank was valid in
HC allowed sec. 10A relief as it was proved that receipts of arbitration award weren’t included in e
IT : Merely because payment against impugned invoice of software export was received in advance, section 10A exemption could not be denied on ground that it was an arbitration award as stamp paper purportedly for arbitration was purchased prior to raising such invoice
Benefit of Article 8 of India-Malaysia DTAA is available for shipping of goods under a slot charter
IT/ILT : Benefit of Article 8 of the Indo-Malaysia DTAA is also applicable to shipping of goods from Indian Port to Hub Port using feeder vessels under a space charter or slot charter as the entire voyage from the Indian Port to final destination port is inextricably linked and cannot be segregated. "Operation of ship" for Article 8 purposes can be done as charterer which does not mean to own or control the ship either as owner or as a lessee The word "charterer" should not be confused with the
Delay in filing appeal can be condoned on sufficient cause shown without considering plea of substan
Service Tax : While considering applications for condonation of delay, concepts such as 'liberal approach', 'justice oriented approach', 'substantial justice' cannot be employed to jettison substantial law of limitation especially, in cases where Court concludes that there is no justification for delay
ITAT allows sec. 54EC relief even for investment made beyond due date considering old age and illnes
IT: Where assessee, aged 94 years, sold his residential property, in view of fact that due to his extreme old age and illness, he deposited sale proceeds in REC bonds with a delay of 59 days, it was to be concluded that assessee's case was governed by doctrine of supervening impossibility and, therefore, he was entitled to claim deduction under section 54EC
CBDT reconstitutes DRPs at Delhi, Bengaluru and Mumbai
IT/ILT : Section 144C of The Income-Tax Act, 1961 - Dispute Resolution Panel (DRP) - Reference to - Constitution of DRP-III at Mumbai
CBDT reconstitutes DRPs at Delhi, Bengaluru and Mumbai
IT/ILT : Section 144C of The Income-Tax Act, 1961 - Dispute Resolution Panel (DRP) - Reference to - Reconstitution of DRP-II at Bengaluru
CBDT reconstitutes DRPs at Delhi, Bengaluru and Mumbai
IT/ILT : Section 144C of The Income-Tax Act, 1961 - Dispute Resolution Panel (DRP) - Reference to - Constitution of DRP-IV at Delhi
CBDT notifies jurisdiction of DRPs at Delhi and Bengaluru
IT/ILT : Section 144C of The Income-Tax Act, 1961 - Dispute Resolution Panel (DRP) - Reference to - Reconstitution of DRPS at Delhi – Modification of Order No.7/FT&TR/2014, dated 14-11-2013
CBDT directs AO to enquire into only AIR data/26AS mismatch issues if scrutiny is made on this basis
IT/ILT : Section 143, read with Section 142 of The Income-Tax Act, 1961 – Assessment – Scope of Enquiry in Cases Selected for Scrutiny During Financial Year 2014-15 on Basis of AIR/CIB/26AS mismatch
CBDT directs AO to enquiry into only AIR data/26AS mismatch issues if scrutiny is made on this basis
IT/ILT : Section 143, read with Section 142 of The Income-Tax Act, 1961 – Assessment – Scope of Enquiry in Cases Selected for Scrutiny During Financial Year 2014-15 on Basis of AIR/CIB/26AS mismatch
Comparables can’t be chosen on basis of info obtained under Sec. 133(6) if it’s not made available t
IT/ILT : No company can be selected as comparables only on basis of information obtained under section 133(6), without furnishing such information to assessee
No refund of duty under Rule 173L if returned goods were used to manufacture goods belonging to a di
Excise & Customs : As per rule 173L, no refund of duty is admissible in respect of duty paid goods, which are disposed of in manner other than for production of goods of same class; hence, where returned goods were not used for production of goods of 'same class' i.e., same sub-heading, refund was not permissible
Mere entries in diary couldn't prove violation of FERA norms without any evidence furnished by ED
FERA: Mere diary entry without any credible corroborative evidence being produced by Enforcement Directorate, could not be held to be pertained to foreign exchange transactions
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