IT/ILT : Section 144C of the Income-tax Act, 1961 - Dispute Resolution Panel (DRP) - Reference to – Reconstitution of DRPs at Delhi, Mumbai & Bengaluru – Supersession of earlier specified orders
Saturday 3 January 2015
AO couldn't pass rectification order to allow interest on refund for shorter period without intimati
IT : Assessing Officer having allowed interest on refund to assessee, could not pass a rectification order on ground that said interest was to be allowed for a short period of time without issuing notice to assessee
HC stays demand till disposal of appeal by CIT(A) as same issue was decided in assessee's favour in
IT : Where assessee filed an appeal against assessment order on a particular issue, in view of fact that identical issue had been decided in assessee's favour in earlier assessment year, demand raised for relevant year was to be stayed till disposal of appeal by Commissioner (Appeals)
Transactions emanating from common contract are closely linked; to be aggregated to compute ALP by T
IT/ILT : Where two or more transactions emanate from common source being an order or contract or an agreement or an arrangement, then such transactions could be said to be closely linked as nature, characteristic and terms of such transactions substantially flow from said common source; where number of transactions are closely linked transactions, then same can be aggregated and construed as a single transaction for purpose of determining ALP
No denial of registration to trust on non-commencement of charitable activities if its objects were
IT: Where assessee-trust was not engaged in any other activities apart from carrying out activities of distribution of free note books, registration of trust could not be denied on sole ground of non commencement of activity
No penalty due to estimated addition on understatement of sales if assessee had given complete detai
IT: Where addition in hands of assessee was made by estimating value of rice husk without any concrete evidence, levy of penalty on such addition was not sustainable
AO to consider dictum laid by SC in Shaduli Yusuff's case as he relied on vouchers recovered from th
CST & VAT : Where Assessing Officer reopened assessment relying on vouchers recovered from a third party and made addition to turnover, assessee was to be directed to produce account books and Assessing Officer should pass assessment order in accordance with dictum Supreme Court in State of Kerala v. K.T. Shaduli Yusuff [1977] 39 STC 478
No denial of depreciation when purchase bill wasn't in name of assessee if payment was made via cheq
IT : Assessee was held not required to deduct tax at source while paying commission to its Managing Director as part of its salary which was duly reflected in his taxable income
Advance on sale of land wasn't unexplained when sale agreement and bank certificate proved its genui
IT: Matter of claim for deduction under section 54 remanded where deduction was denied on ground of two other properties owned by assessee but there was no clear finding regarding ownership of said two properties
Betal Nut/Areca Nuts are importable against Duty Free Import Authorization; exempt from customs duty
Excise & Customs : Even if not listed in Entries 12(b)/12(c) of G-7 of SION, but in view of DGFT clarifications, Betel Nut/Areca Nuts is importable under DFIA and eligible for exemption under Notification No. 40/2006-Cus., dated 01.05.2006
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