Deeming fiction of sec. 50C doesn't apply to sale of assets forming part of block of assets

IT : Deeming provision under section 50C, adopting stamp duty value as sale consideration applies to compute capital gains and not to determine written down value of assets

Appellate authority couldn't uphold duty and set aside penalty simultaneously on allegation of cland

Excise & Customs : Two portions of order, i.e., upholding demand on clandestine activity and setting aside penalty by holding that there is no clandestine activity, cannot go hand-in-hand; hence, demand of duty was set aside

Penalty levied as assessee had included surrendered income in revised return during assessment proce

IT : Where upon discrepancies noticed in accounts of assessee during search, assessee surrendered income on account of excess cash and stock, however later retracted from statement and did not include amount of surrender in return of income, this being a clear case of concealment, penalty had been rightly levied under section 271(1)(c)

Occasional letting out of godown is not business activity just because it is one of the objects in p

IT: Income earned by assessee-firm by letting out its godowns when they were not in its use for business would be treated as income from property; character of income would not stand altered only because it was received by firm with one of objects of partnership deed to let out their godowns

Secondment of staff to India from foreign holding Co. didn't amount to 'manpower supply services'

Service Tax : Secondment/expatriation of staff from foreign holding company to assessee, being Indian subsidiary, to work as 'employee' of assessee would not amount to `'manpower supply services'

AO has to dispose of objections against reason recorded before proceeding with reassessment

IT : Before proceeding with assessment in case of reassessment, Assessing Officer is under a mandate to dispose of preliminary objections raised by assessee against reasons recorded for reopening

Time lost in pursuing remedy before wrong forum is excludible in computing time-limit to file revisi

Excise & Customs : Time lost in pursuing remedy before wrong forum (viz. appeal before Tribunal instead of revision application) must be excluded in computing time-limit for filing revision application

CBDT notifies Rules for the purpose of FATCA entered into between India and USA

IT/ILT/INDIAN ACTS & RULES : Income-Tax (Eleventh Amendment) Rules, 2015 – Insertion of Rules 114F, 114G, 114H and Form 61B

Cash found during search was added to income of trust as it failed to prove that it was genuine dona

IT : Where assessee-institute having received loan from group companies, converted same into corpus donation, since lender companies were not doing any business and thus were not in a position to give huge amount of loan, addition made by Assessing Officer regarding loan amount as well as penalty order passed on basis of same was to be upheld

Govt. notifies new rules on Annual Information Return

IT/ILT/INDIAN ACTS & RULES : Income-Tax (Eleventh Amendment) Rules, 2015 – Insertion of Rules 114F, 114G, 114H and Form 61B