IT : Revenue could not justify non-furnishing of reasons for reassessment on the ground that the assessee had asked for reasons recorded only once
Tuesday 22 September 2015
Official liquidator doesn't have authority to ascertain claims filed by State Financial Corp. as sec
CL: State financial corporations as secured creditors are not required to prove their debt declared under State Financial Corporation Act before Official Liquidator or company court
Circulars contrary to Supreme Court's judgment need not be followed: CBEC
Clarification Regarding Binding Nature of Circular and Instructions
CBEC assigns additional powers to its Principal Commissioners
SERVICE TAX : Rule 3 of the Service Tax Rules, 1994 - Service Tax Authorities
Circulars contrary to Supreme Court's judgment need not be followed
Clarification Regarding Binding Nature of Circular and Instructions
Demand notice is valid as assessee hasn't obtained discharge certificate under VCES
Service Tax : Where assessee had made declaration/payments under Service Tax Voluntary Compliance Encouragement Scheme but discharge certificate had not been issued thereunder, notice demanding tax cannot be treated as invalid even if same would be adjudicated by distinct authority
Gold jewellery below 500 grams to be deemed as 'streedhan' of wife; couldn't be seized
IT : In view of CBDT Instruction No. 1916 of 11-05-1994, gold jewellery of 471 grams found during course of search could reasonably be treated as streedhan of assessee's wife and would not be treated as undisclosed money
HC disallowed depreciation as assessee failed to prove that windmill was actually installed at proje
IT: Where Tribunal disallowed depreciation on windmill by holding that certificates which were relied upon by Commissioner (Appeals) and site inspection did not remove essential discrepancy, since it was physically impossible for consignment to cover a distance of 800 kilometers to reach proposed site and project of this magnitude was unable to commission within a short span, order passed was justified
Madras HC counts limitation period of reassessment from the date of rectification order
IT: Section 149 does not relax restriction of four years prescribed in proviso to section 147 for issuance of a notice under section 147; rather it puts an additional time restriction even where there is no restriction of time for reopening of assessment on account of failure of assessee to disclose fully and truly all material facts
No question of law arises when Concurrent findings are recorded by appellate authorities on unaccoun
IT: Concurrent findings of three authorities in respect of addition on account of undisclosed income from sale of flat, would not give rise to any question of law
ITAT unhappy with AO for completing assessment against assessee after issuing notice to incorrect ad
IT : Where notice under section 143(2) was not served upon assessee within 6 months from end of financial year in which return was furnished and Assessing Officer had completed assessment without serving statutory notice which was mandatory for completing assessment, assessment was null and void
IRDA specifies percentage and terms and conditions for reinsurance cessions
INSURANCE : Section 101A Of The Insurance Act, 1938 - Re-Insurance With Indian Re-Insurers – Specified Percentage And Terms And Conditions For Reinsurance Cessions To Indian Reinsurer In Compliance With Said Section
AO directed to readjudicate whether sum paid by Dhampur Sugar Mills on failure to export sugar was p
IT : Where assessee changed its method of accounting for valuation of closing stock, since changed method of accounting was more scientific and did not result in any evasion of tax, addition made on account of closing stock was unjustified
Alternate remedy of appeal wasn't appropriate as writ against Tribunal's order was pending for long
FEMA: Where writ petition against order of Appellate Tribunal had been admitted and was pending for several years, petitioner could not be directed to avail alternate remedy provided under section 35
ICAI's opinion in guidance note can be used to compute taxable income even if it has persuasive valu
IT : Where assessee had maintained accounts as per guidance note on accounting for leases issued by ICAI and during year it claimed deduction of lease equalisation charges from lease rental income, method of accounting following by assessee could not be discarded and it was entitled for deduction
Sale of CNG from retail outlets isn't prima facie marketing services of CNG
Service Tax : Purchase of CNG and sale thereof from retail outlets would not, prima facie, amount to 'marketing services of CNG' and therefore, same is not liable to service tax under Business Auxiliary Services
No reassessment to disallow MODVAT credit if its computation was available with AO during assessment
IT: Where working pertaining to MODVAT credit was available with Assessing Officer at time of passing order under section 143(3), reassessment initiated to disallow excess claim made by assessee in respect of MODVAT credit was not justified
Sum paid for software development wasn't FTS as no technical services were made available to assesse
IT/ILT : Where assessee having secured an order from foreign company, parceled out a portion of work to its subsidiary located in USA, since subsidiary performed its operations outside India and no technical knowledge was made available to assessee, amount paid to subsidiary company was not taxable in India
Gift of shares to shareholders to be deemed as payment of dividend in kind which is prohibited
CL : Court cannot sanction a compromise or arrangement which involves declaration of dividend in violation of section 123 of the Companies Act, 2013. Where a company gifts to its shareholders shares held by it in another company, it is in substance distributing a "dividend" within the meaning of section 2(35) of the Companies Act, 2013 as also section 2(22A) of the Income-tax Act, 1961 since company could have sold those shares and distributed the proceeds. Allowing distribution of these shares
Usage of registered artistic work of other person doesn't lead to denial of SSI exemption
Central Excise : Mere registration of artistic work 'Sundar' under Copyright Act in name of another person does not prove that it was 'brand name' registered in name of such another person under Trade Marks Act; hence, SSI-exemption cannot be denied
Revenue could impose penalty without evidence if undisclosed income admitted again in post-search pr
IT : Where assessee himself admitted in presence of his Chartered Accountant that he had undisclosed income which was utilized for renovation of his bunglow, revenue authorities were not required to prove by bringing any positive evidence of existence of undisclosed income with assessee so as to levy penalty under section 271(1)(c)
Govt. urges black money hoarders to file declaration in time under compliance window
IT/ILT : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – Persons Holding Undisclosed Foreign Assets are Advised to File their Declaration well in Time Under Compliance Window of Said Act
Where NP rate determined by Tribunal was based on comparables, order of tribunal was to be upheld
IT : Where Tribunal after referring to comparable cases applied net profit at 8 per cent, since estimation of net profit by Assessing Officer was on higher side, order passed by Tribunal was justified
Dept. can't insist assessee to file forms online for inter-state sales under Puducherry VAT Act
CST & VAT: Central Sales Tax - Where assessee claimed concessional rate of tax/exemption from tax on inter-State sales/consignment sales effected during year, department's insistence that declaration in forms 'C' and 'F' should be uploaded through online in website is not in consonance with any of rules either under Central Sales Tax Rules or Puducherry Value Added Tax Rules
Govt. urges black hoarders to file declaration in time under compliance window
IT/ILT : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – Persons Holding Undisclosed Foreign Assets are Advised to File their Declaration well in Time Under Compliance Window of Said Act
Transfer of statutory liability in Slump Sale can't be deemed as actual payment under sec. 43B
IT: Statutory liability on account of bonus, gratuity and leave encashment does not stand discharged by assessee upon sale of its undertaking on 'as is where is' basis, so as to allow deduction under section 43B
Court can’t sanction a compromise or arrangement scheme which involves gift of shares to shareholder
CL : Court cannot sanction a compromise or arrangement which involves declaration of dividend in violation of section 123 of the Companies Act, 2013. Where a company gifts to its shareholders shares held by it in another company, it is in substance distributing a "dividend" within the meaning of section 2(35) of the Companies Act, 2013 as also section 2(22A) of the Income-tax Act, 1961 since company could have sold those shares and distributed the proceeds. Allowing distribution of these shares
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