INCOME TAX REPORTS (ITR) HIGHLIGHTS
F High Court refusing to admit questions on allowability of exemption in respect of profits arising out of fluctuation in rate of foreign exchange : SLP : Supreme Court : Direction to High Court to consider matter in light of SC decision : Convergys India Services P. Ltd. v. CIT p. 194
F Payment to non-resident : Whether procurement fees payable to non-resident not taxable in India, whether procurement services in nature of commercial services and whether disallowance of payment under section 40(a)(i) proper : Questions of law : Director of Income-tax (International Taxation) v. Black and Veatch (I) P. Ltd. p. 198
F Tribunal remanding matter to AO to compute disallowance in light of decision of jurisdictional High Court : Finding of fact : CIT v. Ceat Ltd. (Bom) p. 201
F Housing society permitting developer to construct on its land : Amounts paid by developer to members under independent contract : Individual members offering receipts to tax and taxed in their hands : Amounts paid to members not income in hands of housing society : CIT v. Raj Ratan Palace Co-operative Housing Society (Bom) p. 210
F Imposition of penalty valid where claim for depreciation of a huge sum found to be not genuine : CIT v. Morgan Finvest P. Ltd. (Delhi) p. 219
F Assessment after enquiry relating to exemption under section 10B : Notice of reassessment on ground that exemption was wrongly computed : Notice not valid : Moser Baer India Ltd. v. Deputy CIT (Delhi) p. 227
F Assessment of third party in search cases : Notice issued to assessee thirty-four months after framing of assessment of person against whom search conducted : Notice beyond reasonable time : CIT v. Umesh Chandra Gupta (Delhi) p. 1
F Addition on account of unexplained purchase : Credit entry for sum was first entry in ledger of concerned party : Deletion of addition justified: CIT v. Nandadevi Sales Agency (Cal) p. 5
F Secret commission and specimen distribution to public servants disallowable : CIT v. Dhanpat Rai and Sons (P & H) p. 7
F Assessment on basis of voluntary statement of managing director of assessee : CIT (A) deleting addition on ground addition cannot be sustained only on basis of admissions and acquiescences : Not permissible : Kermex Micro Systems (India) Ltd. v. Deputy CIT (AP) p. 13
F Reassessment : AO admitting contents of tax evasion petition against assessee factually incorrect : AO instead of terminating proceedings thereafter inviting assessee to cross-examine complainant : Impermissible : Pradyot K. Misra v. Asst. CIT (Delhi) p. 24
F Major portion of income of trust spent towards construction of commercial complex : Not entitled to exemption under section 11 : Kamma Sangham v. Director of Income-tax (Exemptions) (AP) p. 30
F Penalty on ground revised return filed to get over determination of arm's length price : Assessee paying full amount of tax and twenty-five per cent. of penalty : Quantum appeal pending before High Court : Tribunal ought not to have directed assessee to deposit further sum for staying outstanding demand of penalty : Deloitte Consulting India P. Ltd. v. Asst. CIT (Bom) p. 46
F Determination of arm's length price : Tribunal deleting addition on ground unit compared by TPO not comparable to assessee : Whether there was any other comparable unit or any other unit to be considered by TPO : Matter remanded : CIT v. Manaksia Ltd. (Cal) p. 56
F Capital gains : Full value of consideration : Without further evidence, AO could not substitute valuation of registered valuer : CIT v. Hiraben Govindbhai Patel (Guj) p. 59
F Issue regarding TDS considered in original assessment and ad hoc disallowance of payments made : Notice of reassessment to disallow payments on ground TDS had not been made not valid : Transwind Infrastructure P. Ltd. v. ITO (Guj) p. 67
F Scrutiny assessment and partial disallowance of a particular amount : Notice on ground there should have been total disallowance of amount not valid : Siddhi Vinayak Transport v. Asst. CIT (Guj) p. 72
F Assessee creating provision at a time when its income was exempt from tax : Write back of provision subsequently and fact disclosed in return : Notice seeking to tax amount after four years not valid : National Dairy Development Board v. Deputy CIT (Guj) p. 79
F Society formed by farmers whose lands acquired by ONGC receiving amount from ONGC and distributing to farmers : Society not a sub-contractor need not deduct tax at source on payments made to farmers : ITO v. Ankleshwar Taluka ONGC Land Loser Travellers Co-operative Society (Guj) p. 87
F Society formed by farmers whose lands acquired by ONGC receiving amount from ONGC and distributing to farmers : Society not a sub-contractor need not deduct tax at source on payments made to farmers : CIT v. Ankleshwar Taluka ONGC and Land Loser Travellers Co-operative Society (Guj) p. 92
F Assessee submitting elaborate reply to notice under section 142(1) showing cause against special audit : Requirement of adherence to rules of natural justice satisfied : AT & T Communication Services India P. Ltd. v. CIT (Delhi) p. 97
F Whether accounts and related documents and records complex within meaning of section 142(2A) to be decided by AO : AT & T Communication Services India P. Ltd. v. CIT (Delhi) p. 97
F Reference to TPO whose order binding on AO : Does not make provisions for directions for special audit subject to powers of TPO : AT & T Communication Services India P. Ltd. v. CIT (Delhi) p. 97
F Approval of Commissioner : Terms of reference sent by AO, views of AO and those of assessee available before Commissioner : Approval not without application of mind by Commissioner : AT & T Communication Services India P. Ltd. v. CIT (Delhi) p. 97
F Aspects and contentions not raised by parties : Tribunal not expected to unearth evidence or material to which its attention not drawn by parties : Dholadhar Investment P. Ltd. v. CIT (Delhi) p. 111
F Recovery of tax dues of company personally from directors not permissible where facts establishing that non-recovery of tax due from company not attributable to gross neglect, misfeasance or breach of duty on part of directors : Jashvantlal Natverlal Kansara v. ITO (Guj) p. 115
F Failure to go into merits of claim and dismissal of appeal on technical ground of lack of vigilant prosecution not proper : Venture Metal Products P. Ltd. v. Deputy CIT (Mad) p. 122
F Wrong claim of deduction : No finding that explanation offered by assessee not bona fide : No penalty : CIT v. Sandur Manganese and Iron Ores Ltd. (Karn) p. 160
F Jurisdiction of Authority : Return filed prior to filing application but notice issued after date of application maintainable : LS Cable and System Ltd., In re p. 18
F Total stay of assessee in India in preceding four years more than 365 days and total stay in India for financial year 2010-11 was 119 days : Assessee resident in 2010-11 and receipts taxable : Mrs. Smita Anand, In re p. 38
F Non-resident : Permanent establishment : Receipt of income from Indian company taxable as business profits : Booz and Co. (Australia) P. Ltd., In re p. 134
F C&AG reports inconsistencies in the income-tax provisions conferring exemptions to charitable trusts and institutions-T. N. Pandey, Retd. Chairman, CBDT . . . 5
F Setting up of business Versus Commencement of business-Pankaj R. Toprani, Advocate . . . 23
F Taxability of mesne profits-Pankaj R. Toprani, Advocate . . . 17
F TP reports and documentation - How far reliable ?-Gopal Nathani, Chartered Accountant . . . 1
F Transfer Pricing Rewind-Gopal Nathani, Chartered Accountant . . . 29
F From our reporter at the Supreme Court :
Appeal to High Court :
Order of Tribunal based on finding of fact : Whether question of law can be entertained . . . 1
Business income or income from other sources :
Interest from investment of money raised by issue of zero coupon bonds . . . 1
Charitable purpose :
Application of income on acquisition of capital assets : Depreciation whether permissible . . . 2
Exemption :
Bureau of Indian Standards whether carrying on activity in nature of trade, commerce or business . . . 2
Expenditure relating to exempt income :
Computation of disallowance . . . 2
Non-resident :
Taxability in India : Business connection : Permanent establishment . . . 3
Penalty :
Furnishing inaccurate particulars : False details for claim to depreciation . . . 3
Reassessment :
Condition precedent : Tangible material showing escapement of income . . . 3
Reasons for notice must be compelling . . . 3
Royalty :
Payment for purchase of software . . . 4
F Press Notes/Releases :
Date of payment of final installment of advance tax extended from 15th March to 18th March 2014 . . . 6
F Notifications :
F Income-tax Act, 1961 :
Notification under section 35AC :
Appointment of Chairman and Members of the National Committee for Promotion of Social and Economic Welfare . . . 4
Notification under section 35AC Expln., clause (b) :
Eligible projects or schemes . . . 6
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On Monday, 24 March 2014 7:17 AM, "info@cliofindia.com" <info@cliofindia.com> wrote:
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GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Order directing assessee to pay back refunded amount after decision of Supreme Court in another case not involving similar issues set aside with cost : International Conveyors Ltd. v. Commissioner of Central Excise and Customs P. 193
F Sales tax collected and retained as incentive by manufacturer under sales tax incentive scheme allowable deduction for purpose of Central excise before amendment of section 4 in 2000 and not after : Commissioner of Central Excise v. Super Synotex (India) Ltd. P. 199
F Where exports finalised and duty drawback paid in 2006-07, reopening of entire issue by Department after long time unwarranted : Commissioner of Customs v. Kultar Exports (Delhi) P. 236
F Where circular enabling setting-off of duty in respect of inputs purchased from open market, declaration from merchant- exporters who purchased inputs not necessary : Maalvika Impex (India) v. Commissioner of Customs (Delhi) P. 244
F Provisional release of perishable goods ordered subject to payment of duty on declared value and fifty per cent. of difference : Sri Abhisek India v. Commissioner of Customs (Mad) P. 247
F Where goods not prohibited, provisional release of goods ordered subject to condition : Sada Sukhi Electronic P. Ltd. v. Commissioner of Customs (Mad) P. 253
F Whether assessee entitled to benefit of section 11AC was question of fact to be gone into on basis of materials placed by assessee before authorities ; Appellate Tribunal not justified in not going into question of fact : Tilrode Chem P. Ltd. P. Ltd. v. CCE (Karn) P. 266
F Appeal regarding issue involving retrospective effect of notification having direct co-relation to rate of duty payable by assessee, not maintainable before High Court : Commissioner of Customs v.Shri Ram Rayons (Raj) P. 273
F Where Department aware of circulars restricting drawbacks to customs duty but granting drawback of excise duty component also, demand of drawback of excise duty granted after one to five years, set aside : Kultar Exports v. Commissioner of Customs (Trib.-Delhi) P. 216
F Where no proof of additional consideration flowing from assessee to foreign supplier, Department bound to accept declared transaction value : Impex Steel and Bearing Co. v. Commissioner of Customs (Trib.-Delhi) P. 282
F Matter remanded to adjudicating authority reason out why arguments made by assessee were not acceptable : Vikas Filaments P. Ltd v. Commissioner of Central Excise (Trib.-Ahd) P. 287
F Notifications :
Central Excise Act, 1944 : Notification under section 3A(3) : Rate of duty in compound levy scheme applicable to chewing tobacco and unmanufactured tobacco : Amendments P. 42
Rate of duty in compound levy scheme applicable to pan masala and pan masala containing tobacco : Amendments P. 41
Notification under section 5A(1) : Concessional rate of duty on specified goods : Amendments P. 45, 46
Exemption of duty on goods falling under First Schedule to Central Excise Tariff Act, 1985 P. 39
Customs Act, 1962 : Notification under section 25(1) : Effective rates of basic customs duties for specified goods : Amendments P. 34, 35
Exemption of additional customs duty on certain goods : Amendments P. 38
Exemption of duty on goods falling under First Schedule to Customs Tariff Act, 1975 P. 33
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Phone: (044) 24350752 - 55
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info@cliofindia.com
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