ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F Where business income of assessee exceeding limit prescribed under section 44AB for compulsory audit, assessee liable to deduct tax while paying interest to firm : Thomas George Muthoot v. Asst. CIT (Cochin) p. 79
F Judgment discussing point elaborately and giving elaborate reasoning to be preferred : Thomas George Muthoot v. Asst. CIT (Cochin) p. 79
F Revision : Where predominant object charitable, proviso to section 2(15) not applicable : India International Centre v. Asst. DIT (Exemptions) (Delhi) p. 92
F Reopening of assessment invalid on mere change of opinion with no fresh material to form opinion regarding escapement of income from assessment : Deputy CIT v. Shree Ram Piston and Rings Ltd. (Delhi) p. 1 (3-9-2015)
F Where orders not clear whether assessee running any educational institution and source of funds for education provided to deserving students, matter remanded : Coimbatore Multipurpose Social Service Society v. ITO (Chennai) p. 8 (21-8-2015)
F Depreciation on same asset not allowable : Coimbatore Multipurpose Social Service Society v. ITO (Chennai) p. 8
F Income assessable as short-term capital gains on failure to establish income from sale of shares was business income : Business Match Services (I) P. Ltd. v. Deputy CIT (Mumbai) p. 15 (19-8-2015)
F Expenditure incurred for expansion of existing business activity, revenue in nature : Business Match Services (I) P. Ltd. v. Deputy CIT (Mumbai) p. 15
F Where disallowance of expenditure relating to exempt income disproportionately high, rule 8D not applicable and disallowance restricted to sum declared by assessee : Business Match Services (I) P. Ltd. v. Deputy CIT (Mumbai) p. 15
F Expenses incurred on website development, legal and professional consultancy, computer repair and maintenance, subscription fees, revenue in nature : Times Internet Ltd. v. Addl. CIT (Delhi) p. 23 (17-8-2015)
F Bad debts, condition precedent for deduction : Times Internet Ltd. v. Addl. CIT (Delhi) p. 23
F Expenditure relating to earlier years crystallising in current year, allowable : Times Internet Ltd. v. Addl. CIT (Delhi) p. 23
F Where process "manufacture" as defined u/s. 2(29BA) of the 1961 Act, assessee entitled to deduction u/s. 10B : Deputy CIT v. Ashok Shetty (Bang) p. 35 (14-8-2015)
F Where assessee dealing in house property and letting it as main business, income arising to be assessed under income from business : Dhanrajgir Business P. Ltd. v. ITO (Mumbai) p. 42 (14-8-2015)
F Non-resident : Services rendered by assessees not taxable in India under article 12 based on settlement arrived at by Governments in terms of mutual agreement procedure : McKinsey and Company Inc Italy v. Asst. DIT (International Taxation) (Mumbai) p. 45
F Addition to be made u/s. 68 on failure by assessee to prove identity and capacity of shareholders with genuineness of transactions : Subhlakshmi Vanijya P. Ltd. v. CIT (Kolkata) p. 48
F Assessment order without making proper examination is as good as no enquiry, erroneous and prejudicial to Revenue : Subhlakshmi Vanijya P. Ltd. v. CIT (Kolkata) p. 48
F Powers of Commissioner u/s. 263 : Commissioner can set aside assessment order and direct Assessing Officer to conduct enquiry, notwithstanding his jurisdiction : Subhlakshmi Vanijya P. Ltd. v. CIT (Kolkata) p. 48
F Requirement of service of notice not strictly applicable under section 263 : Subhlakshmi Vanijya P. Ltd. v. CIT (Kolkata) p. 48
F Limitation period for revision to be counted from date of orders under section 147 : Subhlakshmi Vanijya P. Ltd. v. CIT (Kolkata) p. 48
F Transfer of jurisdiction with regard to incidental matters not applicable for proceedings u/s. 263 in absence of actual transfer of jurisdiction : Subhlakshmi Vanijya P. Ltd. v. CIT (Kolkata) p. 48
F Principle that addition cannot be made in hands of assessee u/s. 68 in its first year of incorporation not applicable to company : Subhlakshmi Vanijya P. Ltd. v. CIT (Kolkata) p. 48
F Where assessee-company filing return in its earlier name after amalgamation, not allowed to take advantage of its own manipulation : Subhlakshmi Vanijya P. Ltd. v. CIT (Kolkata) p. 48
F No illegality in revision order passed on holiday after conclusion of proceedings on working day : Subhlakshmi Vanijya P. Ltd. v. CIT (Kolkata) p. 48
F Jurisdiction u/s. 263 : Jurisdiction of Commissioner not affected on failure to give opportunity of hearing to assessee but amounts to irregularity : Subhlakshmi Vanijya P. Ltd. v. CIT (Kolkata) p. 48
F Notice for revision need not be signed by Commissioner : Subhlakshmi Vanijya P. Ltd. v. CIT (Kolkata) p. 48
F Powers of Commissioner : Commissioner empowered to initiate revision proceedings even after initiation and completion of assessment u/s. 153A : Subhlakshmi Vanijya P. Ltd. v. CIT (Kolkata) p. 48
F Ratio decidendi not to be seen divorced from facts : Subhlakshmi Vanijya P. Ltd. v. CIT (Kolkata) p. 48
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GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Service of adjudication order to daily wage employee of assessee not service to concerned person or authorised agent : Saral Wire Craft P. Ltd. v. Commissioner of Customs, Central Excise and Service Tax p. 433
F Circular allowing importer's request for re-export of warehoused goods even after expiry of maximum warehousing period and where demand notices issued and decision to put goods to auction taken not applicable where goods already put to auction : Binny Ltd. v. Commissioner of Customs (Mad) p. 418
F Power to summon party for giving evidence or to participate in enquiry not exercised mala fidely and not interfered with : Kunj Power Project P. Ltd. v. Commissioner of Customs and Central Excise (All) p. 427
F Assessee knowingly and deliberately indulging in huge amount of duty evasion, assessee and persons assisting assessee liable for penalty : CCE v. Shivarati Textiles P. Ltd. (Trib.-Mum) p. 439
F Refusal of rewarehousing certificates on the technical ground of delay of D-3 intimation not justifiable : CCE v. Shivarati Textiles P. Ltd. (Trib.-Mum) p. 439
F Licence issued to export-oriented unit can be cancelled only after the enquiry, pending enquiry the licence can be suspended : CCE v. Shivarati Textiles P. Ltd. (Trib.-Mum) p. 439
F Notifications :
Central Excise Act, 1944 : Notification under section 5A(1) : Exemption of duty on goods falling under First Schedule to Central Excise Tariff Act, 1985 : Amendments p. 95
Customs Act, 1962 : Notification under section 7(1)(aa) : Inland container depot : Amendments p. 90
Notification under section 14(2) : Rates of basic duty on specified goods : Amendments p. 89
Notification under section 25(1) : Effective rates of basic duties for specified goods : Amendments p. 94
Exemption of duty on goods falling under First Schedule to Customs Tariff Act, 1975 : Amendments p. 91
Exemption to duty on specified goods imported from Bhutan and Nepal : Amendment p. 93
Customs Tariff Act, 1975 : Notification under section 9A(1) and (5) : Anti-dumping duty on import of acrylonitrile butadiene rubber from Korea p. 83
Anti-dumping duty on import of float glass of thickness 2 mm. to 12 mm. from China and Indonesia p. 86
Anti-dumping duty on import of phosphoric acid of all grades and all concentration (excluding agriculture or fertilizer grade) from Korea RP : Amendments p. 81
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