"01 March 2017" Archive

Limitation period of one year is not applicable for claiming refund of taxes paid under protest

Whether limitation period of one year provided under Section 11B(1) of Excise Act, applicable to Service tax provisions also vide Section 83 of Finance Act, 1994, would be applicable where Service tax has been paid under protest?...

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Posted Under: Excise Duty |

No TDS on Long term Lease Rent / Interest / other Payments for Plot Lease paid to GNOIDA

Rajesh Projects (India) Pvt. Ltd Vs CIT (TDS) (Delhi High Court)

This common judgment will dispose of a batch of writ petitions. They were heard together as they involve identical questions of fact and law as to the correct interpretation of Section 194-I of the Income Tax Act [hereafter the Act]....

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Budget 2017: Include income from transfer of carbon credits in definition of “income” U/s. 2(24)

The proposed introduction of section 115BBG providing for a 10 percent tax on income from transfer of carbon credits is a welcome move. This would go a long way in helping to resolve the uncertainty and litigation over the taxability of income from the transfer of carbon credits going forward....

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Posted Under: Excise Duty |

Disallowance U/s. 40(a)(ia) also applies to payment made during the year without TDS deduction

I.T.O. vs. M/s. Ruia Sons Pvt. Ltd. (ITAT Kolkata)

Provision of section 40(a)(ia) of the Act are applicable not only to the amounts which is shown as payable on the date of balance sheet but it is applicable to such expenditure which becomes payable at any time during the relevant previous year and was actually paid within the previous year. ...

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Swachh Bharat Mission: The Road Ahead

Two incidents from the South African years of Mahatma Gandhi stand out distinctly. The first is the worst kind of racial discrimination that he suffered on the first class compartment of a train. He was heckled and thrown out of the train by a snobbish European at Pietermaritzburg station. ...

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Posted Under: Excise Duty |

Exemption U/s. 11 /12 cannot be denied by invoking Section 2(15) merely for profit from imparting of education

Society for Participatory Research In Asia Vs. ITO (Delhi High Court)

The assessee was a recipient of research and training grant and other income to the tune of Rs. 1.36 crores. The AO determined that the latter were commercial receipts and guided by proviso to Section 2(15) and held that the assessee could not avail the benefit under section 11(23) of the Act. The ITAT relied […]...

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Posted Under: Excise Duty |

Exclude pooling vehicles like Mutual funds, AIP’s, from the purview of section 115BBDA

The Finance Act, 2016 had inserted new Section 115BBDA to tax dividend income in excess of Rs. 10 lacs in case of an Individual, HUF and Firm at the rate of 10%....

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Posted Under: Excise Duty |

No TDS deductible on Tips received by Hotel Staff

EIH Ltd., Vs ITO (ITAT Delhi)

Since TIPS were received from customers and not from employer these would be chargeable in the hands of employee as income from other sources and section 192 would not get attracted on facts of case....

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Carry forward & set off of loss of eligible start-ups; Further relaxation needed: ICAI

The Finance Bill, 2017 proposes to amend section 79 to provide that where a change in shareholding has taken place in a previous year in the case of a company, not being a company in which the public are substantially interested and being an eligible start-up as referred to in section 80-IAC of the Act...

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Posted Under: Excise Duty |

No cessation of liability merely because amount is outstanding for several years

The Income Tax Officer Vs M/S. Vikram A. Pradhan (ITAT Mumbai)

Amounts shown as liabilities / Outstanding in the Balance Sheet cannot be deemed to be "cessation of liability" under Section 41(1) of Income Tax Act, 1961 merely because the liabilities are outstanding for several years. Assessing Officer has to bring on record any material evidence to establish that there was cessation of liability in ...

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