In the present case, the AO had levied penalty under s. 271(1)(c) of the Act, for furnishing inaccurate particulars of income. It is not under dispute that the assessee had claimed wrong depreciation on account of additions made in the machinery and factory building accounts, which has been surrendered by the assessee to buy peace [...]

it is well settled that even if an issue is brought to the notice of the Assessing Officer by the audit party, it would not preclude the Assessing Officer from acting on such communication as long as the final opinion to take appropriate action is that of the Assessing Officer and not that of the [...]

Considering the fact that the entire amount of service tax and interest has been paid before the issuance of the show-cause notice, I reduce the penalty under section 78 to 25% of the service tax but confirm the penalty imposed under section 77 by the impugned orders. The appellants are directed to pay penalty under [...]

As regards the contention that in any event the service rendered by a commission agent is a service received in relation to the assessee’s activity relating to business, it may be noted that the includes part of the definition of ‘input service’ includes ‘activities relating to the business, such as accounting, auditing, financing, recruitment and [...]

We are conscious of the fact that what is in dispute is not the question as to whether bio-compost fertiliser is a final product or not, but on the other hand the question is as to whether such final product is liable to be brought under Rule 57CC of the Central Excise Rules or not. [...]

Having accepted the fact of hiring laptops and other peripherals from the petitioner and acknowledging the receipts and invoices and also the cost of the unreturned 20 laptops for which no valid defence has been placed by the respondent, the defence taken in the statement of objections is contrary to materials placed in Annexure-A to [...]

It is observed that CUP method was followed by the assessee to determine the arm’s length price of the royalty paid to its AE, namely, Kansai Japan on the ground that there being similar payment of royalty made to two unrelated parties, the internal CUPs are available. These two parties taken by the assessee were [...]

The hon’ble Ahmedabad Income-tax Appellate Tribunal in the case of Well Pack Packaging v. Deputy CIT reported at [2003] 78 TTJ (Ahd) 448 has held that revaluation of depreciable assets and conversion of a partnership firm into company does not lead to incidence of capital gain inasmuch as revaluation is made in the hands of [...]

From the fact that the income of the society comprised of receipts from the activity of letting out a kalyana mantapa owned by it on rent, fees received from the members on sale of liquor in the bar run by the assesse, it does not follow that the activities of the Assessee are not genuine [...]

The other point considered by the authorities below marring the benefit u/s 72A(1) is that the assessee company failed to lead evidence that the amalgamation was to ensure the revival of the business of the amalgamating company. Objections of the AO in points nos. (iii) and (iv) of para 3 of this order about the [...]