It must be understood that right to appeal is not an absolute right nor essential ingredient of process of natural justice. Supreme Court held in Vijay Prakash v. CC [1989(39) ELT 178(SC)], “Right to appeal is neither an absolute right nor an ingredient of natural justice the principles of which must be followed in all judicial and quasi-judicial adjudications. The right to appeal is a statutory right and it can be circumscribed by the conditions of the grant.”
There is no dispute about the fact so far as M/s. SCML is concerned, it is a foreign company which is operating the Cruises in the international waters. The said company has entered into the agreement with the assessee company and as per the terms of the agreement,
From the nature of activities being pursued by the petitioners, particularly as contained in the ‘memorandum of association’ extracted by the respondent in the statement filed in WP(C) 6899/2009 (stated as more or Jess similar in the other case as well), it is very much evident that the derivation of income by the petitioner cannot be held as merely the income from property, so as to oust the involvement of ‘trade, commerce or business’ or any service in connection with trade commerce or business as contemplated under the statute, which requires to be exempted and appreciated in detail by the departmen
It will also be relevant to mention that in the Memorandum explaining the provisions relating to direct taxes in the Finance Act, the above clause has been described under the head `Measures to plug revenue leakages’ and the relevant portion of Memorandum Explaining the Provisions Relating to Direct Taxes is reproduced below:-
The question is whether the terms of the contract as given above is for supply of labourers or is for doing specific item of work. If it is for performance of specified items of work, the same would not be covered by the definition of service since the service covers manpower recruitment or supply.
Here we summarised the ruling of the Bangalore Income Tax Appellate Tribunal (ITAT) [2009-TIOL-666-ITAT-BANG] in the case of Bovis Lend Lease (India) Pvt. Ltd. (Taxpayer) on the taxability of payments towards reimbursement of cost forservices provided by a group entity. The ITAT held that such payments
Recently, the Bombay High Court in the case of CIT v. Techno Shares & Shares Limited and Various other Stock Broking Houses (ITA no. 971 of 2006 and 218 of 2007) held that the depreciation cannot be granted on Bombay Stock Exchange Membership Card (BSE card) acquired on or after 1 April 1998 either by nomination or directly through the stock exchange.
The Bombay High Court ruled that once the taxpayer’s submissions with respect to section 14A was accepted by a tax officer, the Tribunal cannot send back the same matter for the tax officer’s re¬consideration. Recently, the Bombay High Court in the case of Topstar Mercantile Pvt. Ltd v. ACIT (2009-TIOL-458-HC-MUM-IT) has held that the Income-tax Appellate Tribunal (the Tribunal) was not justified in sending back the matter to Assessing Officer (AO) to consider the applicability of section 14A of the Income Tax Act, 1961 (Act) after applying the ratio of the decision in the case of ITO v. Daga Capital Management Pvt. Ltd [2008] 312 ITR (SB) (Mum) since the submissions made by the taxpayer in this regard was accepted by the tax officer during the assessment proceedings.
Banking trouble never seems to end for the world. Even despite of pumping huge funds to bailout and buying up crisis lead bank mortgage assets the story still remains to be unfolding few funds more to be spent. This time the number have taken a growth in European banks (ECB).European countries have been trying to hard to come out of the crisis of recession which have jeopardized theirs future economic growth.
It’s not often that the taxman comes to sting you five-and-a-half months after the budget speech. But finance minister Pranab Mukherjee’s decision to abolish the fringe benefits tax (FBT) last July is only now being clarified by the taxman, and the net result is that you will pay more tax.Not everybody, though. The abolition of FBT affects those taxpayers whose salaries have a heavier weighting of perquisites like official accommodation, servants, car allowance, company credit card, and employee stock option plans (esops), among other things.
