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Archive: 01 December 2011

Posts in 01 December 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6435 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Payment to Foreign healthcare services companies for advising, recommending ,assisting in healthcare projects and for conducting education and training programmes are not royalty

December 1, 2011 1684 Views 0 comment Print

JDIT-OSD(IT) Vs. Harvard Medical International USA (ITAT Mumbai) The payment in question was purely for the purpose of advising, recommending and assisting in relation to healthcare projects. It was also for conducting education and training programmes. It was also for the purpose of review and giving feed back of various aspects and new cardiac hospital to be set up, recommendation on planned patient care delivery system.

Gains arising on sale of shares of foreign company by Non Resident (NR) to NR taxable in India if the foreign co only held Indian assets – AAR

December 1, 2011 1192 Views 0 comment Print

In Re Groupe Industrial Marcel Dassault (AAR)- It is true that a Double Taxation Avoidance Convention has to be construed on its terms. On a literal construction paragraph 5 would lead to the position that the transfer of shares of ShanH in this case, can be taxed only in France. But the contention of the Revenue is that the situs of the underlying assets cannot be ignored and the underlying assets and controlling interest are that of a company incorporated in India and a resident of India.

Negligent Assessee should not be given many opportunities just because that quantum of amount involved is high

December 1, 2011 649 Views 0 comment Print

CIT Vs. Gold Leaf Capital Corporation Ltd. (Delhi HC) – Tribunal noticed that there were two coursed open to it. First course was to draw an adverse inference against the assessee and second course was to restore the matter back to the AO. It chose second course only on the ground that the quantum of amount involved was high, that is hardly a ground or justification for restoring and giving premium to the assessee for its negligence.

JM Shanti Sundharam becomes Fourth Lady member of CBEC in Six member board

December 1, 2011 1180 Views 0 comment Print

The President has appointed JM Shanti Sundharam as the new Member of CBEC in the vacancy arising on the retirement of Rajesh Dhingra yesterday. Now the CBEC will have four lady Members out of the total of six Members. It is possible that soon we may have an all women Board.

To add the difference between Market Value and sale value , department has to prove that the assessee had received more than what is declared

December 1, 2011 1051 Views 0 comment Print

CIT Vs. Rajendra Seclease Ltd.(Delhi HC) – In absence of evidence to show either that the sales were sham transactions or that the market prices were in fact paid by the purchasers; the mere fact that the goods were sold at a concessional rate to benefit the purchasers at the expense of the company would not entitle the Income Tax department to assess the difference between the market price and the price paid by the purchasers, as profits of the company.

Tourist Visa on Arrival for Citizens of Eleven Countries

December 1, 2011 1100 Views 0 comment Print

Tourist Visa on Arrival for Citizens of Eleven Countries The Government of India has provided Tourist Visa on Arrival (TVOA) facility for the citizens of 11 countries viz. Japan, Singapore, Finland, Luxembourg, New Zealand, Cambodia, Laos, Vietnam, Philippines, Myanmar and Indonesia for promotion of tourism in the country. 16289 nationals of above mentioned countries availed the TVOA facility upto October, 2011.

Penalty for concealment can be levied if assessee acted in contumacious manner

December 1, 2011 531 Views 0 comment Print

In T. Ashok Pai v. CIT [2007] 292 ITR 11 the Supreme Court observed that if the explanation given by an assessee is taken to be bona fide, the question of imposition of penalty under section 271(1)(c) of the Act would not arise. Although the findings arrived at in assessment proceedings would constitute good material for penalty proceedings, yet in penalty proceedings, the matter has to be looked at differently since the consequences for the assessee would be different, and penal. Therefore, the rule of strict construction would apply.

Re-assessment proceedings cannot, be initiated on the ground that the Assessing Officer was legally wrong and had misapplied and wrongly understood the law/legal position

December 1, 2011 894 Views 0 comment Print

BLB Limited Vs. ACIT (Delhi HC) – If in the course of original assessment proceedings, the Assessing Officer has considered and examined a particular aspect, the said aspect cannot be made a ground to reopen and initiate reassessment proceedings. The assessing authority cannot have a fresh look and reopen an assessment on the ground of change of opinion.

Govt consulted stakeholders including UPA allies before allowing FDI in retail – Montek

December 1, 2011 162 Views 0 comment Print

Planning Commission Deputy Chairman Montek Singh Ahluwalia has said the government has consulted all stakeholders, including UPA allies, before opening the multi-brand retail to foreign investment. Participating in a TV programme he said the decision provides States the power to decide on opening up of such stores.

ICAI President's Message – December 2011

December 1, 2011 459 Views 0 comment Print

While presenting the Annual Budget for 1956-1957, the then Union Finance Minister Shri C. D. Deshmukh had said: It is enough to state broadly my view that by means of the First Five Year Plan we have laid sound foundations for a more massive superstructure in building up the country’s economy. He went on to present the vision of his mission which is relevant even today:

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