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We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute inasmuch as it is also not in dispute that the assessee while filing the return of income in response to the notice u/s 153A declared an additional income of Rs. 25 lakhs and, in alternative, claimed that the disallowance, if any, u/s 10A may be restricted to Rs. 40,24,656/- only instead of Rs. 64,24,656/-. The ld. CIT(A) after examining the issue held that the assessee is entitled to telescoping of Rs. 25 lakhs disclosed as additional income from the income determined by the A.O.
A lot of emphasis has been placed by the CIT(A) on this Tribunal’s decision in the case of TIL Ltd (supra). However, as we have decided the matter on merits and on the first principles, we see no need to deal with the said judicial precedent. Our reasoning could be different than the reasoning adopted by the CIT(A) and that adopted by the coordinate bench in TIL’s case (supra), but then our conclusion is the same as arrived by the CIT(A) and by the coordinate bench. It is this aspect of the matter which is material for the present purposes.
Inland Ports were specifically mentioned as an infrastructure facility in the statutory provision and in the understanding of the CBEC, which administers the Customs Act, an Inland Container Depot was actually an Inland Port. There is also no dispute that even in 1983 amendments had been made to the Customs Act by treating the Inland Container Depots as part of the customs port for purpose of customs formalities and clearances.
Only grievance of the Revenue is that the amendment brought in the Income Tax Act u/s. 40(a(ia) was only effective from 1.4.2010 and not retrospective in nature. However, we find that in a catena of case laws as mentioned, it has been held that the amendment in section 40(a)(ia) is remedial and curative in nature and has retrospective effect. In this case, admittedly, the TDS deducted was deposited before the date of the filing of the return and under such situation, there cannot be any disallowance u/s. 40(a)(ia). Thus we find that Ld. Commissioner of Income Tax (Appeals) has taken a correct view in the matter, which does not need any interference on our part. Accordingly, we uphold the same.
The Income Tax Department, Shri Pranab Mukherjee, Honorable Finance Minister, Govt. of India inaugurated the ‘Aayakar Seva Kendra’ at Central Revenue Building, Bamboo Villa, Kolkata on 27.05.2012 in the august presence of Shri Laxman Das, Honorable Chairman, CBDT and Shri D. Dasgupta, Chief Commissioner of Income Tax (CCA), West Bengal.
(1) Whether, based on the facts and circumstances of the case, receipts by the Applicant as per the Contract for the overhauling services would be taxable as Fees for Technical Services in India under the Act? – (2) Whether the consideration receivable under the Contract would fall within the definition of Fees for included services under Article 12 of the Indo-US DTAA? Would the services make available any technical knowledge, experience, skill, know-how, or processes, or consist of the development and transfer of a technical plan or technical design in terms of Indo-US DTAA?
With the emergence of multinational corporations and rapid increase in cross border transactions, it is essential that our financial statements speak the global language for attracting foreign funds into India. Internationally, the observance of universally accepted reporting norms is perceived as an important measure of good corporate governance, ensuring financial transparency to the stakeholders of the company.
Rule 40 of Rajasthan VAT Rules governs the Works Contract Tax liability of the awarder which can be summarized as below. 1. Submit Information to VAT Department Awarder Shall submit information to his jurisdictional Asstt Comm or ACTO upon entering into a works contract exceeding Rs. 5 Lacs. Time limit for submitting of this information is within 1 month from the date of contract. Form VAT-40 is the form prescribed for submission of this information.
