"20 July 2012" Archive

Simultaneous proceedings under section 397/398?

It is known that section 399 of the Companies Act, 1956 entitles minority shareholders, subject to the qualification prescribed, to approach the Company Law Board (CLB) under section 397/398 of the Companies Act, 1956 seeking relief against the ‘oppression and mis-management’ from the majority shareholders in the Company. As majority ...

Posted Under: Company Law |

Order of Commissioner under earstwhile provision of S. 84 not appealable to Tribunal

Nihon Trading Company Vs Commissioner of Service Tax (CESTAT Bangalore)

The impugned order was passed by the Commissioner under section 84 as this section stood prior to 19-8-2009. It was passed on 24-3-2011. With effect from 19-8-2009, the date on which a new appellate remedy was granted in the place of the erstwhile revisionary remedy against orders passed by Central Excise officers subordinate to Commissio...

Principal-agent relationship to be examined, before taxing global shipping income in agent’s hand

Assistant Commissioner of Income-tax Vs I.A.L. Shipping Agencies (Kochi) Ltd. (ITAT Cochin)

In the instant case, the assessee is a resident assessee. It is not borne out of record as to whether the 'UK company' is a resident assessee or non-resident assessee. Though the assessee claims that it is acting only as an agent of the 'UK company', yet the said claim has not been verified and accepted by the Assessing Officer. Even, if ...

In land development agreement, capital gain arises in year in which developer gets possession of property

Ravinder Singh Arora Vs Assistant Commissioner of Income-tax, Circle-10(1), Hyderabad (ITAT Hyderabad)

The owners have entered into an agreement for development of the property and certain rights were assigned to the developer who in turn had made the substantial payment and, consequently, entered into the property and, thereafter, if the transferee has taken steps in relation to construction of the flats, then it is to be considered as tr...

S. 54 Exemption available on capital gain from sale of multiple house invested in a new house

Deputy Commissioner of Income-tax Vs Ranjit Vithaldas (ITAT Mumbai)

Whether the exemption u/s 54 will be available, in case, capital gain arising from sale of more than one residential house, is invested in one residential house. The ld. counsel appearing for the assessee argued that there was no restriction under section 54 that capital gain arising from two residential houses cannot be invested in one r...

No HRA Exemption on Rent reimbursed to employer for rent-free accommodation

DCIT Vs. Kuldeep D Kaura (ITAT Ahmedabad)

The assessee is getting twin benefit from the employer, one of which is not taxed on the basis of reimbursement of rent by the assessee to the employer. The first benefit is of rent free accommodation provided by the employer to the assessee employee for which the employer is incurring rental expenditure of Rs. 1.70 lacs per month in addi...

Admission of a new partner in consideration of payment not amounts to providing service to him

KapHag Renditefonds 35 Spreecenter Berlin-Hellersdorf 3. Tranche GbR Vs Finanzamt Charlottenburg (Europian Court of Justice)

A partnership which admits a partner in consideration of payment of a contribution in cash does not effect towards that person a supply of services for consideration within the meaning of Article 2(1) of Sixth Council Directive 77/388/EEC of 17 May 1977 on the harmonisation of the laws of the Member States relating to turnover taxes - Com...

Posted Under: Company Law | |

No Penalty If in Assessment Order AO not stated that there was concealment

Global Green Company Limited Vs. DCIT (ITAT Delhi)

The assessee had also challenged that in the assessment order the AO has not recorded finding that there was concealment of income. He has placed reliance on the decision of Hon’ble Delhi High Court in the case of Madhu Shree Gupta while examining the constitutional validity of sub-sec.1B of section 271(1)(c) has held that the presence ...

Deduction under section 54F available on construction of building

Smt. Dharam Shobha Rani Vs Income-tax Officer (ITAT Hyderabad)

Assessee having constructed the building and invested the capital gain, the assessee is entitled for deduction u/s. 54F of the Act if other conditions discussed herein below are fulfilled. ...

Investor Education and Protection Fund (Uploading of Information Regarding unpaid and Unclaimed Amounts Lying with Companies) Rules, 2012

The information is to be filed in Form 5- INV as per the above mentioned rules; and thereafter an excel sheet containing detailed investor wise details is to be filed separately. The e Form, the excel template and detailed steps are provided in the IEPF application link on the portal www.iepf.gov.in.For financial year ended on 31st March...

Posted Under: Company Law |

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