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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
Corruption is not only a punishable offence but also undermines human rights, indirectly violating them, and systematic corruption, is a human rights’ violation in itself, as it leads to systematic economic crimes. Thus, in the aforesaid backdrop, the High Court should not have passed the said order of suspension of sentence in a case involving corruption.
Corrupt public servant deserves no sympathy and ruling out any leniency towards public servant who has been found guilty by the trial court, also made it clear that each of the criminal case is required to be decided with reference to the individual facts of each case.
As per the Assessing Officer, the petitioner should be treated as an agent of Mr. Ivo Perica. For the salary income that Mr. Ivo Perica received for the work done in India having not paid tax, such tax could be recovered from the petitioner. For some strange reason, however, when the impugned notice was issued, the petitioner was described as an agent of M/s. A Monforts Textilmachinen Gmbh and Co. i.e. the foreign company.
In the present case, we find that the Assessment Order does not give effect to the amount seized in the calculation of tax payable at the end of the Assessment Year in question. Further, there is no Demand Notice and there is no basis for claiming interest on advance tax due on 15th September, 15th December and 15th March. On account of this vagueness, leaving the question of law open, the civil appeal filed by the Department is dismissed.
Even though the assessment order mentions date of receipt of profit on sale of shares as 4.2.2004 and the amount is claimed to have been received from the company M/s DN Kansal & Securities (P) Ltd., the AO or the ld. CIT(A) did not analyse the nature of transaction as to how it is loan or advance nor ascertained accumulated profits of the said company until the date of transaction.
There is no dispute that the appellants were eligible for CENVAT credit for the amount paid as Service Tax and, therefore, this is a situation which was revenue neutral and by not paying the Service Tax immediately, appellants have lost more than Rs.26,00,000/- paid by them as interest which would not have become payable if Service Tax was paid promptly and taken as credit.
We find from the Central Excise Registration and the other documents furnished by the applicant that the Registration by Central Excise Department has been given by including PAN Number of SAIL. There is no dispute that the applicant is an unit of M/s SAIL and the other units are also part of M/s SAIL. Thus, we find that the service is being provided to self,
While considering the scope of Survey and Exploration of Mineral, Oil and Gas Service, we limited the scope to the five elements of exploration and did not consider the drilling of exploratory wells as part of that service, it has to be treated as part of Mining Service since any service in relation to Mining would come in this category.
The expression, including the provisions of sub-section (4) of section 129A is by way of clarification and has been so said expressly to remove any doubt about the applicability of the provision relating to cross objections to the applications made under section 129D(4) or else it may be said that provisions relating to appeals to the Tribunal have been made applicable and not the cross objections.
A reading of Section 32(2) thus makes it clear that if the unabsorbed depreciation allowance could not be wholly set off under clause (i) and clause (ii), the amount of depreciation not so set off can be set off from income from other head, if any, available for that assessment year. The language of Section 32(2) is very clear and there is hardly anything contained in Section 72(2) to prevent such set off of carried forward depreciation being given to the assessee under the head of income from business or income from other sources.
