The revenue Intelligence department has detected duty evasion of 50 crore rupees in the imports of iron ore pellets at Kandla port. Officials said, seven leading Kutch-based steel manufacturing units are involved in the tax evasion.
Jiyuan Li Vs Registrar Of Companies (Delhi HC) Continuing offence is one which is susceptible of continuance and is distinguishable from the one which is committed once and for all. It is one of those offences which arises out of a failure to obey or comply with a rule or its requirement and which involves a penalty, the liability for which continues until the rule or its requirement is obeyed or complied with.
In the case of Mukherjee Estate P. Ltd. reported in 244 ITR 1, the Hon’ble Calcutta High Court has held that income on account of display of hoardings on the top of the building for advertisement purposes to display the advertisement is not an income from house property as hoardings do not form part of the building which is income from the house property and other parts of the building.
If after making the entire payment, merely because a registered sale deed had not been executed and registered in favour of the assessee before the period stipulated, he cannot be denied the benefit of section 54F of the Act. Similarly, if he has invested the money in construction of a residential house, merely because the construction was not complete in all respects and it was not in a fit condition to be occupied within the period stipulated, that would not disentitle the assessee from claiming the benefit under section 54F of the Act.
In view of the decision taken by this Tribunal in the case of Ramdev Food Products Pvt. Ltd vide Order Nos. A/745-746/WZB/AHD/2011, dated 22-3-2011 [2011 (23) S.T.R. 475 (Tri. – Ahmd.)], that port services rendered even without authorization of port, Service Tax credit will be available, respondents are eligible for the Service “tax credit and the decision of the Commissioner (Appeals) has to be upheld.
The contention of the learned Sr.AR to the effect that the Revenue moved rectification application in the year 2011 i.e. after around 3 years from the date of passing of the Tribunal order u/s 254(1), belies the Revenue’s stand of such ground having been in fact taken, is without any force. When section 254(2) provides a period of limitation of four years from the date of passing of the order, it implies that any rectification application moved within this statutory period of four years requires consideration. As the instant application u/s.254(2) is well within the stipulated period, in our considered opinion, there is no justification in not accepting it.
Transfer of right to use software/computer programme in respect of copyrights would fall within mischief of royalty – In both the cases, it was held that consideration paid by the Indian customers or end-users to the assessee-a foreign supplier, for transfer of the right to use the software/computer programme in respect of the copyrights falls within the mischief of royalty as defined under sub-clause [v] to Explanation 2 to Clause [vi] of section 9[1] of the Income-tax Acts 1961.
It is observed that the ld. CIT(A) was of the view that since in the quantum appeal, the matter was set aside and sent back to the file of the ld. CIT(A) by the Hon’ble Tribunal vide its order dated 29.12.2010, the penalty order of the ld. AO dated 23.03.2010 will not survive. In fact, the Hon’ble Tribunal in the quantum appeal had restored the matter back to the file of the ld. CIT(A) for deciding the issue afresh. In such circumstances, we are of the considered view that the penalty order should be considered in the light of the quantum appeal decided by the ld. CIT(A). For this reason, we set aside the order of the ld. CIT(A) dated 13.09.2011 and restore the matter back to the file of the ld. CIT(A) to consider the penalty order of the ld. AO in the light of his findings in the quantum appeal.
According to SEBI (Credit Rating Agencies) Regulations, 1996 (the Regulations), a credit rating agency (CRA) has been defined as a body corporate which is engaged in the business of rating of securities offered by way of public or rights issues. The term “securities” has been defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956.
ICWAI invites entries for participation in ICWAI 9th National Award for Excellence in Cost Management – 2011 The Questionnaire is designed to obtain information on cost management practices for evaluation. Companies are free to participate in the Award Scheme either for the company as a whole or for each unit separately. The Award Categories are […]
