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In past about a decade, if one gives a close look at the business environment, professional experience with clients and employer expectations, one could derive that the period has witnessed a theory of ‘Big change’. The drivers at macro level are altering the business environment radically and as a result transforming the accounting profession.
As regards the payments of Rs.20,000/- or more, the assessee has not substantiated his claim that the payments of Rs.20,000/- or more with regard to the purchases were made for Rs.20,000/- or less before the AO. It is also not on record whether such claim was actually made before the AO or not. With regard to the claim before the ld. CIT(A), all the vouchers are self made vouchers and without any authenticity of the name and complete address of the recipient. From the claim of the assessee before the ld. CIT(A), the payments are claimed to have been made on different hours on the same day and accordingly on different dates.
ITAT has committed an error in dismissing the appellant’s appeal merely by observing that while deciding the appeal of revenue the stand of the CIT (Appeal) has been upheld. We find that the appellant’s contention that the net profit at 2.5% could not have been applied by CIT (Appeal) was required to be decided by the ITAT and the appellant’s appeal could not have been dismissed summarily on the basis of the decision in revenue’s appeal without dealing with the appellant’s contention. It is evident from the order of ITAT that while deciding revenue’s appeal also the said question of applying of net profit rate at 2.5% was not dealt with by it.
The expenditure is incurred by the assessee not for generation of the scrap but for generation of the finished product. There is and cannot be any expenses which are incurred for generation of scrap. Scrap is bi-product of the manufacturing activity. Therefore, there are no expenses which could be excluded from the sale of scrap.
Cenvat credit in respect of duty paid by the job worker has already been considered by the Tribunal and in the case of Multi Organics (P.) Ltd. v. CCE [Order Nos. A/180-181/2010/SMB/C-IV, dated 31-3-2010]. It has been held that even though the job worker is entitled to exemption under Notification No. 8/2005-ST and if he has not availed to exemption, the service tax credit would be admissible to the person who availed the services of job worker.
CLB has rendered a finding that the application for amendment was allowed for determination of the issues between the parties and for the purpose of framing issues for avoiding multiplicity of litigations.
Record shows that the name of the petitioner was never entered into the register of members as a holder of 52470 shares; his own case is that the share transfer forms were available with him in 1998; he however took no steps to get himself on to the register of members; fault was entirely of the petitioner;
The W.T. return for Individuals, Hindu Undivided Families and Companies is to be filed in Form BA. Value of an asset for an assessment year is to be declared as on the relevant Valuation Date i.e. 31st March of each year. Thus, for the assessment year 2012-13, the valuation date will be 31.3.2012, while for the A.Y. 2013-14, the valuation date will be 31.3.2013.
Director General had concluded on the basis of his investigation that it was not proved that foreign airlines hold about 90% market share in the relevant market of international flying to and fro from India. The appellant was unable to give any specific statistics before the CCI or even before us. On the other hand, from the documents on record
If a certain receipt cannot be taxed under any other head, only then the sections dealing with ‘Income from Other Sources’, come into play in domestic taxation matters. Likewise, under the DTAAs, if a sum can be taxed under any other Article, provisions of Article 22 will not be applicable. We are of the opinion, in light of the earlier decisions of the Mumbai Tribunal income received by the assessee-company form McKinsey India is not to be treated as Royalty-rather it has to assessed as business income as per Article 7 of the DTAA.
