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It is clear, Section 85 provides that any person aggrieved by any decision or order passed by an adjudicating authority can prefer an appeal within three months. Thereafter, if the Commissioner is satisfied that the appellant was prevented by sufficient cause from preferring the appeal, the Commissioner can allow the appeal to be preferred within further period of three months and not beyond that.
Since the assessee’s operations are efficient enough to obtain more profits and since the receipts are at arm’s length and there is no passing of excess profits by the parent company (AE) to the assessee, the Assessing Officer’s action in restricting the profits is not correct. Also there is no reason to restore it to the Assessing Officer since there is nothing else to examine. Accordingly, grounds of the assessee are allowed and the Assessing Officer is directed to treat the profits declared by the assessee as ordinary profits and allow deduction under section 10A, without any further adjustment.
Assessee eligible for S. 54EC benefit of Rs. 50 Lakh each made in two different financial years but within six months from transfer of capital asset. Only question that arises is whether proviso to Section 54EC(1) would limit the claim of exemption to Rs. 50 lakhs. Said proviso mentions that investment on which an assessee could claim exemption under Section 54EC(1) shall not exceed Rs. 50 lakhs during a financial year.
In exercise of the powers conferred by clause (c) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the
In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Board hereby makes the following amendments in the Notification of the Government of India, Ministry of Finance
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby
In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Government hereby makes the following further amendments in the notification of the
In initial years the assessee had lesser requirement of these spools as the business was in the process of being established and stabilized. The system of collecting these spools also had to be put in place and stabilized to ensure its supply on a sustained basis. The system adopted by the TPO to allocate indirect expenses on the basis of turnover in initial assessment years was not justified. There was nothing on record to suggest any indirect expenses for determining the ALP of export of spools. Accordingly, the Commissioner (Appeals) was not justified in restricting the addition to Rs. 5,07,651 as there was no element of indirect cost involved.
Notification No. 8/2013 – Income Tax FORM NO. 10BC [See rule 17CA] Audit report under (sub-rule (12) of rule 17CA) of the Income-tax Rules, 1962, in the case of an electoral trust. Rule 17CA. Functions of electoral trusts. (1) The functions of an electoral trust referred to in section 13B shall be as provided in this rule.
(d) Companies having super normal profit may have to be examined further to determine the reason for the extra ordinary profits. (e) Companies whose employee or directors are involved in fraud should not be accepted as the financial results are not reliable. (f) Companies having the turnover of less than Rs. one crore or more than Rs.200 crores should not be taken as comparables.
