"31 January 2013" Archive

Knowledge of assessee’s son is knowledge of assessee himself, No Condonation on the ground of Ignorance

Mr. Siddramappa S. Yelamali Vs The Commissioner of Central Excise (Karnataka High Court)

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 preferre...

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No disallowance U/s. 10A for mere higher profits if the same is not found to be for tax avoidance

Zavata India (P.) Ltd. Vs Income-tax Officer, Ward 3(2), Hyderabad (ITAT Hyderabad)

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 Office...

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Sec. 54EC exemption for investment of Rs. 50 Lach each in 2 Financial Years but within 6 M from transfer date

Smt. Sriram Indubal Vs The Income Tax Officer (ITAT Chennai)

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 exe...

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Notification No. 18/2013-Customs (N.T.) Dated: 31/01/2013

Notification No. 18/2013-Customs (N.T.) 31/01/2013

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 ...

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Customs Japanese Yen rate wef 31.01.2013 for Import / Export

Notification No. 17/2013-Customs (N.T.) 31/01/2013

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...

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Notification No. 16/2013-Customs (N.T.) Dated: 31/01/2013

Notification No. 16/2013-Customs (N.T.) 31/01/2013

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 ...

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Amendment of Notification No. 61/1994-Custom(N.T.) dated 21/1/1994

Notification No. 15/2013-Customs (N.T.) 31/01/2013

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 ...

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Addition on the on basis of allocation of indirect cost cannot be made to ALP if no actual expense been incurred

Deputy Commissioner of Income-tax Vs Bekaert Industries (P.) Ltd. (ITAT Pune)

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...

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CBDT notifies Functions of electoral trusts & Audit Report Form No. 10BC

Notification No. 8/2013 - Income Tax 31/01/2013

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....

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Companies, whose employees or directors are involved in fraud, should not be accepted as comparable

Market Tools Research Pvt. Ltd. Vs. Asst. Commissioner of Income-tax (ITAT Hyderabad)

(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.2...

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