"01 March 2013" Archive

If Assessee paid tax u/s. 140A, interest u/s. 234A to be demanded only on short tax payment

Bharatbhai B. Shah Vs Income Tax Officer & 2 (Gujarat High Court)

In the present case, the assessee deposited a sum of Rs.10 lacs under section 140A of the Act. In addition thereto, the assessee had also suffered tax deduction at source to the tune of Rs. 25,533/-. Eventually, the Assessing Officer, assessed the tax liability of the assessee at total of Rs. 15,08,474/-. Thus the assessee had short-paid ...

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Budget – Focused on Fundamentals

Dr. Sanjiv Agarwal The Union Budget 2013-14 presented by Finance Minister, P. Chidambaram, his 8th one, could be termed as a balanced, focused and a reasonable one from the point of view of economy and all the stakeholders. Though it may be missing the much needed ignition or spark to put the markets on fire, […]...

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Posted Under: Income Tax |

CIT can cancel registration of trust granted under Section 12A only wef 01.06.2010

Agra Development Authority Vs Commissioner of Income Tax-1 (ITAT Agra)

One of the contention of the ld. Departmental Representative that Section 12AA(3) has been amended w.e.f. 01.06.2010 wherein power has been given to cancel registration under section 12A(1) of the Act. In that case the CIT cancelled registration under section 12A of the Act after 01.06.2010, therefore, the fact is different than case unde...

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Consideration received for assignment of toll collection rights, prima facie, amounts to franchise service

Navayuga Engineering Co. Ltd. Vs Commissioner of Central Excise & Customs, Visakhapatnam (CESTAT Bangalore)

On a perusal of the definition of franchise given under Section 65(47) under the Finance Act, 1994, we note that it refers to an agreement by which the franchisee is granted representational right to provide service identified with the franchisor whether or not any 'service mark' is involved. Prima facie, in the absence of such an agreeme...

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‘Air travel agents’ services for business purpose are input services

EMCON Technologies India (P.) Ltd. Vs Commissioner of Central Excise (CESTAT Bangalore)

Similarly, if the air travels were undertaken by the company's executives for business purposes, the necessary nexus between the service and the business activities of the appellant does exist. The show-cause notice did not even attempt to make out a case to the contra. Therefore, the case of the appellant is liable to be accepted. ...

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No reversal of cenvat credit if credit of the same is not been availed by Assessee

Saurabh Organics (P.) Ltd. Vs Commissioner of Central Excise, Thane (CESTAT Mumbai)

As regards the demand for payment of an amount @ 8% of the value of the exempted goods under Rule 57CC of the Central Excise Rules, 1944 made out in the show-cause notice, it has been noted that the appellants have not availed any credit of the duty paid either on the raw materials supplied by the principal manufacturer or on the raw mate...

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If main petition is pending for adjudication, interim reliefs in the nature of main reliefs cannot be granted

Arun Amidwar Vs Grip Tight Packaging (India) (P.) Ltd. (Mumbai, Company Law Board)

In the present case the petitioner No. l was removed as director and this Bench presumes that the convening and holding of general meeting in which he was removed is legal and valid. So far as para 11.3 of the reliefs is concerned that the R1-company be directed to be operated only with the joint signature of the petitioner No.1 and resp...

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Lease transaction is genuine if lessee has got right just to use the asset & have to return it back it on termination of lease

Commissioner of Income-tax, Udaipur Vs Banswara Syntex Ltd. (Rajasthan High Court)

In the present case, the assessee had no right to transfer or alienate the machinery in any form, was obliged to re-deliver the equipment upon termination of lease agreement, was not to part with possession and not to make alteration in the equipments with the stipulation that additions would belong to the lessor; and the lessor was entit...

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Additions based on presumptions for mere adjustment of entries not valid

Commissioner Of Income Tax Vs Raghuraji Agro Industries (P.) Ltd. (Allahabad High Court)

From the record, it appears that as on March 31, 2003, the figure of Rs. 1 crore was appearing in schedule IV, under the head unsecured loan" in the balance-sheet. In the earlier year it was appearing as 1. Unsecured loan Rs. 60 lakhs. 2. Share application money Rs. 40 lakhs. During the assessment year under consideration, the same was sh...

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Appeal not maintainable before HC if tax effect is less than Rs. 10 lakhs

Commissioner of Income-tax, International Taxation Vs IGATE Global Solutions Ltd. (Karnataka High Court)

We dismiss these two appeals as not tenable in view of value of the subject matter in each of the appeal being less than Rupees Ten Lakhs, but reserving liberty to the appellants to revive the appeals, in the event of their success before the Supreme Court in the Special Leave Petitions preferred by the revenue....

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August 2021