"18 May 2013" Archive

Income tax Appeal Filing & Procedures

Article explains Appeals before Commissioner (Appeals), Appeal before Income Tax Appellate Tribunal, Appeal before High Court, Appeal before Supreme Court, Form 35 for filing appeal to Commissioner(Appeals), Form 36 for filing appeal to Appellate Tribunal, Form 36A, i.e. memorandum of cross-objections to the Appellant Tribunal, Standing O...

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Every audit objection doesn’t lead to invocation of extended period and levy of penalty

LANDIS + GYR LTD. V. Commissioner of Central Excise (Kolkata – CESTAT)

The Hon’ble CESTAT held that every shortcoming noticed during Audit cannot be held as due to mala fide intention on part of Assessee so as to invoke extended period of limitation and levy the penalty. ...

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FAQs on Advance Pricing Agreement (APA) scheme

The APA rules provide that APA team would also include experts in economics, statistics, law or any other field as may be nominated by the DGIT (IT).Would such experts be included in each and every APA or would the need be analysed on a case to case basis? ...

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Posted Under: Income Tax |

Advance Pricing Agreement (APA)

To bring about certainty and uniformity with regard to determination of arm’s length price of the international transaction, the Finance Act, 2012 had inserted sections 92CC and 92CD in the Income Tax Act 1961 introducing the provisions of Advance Pricing Agreement (APA). The Ministry of Finance has notified an Advance Pricing Agree...

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Posted Under: Income Tax |

AO must record Requisite satisfaction of person searched to assume jurisdiction u/s 158BD

Jaydeep Enterprises Vs. ACIT (ITAT Ahmedabad)

In view of our decision in respect of additional ground no.3, other issues raised by the assessee by way of additional grounds and original grounds as per the memo of appeal do not call for any adjudication at this stage, because after deciding the technical aspect, the learned CIT(A) has to decide the entire issues again....

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If liability to pay Excise duty is not incurred, excise duty is not to be included in closing stock

Commissioner of Income Tax Vs Bell Granito Ceramica Ltd (Gujarat High Court at Ahmedabad)

We find that the issue is squarely covered in favour of the assessee and against the Revenue by the decision of Hon'ble jurisdictional High Court in Narmada Chematur Petrochemicals Ltd. (supra). Accordingly, this common issue in the appeals of the Revenue is dismissed....

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TDS not to be be deducted on expenditure on which assessee has paid FBT

Oil and Natural Gas Corporation Ltd. Vs The A.C.I.T. (TDS) (ITAT Ahmedabad)

During the period, when FBT was applicable, appellant considered reimbursements to employees under holiday home scheme to be liable to FBT under section 11 5WB(2)(G), i.e. expenditure for use of hotel, boarding and lodging facilities....

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Interest u/s 234B cannot be levied unless AO specifies in Assessment Order

Asstt. C.I.T. Vs S.K. Patel Family Trust (Gujarat High Court at Ahmedabad)

Counsel for the revenue, however, made faint attempt to contend that even though the order of assessment may not specify charging of interest under the provisions of the Income Tax Act, nevertheless if the computation sheet accompanying such an assessment order includes such demand, the notice for demand may still be valid. ...

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Reconstitution of Partnership Firm not amount to deemed gift

Ratilal P. Patel Vs Gift Tax Officer (Gujarat High Court at Ahmedabad)

These two appeals arise out of a common judgment of Income Tax Appellate Tribunal dated 17.12.1999. By the said judgment, the Tribunal had dismissed the appeals of the present appellants, that is, assessees and confirmed the decision passed by the Revenue Authorities. The appellants herein and one Smt. Urmilaben A. Patel constituted a par...

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No addition u/s 41(1) in respect of balance of creditors appearing in books of accounts at the end of relevant year

Income Tax Officer Vs. Shri Jagmohansingh G Dhiman (ITAT Ahmedabad)

In view of the fact that the enabling conditions of sec.41(1) are not fulfilled in this case, the A.0. had not brought any material on record to indicate that the appellant had obtained any benefit against the above said liabilities and these liabilities are still existing at the end of relevant assessment year in the books of accounts of...

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