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 Order under Income Tax Appellate Tribunal Rules 1963 and […]
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.
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?
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 Agreement Scheme (Rules 10F […]
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.
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.
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.
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.
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 partnership firm, having shares of 40%, 40% and 20% respectively.
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 the appellant, I am inclined to agree with the contentions of the Ld. A.R. Accordingly, addition of Rs. 1,36,76,461/- made by the A. 0. u/s 41(1) is ordered to be deleted. This ground of appeal is allowed.
