"May, 2013" Archive - Page 11

Commission paid to related parties for services rendered by them is allowable expenditure

Commissioner of Income Tax- III Vs Naval Technoplash Industries Ltd (Gujarat High Court at Ahmedabad)

Such conclusions of the Commissioner (Appeals) were confirmed by the Tribunal in the impugned judgment. Here also we notice that the observations of the Commissioner (Appeals), as confirmed by the Tribunal, are based on appreciation of evidence and material on record. When two authorities found on facts that no interest bearing funds were...

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Stridhan of a lady seized from her ex-husband’s premises during search must be handed over to her

Renuka R Modi Vs Assistant Commissioner of Income Tax & 2 (Gujarat High Court at Ahmdabad)

The Income Tax Department shall handover the gold jewellery seized by them from the respondent No.2 during the search operation on 25th November, 1988, to the petitioner. This shall be done upon the petitioner approaching the respondent No.1 on 15th October, 2012, between 11.00 to 12.00 hours noon. Such authority shall after verifying the...

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Tax Audit in Income-Tax Act-Monopoly of Authority Causing Hurdle for Voluntary Compliance

In India, Institute of Company Secretaries of India, Institute of Cost Accountants of India, Institute of Chartered Accountants of India and Bar Council of India are the four professional bodies passed by an Act of Parliament, whose members are engaged in the line of tax practice. They should shed off their own narrow mindedness and [&hel...

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Posted Under: Income Tax |

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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