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Archive: 03 July 2015

Posts in 03 July 2015

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7170 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Competition Commission of India (CCI) Amends its Combination Regulations

July 3, 2015 528 Views 0 comment Print

Competition Commission of India (CCI) Amends its Combination Regulations; The Proposed Amendments Provide Flexibility to Parties Regarding Signing of the Notice; Form-I Required to be Filed for Notifying Combination Revised As part of its ongoing and regular efforts to make M&A filing requirements simpler and readily acceptable to various stakeholders, the Competition Commission of India […]

Payment for rights to use know-how and technology without ownership is revenue expenditure

July 3, 2015 486 Views 0 comment Print

As the only rights to use the know-how and the technology has been granted to the assessee not the ownership of the know-how has been transferred .The ultimate ownership remains with the Honda Motorcycle company Limited.

TDS on payment to doctors working in hospital under section 192 or 194J?

July 3, 2015 21728 Views 0 comment Print

The hospital had hired the doctors i.e professionals for their expertise, experience, and skill in the profession and requests them to be associated with the hospital, then their engagement cannot be said to be of employer-employee relationship.

Unabsorbed depreciation can be set off against capital gain from sale of depreciable asset

July 3, 2015 23132 Views 0 comment Print

Hon’ble High Court relied on the decision of Cocanada reported in 57 ITR 306 and Sasoon V/s CIT in which it was held that carry forward unabsorbed depreciation can be set off against the capital gain from sale of depreciable asset.

Customization of electronic data amounts to manufacture for claiming exemption u/s 10B

July 3, 2015 520 Views 0 comment Print

The assessee’s effort of collection, designing, layout, refining the photographs to make the book ready to print out is manufacturing and the same is also exported outside India so exemption u/s 10B cannot be denied.

Section 158B – Initiation of Block Assessment without Valid satisfaction is invalid

July 3, 2015 561 Views 0 comment Print

Hon’ble High Court is of the opinion that the note written by the AO lacks satisfaction as required u/s 158BD.In other words there is lack of the satisfaction of the AO that there is material that the respondent assessee had undisclosed income.

Exemption u/s 11 cannot be denied on giving interest free loan and renting of property

July 3, 2015 6810 Views 0 comment Print

Interest free loan given by the assessee society to another society with identical object cannot be treated as investment or deposit in which event there is no violation of section 13(1)(d) row’s. 11(5) of the Act.

Ground of ill health without any cogent material for condonation of delay not sustainable

July 3, 2015 3434 Views 0 comment Print

Tribunal held that the explanation regarding the illness of husband offered by one of the assessee Mrs P.S Rajeshwari was untenable.The tribunal further pointed out that plea of illness between November,2010 and November 2013 and sudden regaining of health was not supported by evidence.

Filing of Appeals on merits- Observations of Courts – reg.

July 3, 2015 744 Views 0 comment Print

It has been noted that despite several instructions on the subject, necessary due diligence and caution is not being exercised while granting authorization for filing of appeals. Several court decisions have been noted where courts have taken an adverse view against the Department. A few such decisions are:

Initiation of penalty u/s 272A(2)(k) starts from date of issuance of notice

July 3, 2015 12096 Views 0 comment Print

Issuing notice is a statutory requirement of initiating of penalty as to intimate the assessee about such initiation and to give him an opportunity of being heard. Under the act power are conferred on income-tax authorities to initiate any proceeding and to initiate notice.

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