"03 July 2015" Archive

Competition Commission of India (CCI) Amends its Combination Regulations

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 var...

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Posted Under: Corporate Law |

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

Commissioner of Income Tax Vs Hero Honda Motors Limited (Delhi High Court)

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....

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

The Commissioner of Income Tax Vs Grant Medical Foundation (Bombay High Court)

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. ...

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

M/s. Southern Travels Vs The Assistant Commissioner (Madras High Court)

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. ...

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

Commissioner Of Income Tax Vs Ms. Kiran Kapoor (Delhi High Court)

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....

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

The Commissioner of Income Tax Vs Manoj Bansal (Delhi High Court)

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. ...

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

St. Joseph's Technical School Vs Asst. DIT(E) (ITAT Mumbai)

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....

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

Mrs. P. S. Rajeswari Vs Assistant Commissioner Of Income Tax (Madras High Court)

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. ...

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

279/M-88/2014-ITJ 03/07/2015

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:...

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

Modipon Ltd. Vs. Addl. CIT (TDS) (ITAT Delhi)

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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