"26 August 2015" Archive

Service of Assessment order by hand delivery to kitchen boy of assessee company is bad service – SC

Saral Wire Craft P. Ltd. Vs Commissioner of CE & ST (Supreme Court of India)

The Hon’ble Supreme Court in the case of Saral Wire Craft P. Ltd. held that where the law provided a manner of doing certain thing then the same to be done in that manner only. The execution deviating the prescribed manner is of no cure....

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Services of non-resident agent facilitating fulfillment of export obligations are not in nature of technical services

CIT Vs M/s Orient Express (Madras High Court)

The Hon'ble Madras High Court in the case of CIT vs. M/s Orient Express held that services of non-resident agent facilitating the completion of export obligations cannot be termed as technical services provided in India because such services are not provided for the purposes of running of the business of the assessee in India....

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Agents not working exclusively for assessee and having no power to conclude contracts are not dependent agents

Director of Income Tax Vs B4U International Holdings Ltd. (Bombay High Court)

The Hon’ble Bombay High Court in the case of B4U International Holdings held that the agents of the foreign company if not exclusively working for assessee and they are not decision makers with no power of concluding contracts and as such their activities being incidental in nature....

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When interest was converted into loan or borrowing/advance, it shall not be deemed to have been actually paid

Rollatainers Ltd. Vs ACIT (ITAT Delhi)

In the cited case, ITAT inter-alia held in the light of the main provisions of section 43B read with Explanations 3C and 3D that the interest payable to banks and other financial institutions can be allowed as deduction only ‘if such interest has been actually paid...

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Mere non-production of proof for dispatch of documents does not entail disallowance

Malineni Babulu (HUF) Vs ITO (ITAT Hyderabad)

In the cited case, ITAT inter-alia held that the appellant failed to produce proof in support of dispatch of Form 15H to the CIT, this by itself does not entail any addition. It was only technical breach of law and the act provides for separate penal provisions for such default....

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ALP not to be computed if transaction is not with associated enterprise

Price Waterhouse & Anr. Vs Commissioner of Income Tax (Calcutta High Court)

In the case of Price Waterhouse & Anr. Vs CIT, Calcutta High Court through an interim order opined that if there was no relevant material in the hands of the Income Tax authorities with which it has come to an incontrovertible conclusion that the writ petitioner no.1 was an 'associated enterprise' ...

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Rebate u/s 88E is allowable from the business income be it speculative or not

DCIT Vs M/s. Envision Investment & Finance Pvt. Ltd. (ITAT Mumbai)

In the cited case, ITAT inter-alia held that the claim has been denied merely because the AO has treated the transaction as speculative loss. This cannot be any reason for declining the claim of rebate u/s. 88E of the Act as the claim is allowable from the business income be it speculative or not....

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Onus on assesse to prove true identity of an investor, its creditworthiness and genuineness of a transaction

CIT, Central Vs Anshika Consultants Pvt. Ltd. (Delhi High Court)

In the cited case, Delhi High Court held that had the AO cared, the identity of the investors, the genuineness of the transaction and the creditworthiness of the share applicants would have been apparent. Even otherwise...

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FTP -Board of Approval can extend Letter of Permission of existing EOUs

Public Notice No. 31/2015-20 26/08/2015

An enabling provision has been incorporated in paragraph (7) of Appendix 6-B of Appendices and Aayat Niryat Forms of FTP 2015-20 so as to enable the Board of Approval to consider and decide the cases for extension of Letter of Permission of existing EOUs....

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Procedure for filing applications under MEIS & SEIS by units located in SEZs and EOUs

Public Notice No. 30/2015-20 26/08/2015

Importer Exporter Code(IEC) holders having units in SEZs /EOUs shall apply to the concerned Development Commissioner of Special Economic Zones (SEZs) given in appendix 1A for availing benefit under Merchandise Exports from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) provided in FTP 2015-2020....

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