"24 October 2015" Archive

Arrest Limit increased in case of outright smuggling or mis-declaration of baggage

In cases of outright smuggling or mis-declaration of baggage, the limits regarding value of offending goods have been revised from Rs. 5 lakh to Rs. 20 lakh. As in the past, there shall be no lower limit for arrest and prosecution in the cases of smuggling of fake Indian currency notes, arms, ammunitions and explosives and endangered spec...

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Posted Under: Custom Duty |

YOGA is now Tax Free Service – Baba Ramdev must be delighted!!

In a welcome move to promote YOGA, the Central Government has exempted the activities relating to ‘advancement of yoga’ from the levy of service tax. The definition of ‘charitable activity’ contained in mega exemption notification no. 25/2012-ST dated 20-06-2012 has been amended by Notification No. 20/2015-ST dated...

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Posted Under: Custom Duty |

AO not permitted to make additions in respect of already concluded assessments, where no adverse materials found during search

Shri Uday C Tamhankar Vs DCIT (ITAT Mumbai)

Mumbai ITAT held In the case of Shri Uday C Tamhankar that the submission of assessee that the assessment years up to 2006-07 falls in the category of concluded assessments, i.e., assessments of those years were not pending on the date of initiation of search is a valid submission....

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No Penalty u/s 271(1)(c) on debatable issues, estimations, change in accounting method / income Head & preponment of taxable income

M/s Parinee Developers Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Mumbai ITAT held In the case of M/s Parinee Developers Pvt. Ltd. vs. ACIT that the concealment penalty levied by the CIT (A) in this case is on the issues which are not free from debate. In our opinion, the assessee would have got relief in most of issues relating to additions based on the estimations...

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Comparable Selected in TP study should be functionally same & not necessarily to be identical

CIT Vs M/s DSM Anti Infectives India Ltd. (Punjab & Haryana High Court)

Punjab & Haryana High Court held In the case of CIT vs. M/s DSM Anti Infectives India Ltd. that the filter used by the TPO while selecting comparable is to select companies who are using Penicillin-G as raw material irrespective of the extent of usage of the same. ...

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Gross receipts will not include service tax while calculating presumptive income u/s 44BB

Director of Income Tax & Principal CIT Vs Mitchell Drilling International Pvt. Ltd. (Delhi High Court)

Delhi High Court held In the case of Director of Income Tax & Principal CIT vs. Mitchell Drilling International Pvt. Ltd. that the service tax is not an amount paid or payable, or received or deemed to be received by the Assessee for the services rendered by it....

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Reversal of excess provision for doubtful debts deductible in book profit calculation

CIT Vs M/s Himachal Pradesh State Industrial Development Corporation Ltd. (Himachal Pradesh High Court)

High Court in the case of CIT vs. M/s Himachal Pradesh State Industrial Development Corporation Ltd. held that the excess provision for bad and doubtful debts written back by way of credit to Profit and Loss A/c is deductible while arriving at the book profits....

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Rejection of books of account for non maintainability of stock register is valid: HC

Harish Ahuja Vs CIT (Punjab & Haryana High Court)

Punjab & Haryana High Court held In the case of Harish Ahuja vs. CIT that in this case AO was not in position to verify the proper Gross profit rate because the assessee has not maintained the stock register....

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Sec 80IB- Workers need to be employed for substantial period of time to satisfy minimum workers criteria

CIT Vs M/s Indus Cosmeceuticals (Himachal Pradesh High Court)

Himachal Pradesh High Court in the case of CIT vs. M/s Indus Cosmeceuticals held that the condition of employing atleast 10 workers as required to be complied with for claiming deduction u/s 80IB cannot be deemed to have complied by employing workers for a small part of year. ...

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