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Archive: 17 November 2015

Posts in 17 November 2015

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

May 15, 2024 7203 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.

SCN cannot be issued to debtors until tax liability crystallise – HC

November 17, 2015 2020 Views 0 comment Print

The Petitioner is carrying on business of fabrication and erection of plants, structures etc. The Petitioner undertakes the projects on turn key basis as well as on work contract basis. The Petitioner has been registered as an assessee with the Service Tax Department since 2008.

Processes carried on imported gensets resulting into creation of functional and more operational product Power Pack would constitute manufacture

November 17, 2015 283 Views 0 comment Print

The CESTAT Ahmedabad in the case of M/s Quippo Energy Private Ltd. vs. Commissioner of CE & ST held that the activities carried on by the assessee on imported gensets results into existence of a more functional & operational product catering the needs of industrial consumers

Notice u/s 153C invalid if no satisfaction been recorded by Assessing Officer

November 17, 2015 665 Views 0 comment Print

ITAT-Ahmedabad In the case of M/s Shiv Associates v DCIT quashed the notice u/s 153C relying on the Judgment of the similar case related to the assessee in which the notices u/s 153C were quashed as no satisfaction was recorded by the AO.

Mutual Transactions can’t come under section 2(22)(e)

November 17, 2015 1712 Views 0 comment Print

ITAT Kolkata held in case of ITO v Smt. Gayatri Chakroborty that where the transactions are mutual in nature or there is benefit or no benefit to each other, then these kind of transactions will not come under the purview of section 2(22)(e).

Without any supporting material A.O. cannot substitute market value

November 17, 2015 388 Views 0 comment Print

ITAT Mumbai held in the case of DCIT v. Rama Capital and Financial Services Ltd. that without any substantive ground reopening cannot be done on the basis of change of opinion. It Further held that without any supporting material, the A.O. cannot substitute market value.

Principal of Consistency should be followed on principal laid down in case of Assessee’s Sister Concern

November 17, 2015 758 Views 0 comment Print

ITAT Mumbai held In the case of DCIT v. The Indian Hotels Co. Pvt. Ltd. that principle of consistency should be followed when there were similar issues and the similar principal was laid down in the case of Assessee’s Sister Concern.

Penalty Proceedings can’t be initiated without any corroborative evidence

November 17, 2015 1907 Views 0 comment Print

In the Case of the Dasrathbhai Narandas Patel v ITO, ITAT-Ahmedabad held that the assessment Proceedings are completely different from Penalty Proceedings and before initiating the penalty proceedings there should be some convincing and corroborative evidence.

No set-off of business losses of non 10A units while computing deduction u/s 10A

November 17, 2015 718 Views 0 comment Print

ITAT Bangalore held In the case of DCIT vs. M/s. Makino India Pvt. Ltd. that the relief under Section 10A is in the nature of exemption even though termed as deduction. The profits from such 10A units are neither subject to the charge of income tax nor includible in total income.

Reopening u/s 263 justified in case AO ignored the fact that assessee shown business income while he cease to be in business by letting out his entire factory premises

November 17, 2015 691 Views 0 comment Print

ITAT Pune held In the case of M/s Jagdamba Sahakari Sakhar Karkhana Ltd. vs. CIT that it is not justified to show the rental income from the leasing out of its entire factory premises and industrial unit as income from business & profession as the assessee has not carried out any business

Depreciation is allowed while calculating exemption u/s 11 in absence of any specific exclusion

November 17, 2015 1525 Views 0 comment Print

ITAT Delhi held In the case of ITO (E) vs. M/s Calorex Foundation that application of income is not computation of income and the provisions of application of income would come into play after only the income chargeable to tax is determined

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