"28 January 2016" Archive - Page 2

Supply Of Goods And Services Under GST

Implementation of 'Goods and Service Tax' (GST) is a dream project for recent and earlier governments. The business fraternity and all stakeholders in national economy wish that it will be implemented as soon as possible. GST will benefit all stakeholders and end users providing simple and hassle free way of taxation. Gone are the days wh...

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Widening Scope of Scrutiny Through Selection of Cases On the Basic of AIR

We all are aware about the Scrutiny Proceedings in the case of ITR which is usually a trauma for each and every person. Now-a-days, CBDT has given instructions to select the cases for scrutiny on the basis of some specific transactions if entered in by any person. Regarding these transaction Income Tax Department (ITD) is collecting the d...

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Assessment in the name of non-existent entity is void ab initio

Sapient Consulting Limited Vs DCIT (ITAT Delhi)

In the Case of Sapient Consulting Limited vs. DCIT, ITAT Delhi relying upon the order of Jurisdictional High Court held that framing the assessment in the name of non-existent entity is not a procedural irregularity curable u/s 292B of the Act or under any other provision of the Act but it is a jurisdictional defect and hence any order pa...

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Actual date of transfer relevant for benefit u/s 54 if possession been given before ‘Sale Deed’

Smt. Shashi Gupta Vs I.T.O (ITAT Delhi)

In the case of Shashi Gupta vs. ITO, the Delhi Tribunal while considering the effective date of transfer of immovable property for the purpose of taking benefit of time limit specified u/s 54 of the Act considered the date of ‘agreement to sell’ of an immovable property as effective date of transfer of property...

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Commitment charges paid towards foreclosure of business agreement are allowable u/s 37

D.C.I.T. Vs Autoline Industries Ltd (ITAT Pune)

In the case of D.C.I.T. vs Autoline Industries Ltd, Pune Tribunal held that foreign exchange cover taken by the assessee from DBS Bank was in order to prevent itself from future currency rate fluctuations. Later, it had to close its agreement with DBS Bank in view of the offer made by the principal lender i.e. Citi Bank....

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Expenditure on research is revenue nature if no new product develops, irrespective of treatment in books

D.C.I.T. Vs Autoline Industries Ltd (ITAT Pune)

In the case of D.C.I.T. vs Autoline Industries Ltd, Pune Tribunal on the issue whether a particular expenditure is of nature of capital or revenue held that the law on the issue is that the accounting treatment given by the assessee in its books of account is not determinative whether or not the expenditure is allowable as a deduction. ...

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Exclusive Method’ of accounting is valid in absence of any notified standard by Department

A.C.I.T. Vs Kiran Industries Pvt Ltd. (ITAT Ahmedabad)

In A.C.I.T. vs. Kiran Industries Pvt Ltd, the Ahmedabad Tribunal following its co-ordinate bench decision and relying upon the decision of Hon’ble High Court (T&AP) held that excise duty component need not to be included in valuation of inventory if the assessee is following exclusive method of accounting....

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Business income to be computed according to books of accounts if not rejected

D.C.I.T. Vs Shree Hari Agro Industries Ltd (ITAT Kolkata)

In the case of Shree Hari Agro Industries Ltd. Vs. DCIT, the Kolkata Tribunal on the issue of disallowance of alleged excess consumption claim of chemical ‘Hexane’ held that The AO has to compute income from business according to the books of accounts of the Assessee....

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Custom valuation Rule 4 will not apply if Import is without monetary consideration: SC

M/s GMR Energy Ltd. Vs Commissioner of Customs (Supreme Court of India)

In the Case of M/s GMR Energy Ltd vs. Commissioner of Customs, Bangalore, Hon’ble Supreme Court while dealing with the appeal of the assessee and of the revenue held that Rules 4 and 9 of the Custom Valuation Rules, 1988 would only apply in case imported goods are sold for export to India....

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Onus is on revenue to establish depression of assessable value; Matter Remanded back – SC

Commissioner of Central Excise Vs Hindustan National Glass and Industries Limited (Supreme Court of India)

In the case of Commissioner of Central Excise, Pune V/s. Hindustan National Glass and Industries Limited, it was held that the onus is on the revenue to establish that there has been depression of assessable value and that being the thrust of the matter, liberty is granted to the revenue to produce the documents in this regard to discharg...

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