"February, 2016" Archive - Page 10

Current Indirect Tax Litigation – A Nightmare for Assessee

With budget session being round the corner and it being susceptible to both national and international scrutiny, the need for streamlining adjudication machinery for Customs, Central Excise and Service Tax matters has become extremely important. Tax litigations are a natural consequence of growing economy. However, complexities of taxatio...

Read More

E-Commerce: Poised For A Massive Growth Only If…

Various e-commerce companies including the likes of Uber, Makemytrip, Zo Rooms etc are engaged in commercial transactions over the Internet. Customers transact in millions of rupees on these e-platforms where goods (i.e., merchandise) and services (i.e. digital products including travel, tickets, hotels etc) are conveniently bought and so...

Read More
Posted Under: Service Tax |

GAAR or BEPS, What would be India’s right choice?

General Anti Avoidance Rule (GAAR) v. Base Erosion & Profit Shifting (BEPS) or both: what is India’s right choice? With India’s commitment to implement most of the recommendations of the final reports of Organization for Economic Cooperation and Development’ (OECD) BEPS Action Plans, and at the same time ensure simplification as...

Read More
Posted Under: Service Tax |

CBI arrests ITO and CA in bribery case

The Central Bureau of Investigation has arrested an Income Tax Officer, Ward 58(3), D Block, Vikas Bhawan, New Delhi and a Chartered Accountant for demanding and accepting an alleged bribe of Rs. 3.5 lakh from the complainant....

Read More
Posted Under: Service Tax | ,

Analysis of Section 53A of Transfer of Property Act, 1882

The Transfer of Property Act, 1982 came into force on the 1st July, 1882. In the first instance it extends to whole India, except some states at the time of independent of India. Section 5 defines transfer of property means an act by which a living person conveys property, in present or in future, to one or more other living persons, or t...

Read More

S.154 AO cannot refuse rectification for mistake attributed to assessee

ACIT Vs Rupam Impex (ITAT Ahmedabad)

ITAT Ahmedabad held In the case of ACIT vs. Rupam Impex that the AO has justified the mistake on record on the ground that it is attributed to the assessee. The income tax proceedings are not adversarial proceedings....

Read More

S. 12AA Deemed registration effective after 6 month from application

CIT Vs Society For The Promn. Of Edn (Supreme Court of India)

Registration of the application under Section 12AA of the Income Tax Act in the case of the assessee shall take effect from 24.08.2003 i.e. post 6 months from the date of application for registration. ...

Read More

Mere change in head of income not attracts concealment penalty

CIT Vs Shri. Hiralal Doshi (Bombay High Court)

it was held that where complete disclosure of income had been made in the return of income and head of the income undergoes a change at the hands of the Assessing Officer would not by itself justify the imposition of penalty under Section 271(1) (c)....

Read More

Extended limitation period on issues interpreted differently by different courts

M/s. Aarti Industries Ltd. Vs CCE (CESTAT Mumbai)

The CESTAT Mumbai in the case of M/s Aarti Industries Ltd. vs. CCEx, Thane held that wrong availment of Cenvat credit cannot be said to a willful attempt of suppression with the intent to evade the payment of duty when the matter has been interpreted in different manner by different tribunals and courts....

Read More

Utilisation of Accumulated Cenvat credit as on 10.09.2004

Arbes Tools Pvt. Ltd. Vs CCE (CESTAT Mumbai)

The CESTAT Mumbai in the case of Arbes Tools Pvt. Ltd. vs. CCExheld that as per Rule 11(1) of the Cenvat Credit Rules, 2004 read with Notification 23/2004-CE, the amount of credit earned by the manufacturer under Cenvat Credit Rules, 2002, which existed prior to 10.9.2004, can be utilized by them as per transitional rule 11 of the new Cen...

Read More