"13 May 2017" Archive

ITAT on TP adjustment on account of Compensation for deemed brand development

Hyundai Motor India Limited Vs Deputy Commissioner of Income Tax LTU- II (ITAT Chennai)

The first question that we need to decide is whether the benefit accruing to the HMC Korea, as a result of increased brand value due to sale of Hyundai cars in India by the assessee company, constitutes an international transaction....

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Redemption fine of 10% & penalty of 5% of value of goods is sufficient punishment to importer

Sai International Vs Shri S.S Garg (CESTAT Bangalore)

Issue of imposition of redemption fine and penalty has been settled and now various Benches of the Tribunal have consistently held that the redemption fine of 10% of the value of the goods and penalty of 5% of the value of the goods is sufficient punishment to the importer. Therefore, following the ratios of various […]...

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CA guilty of Professional Misconduct for giving forged challan copies

Council of the Institute of Chartered Accountants of India Vs Shri D.K.Agrawal (Allahabad High Court)

This Reference, under Section 21 (5) of Chartered Accountants Act, 1949 (hereinafter referred to as “Act, 1949”), has been received in this Court, sent by Council of Institute of Chartered Accountants of India (hereinafter referred to as “ICAI”) in the matter of D.K.Agrawal, FCA of M/s Dinesh K. Agrawal & Co., Chartered Accountant...

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Section 11AC: No Interest / Penalty on value of goods escalated by buyer retrospectively

CCE Vs. Minda Industries Ltd. (CESTAT Mumbai)

The fact of the case is that the respondent had cleared their finished goods to their customer by valuing the goods on the basis of purchase order placed by them by their customers. However, consequent upon price escalation, their customers amended the purchase order and revised the price of the goods on the higher side with retrospective...

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Delhi HC allows IT exemption to VHP for ban period post Babri Masjid Demolition

Director of Income Tax Vs Vishwa Hindu Parishad (Delhi High Court)

The division bench of the Delhi High Court confirmed the Income Tax exemption granted to the Viswa Hindu Parishad (VHP) for the period in which they were banned by the government under UAP Act....

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Allow exporters to pay GST on transactions through e-currency: FIEO

 FIEO Press Release on GST In the background of the forthcoming GST being introduced soon in the country, Shri Ganesh Kumar Gupta, President, Federation of Indian Export Organisations(FIEO) accompanied by Shri Nari Kalwani Regional Chairman and other Managing Committee Members of FIEO (Eastern Region) called on Dr Amit Mitra, Hon’ble M...

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Posted Under: Income Tax |

No TDS to be deducted on Export Commission by Hero Motors to HMCL

Commissioner Of Income Tax- IV Vs Hero Motocorp Limited (Delhi High Court)

In CIT Vs. Hero Motor corp Ltd, the Delhi High Court held that the payment of export commission made by the Hero Motors to Honda Motor Co. Ltd (HMCL) was not in the nature of payment of royalty or fee for technical services attracting dis allowance under Section 40 (a) (i) of the Income Tax Act....

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TP: When Resale Price Method can be used with respect to related parties

Zee Entertainment Enterprises Ltd Vs The Addl Commissioner of Income Tax (ITAT Mumbai)

Transfer Pricing Officer has selected RPM as most appropriate method for determining the arm's length price of the transaction of sale of programmes and film rights to ATL in contrast to the TNM method selected by the assessee. The first controversy is as to whether the Transfer Pricing Officer was justified in selecting the RPM as most a...

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Stricture against HC in Lalu Yadav case for inconsistent decision-making

State of Jharkhand Through SP, CBI Vs Lalu Prasad @ Lalu Prasad (Supreme Court of India)

Such inconsistent decision-making ought to have been avoided at all costs so as to ensure credibility of the system. The impugned orders are palpably illegal, faulty and contrary to the basic principles of law and Judge has ignored large number of binding decisions of this Court while giving impermissible benefit to the accused persons an...

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HC on non-striking off of irrelevant clause in Section 271(1)(c) penalty SCN

Meherjee Cassinath Holdings Private Limited Vs ACIT (ITAT Mumbai)

In the notice issued u/s 274 r.w.s. 271(1)(c) of the Act of even date, both the limbs of Sec. 271(1)(c) of the Act are reproduced in the proforma notice and the irrelevant clause has not been struck-off...

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August 2021