"21 May 2017" Archive

Arbitrator cannot Lift Corporate Veil: Delhi HC

Sudhir Gopi Vs Indira Gandi National Open Univercity and ANR. (Delhi High Court)

Decision of the arbitral tribunal to pierce the corporate veil is fundamentally flawed. It falls foul of the fundamental policy of Indian law that recognises that a company is an independent juristic person....

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No Benefit under IDS 2016 if Search initiated after launching of scheme

Surendra Pal Singh Sahni Vs The Director General of Income Tax (Rajasthan High Court)

Court be very slow in interpreting the statutes where intention legislature is to curb the evasion of tax. This is a peculiar where the Government has granted the benefit under the only to the persons who are not covered under Section and other proceedings....

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Salary denial for not opening Salary a/c with employers bank is illegal

T.M.Dinesh Kumar Vs Malabar Cancer Centre Socity (Kerala High Court)

Petitioners insist that they should get salary through the existing account with the SBI itself without insisting them to open accounts with the IDBI. Therefore, denial of salary to the petitioners on the ground that they did not open account with IDBI bank is illegal....

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GST- Composite Supply Vs Mixed Supply

A new concept of supplying the goods together has been introduced in GST regime which will cover supplies made together irrespective of the fact whether they are related or not. Though the concept of bundled services was there under Service Tax Law which is similar to composite supply but the concept of mixed supply is totally […]...

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Posted Under: Income Tax |

Section 50C applicable on sale value of depreciable asset

M/s. Abhideep Chemicals Vs PR CIT-14 (ITAT Mumbai)

Section 50C is a measure provided to bridge the gap as it was found that the assessee were not correctly declaring the full value of consideration or in other words resorting to the practice of under valuation. Further, the decision of Special Bench in the case of ITO vs. United Marines Academy (supra) has made it clear that section 50C w...

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Bogus share capital: AO must scrutinise documents produced by assessee, addition cannot be done merely on report of investigation wing

Pr. Commissionr of Income Tax Vs. Laxman Industrial Resources Pvt. Ltd. (Delhi High Court)

The Income Tax Appellate Tribunal’s (ITAT) order upholding the Appellate Commissioner’s opinion that the additions made in the course of reassessments were unsustainable, were challenged by the Revenue. The reassessment notice was issued to the assessee for AY 2002- 03 on the ground that information received from the Investigation Win...

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No TDS On Salaries Reimbursed Under Secondment Agreement

Director of Income Tax Vs M/s. Marks & Spencer Reliance India Pvt. Ltd. (Bombay High Court)

1] We have heard Mr. Pinto appearing on behalf of Revenue in support of this appeal. 2] In paragraphs 4.1 and 4.2 of this memo of appeal, the Revenue says that the facts are as under:- “4.1 The Assessing Officer, from the records noted that the Respondent Company had made payment of a sum of […]...

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Director of Visakhapatnam hotel arrested for failure to pay Service Tax

Managing Director of a popular hotel of Visakhapatnam was arrested and remanded to judicial custody today for the failure to remit to the government an amount of Rs. 3 crores of service tax which was collected during the years 2011-16....

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Posted Under: Income Tax |

GST Rate Card for Services

Right after the GST rates for goods, another meeting held on May 19, 2017 at Srinagar, Jammu & Kashmir, headed by Finance Minister Arun Jaitley, approved the GST rates for services. The rates for services were finalised the four- slab structure i.e. 5%, 12%, 18%, 28%. A larger number of fast- food joints, which are […]...

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Posted Under: Income Tax | ,

EVM Hack Challenge by Election Commission of India

EVMs can be opened and only visually inspected during Challenge-II as this is allowed during First Level Check (FLC). However, EVMs cannot be opened during Challenge- I as EVMs are always kept sealed after the Poll till counting in actual poll scenario....

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Posted Under: Income Tax |

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July 2021