"25 February 2018" Archive

Rate the Budget on Your Own (Income Tax)

This article would contain major amendments proposed vide union Budget 2018 along with the impact of the same on Taxpayer/citizen as well as revenue to the govt /remarks & one more column would be for rating of the amendment. You would have to invest 20 minutes in order to gain yourself an understanding of the budget proposal related to ...

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Posted Under: Income Tax |

Assessment U/s. 153C in absence of incriminating material is bad in law

Nova Iron & Steel Ltd. Vs. DCIT (ITAT Delhi)

Where books of account and other documents belonging to other person, i.e., the assessee as recovered from searched party did not indicate receipt of unaccounted money by the assessee, such books and documents could not be considered as incriminating material for initiation of proceedings under section 153C against the assessee....

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Pre-commencement Interest on advances to contractors is capital receipt

I.T.O Vs. M/s Kolkata Metro Rail Corpn. Ltd. (ITAT Kolkata)

Where the assessee had earned interest on advance paid to contractors during pre- commencement period was found to be 'inextricably linked' to the setting up of the plant of the assessee and hence was held to be a capital receipt which was permitted to be set off against pre- operative expenses....

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Payment for Acquiring Mining Rights is Capital Expenditure

Asst. Commissioner of Income-tax Vs. Shri K.R.Kaviraj (ITAT Bangalore)

ACIT Vs. Shri K.R. Kaviraj (ITAT Bangalore) In the light of the judgment of the Honorable Supreme Court in the case of Aditya Minerals Pvt. Ltd. (239 ITR 817) the impugned payment made for acquiring mining rights is capital expenditure and cannot be allowed as revenue expenditure. The reliance placed by the ld.CIT(A) on the […]...

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Registration U/s. 12A/ 12AA can be denied to Trust not applying its income for Charity

Norka Roots Vs. The Commissioner Of Income Tax (Kerala High Court)

Norka Roots Vs. CIT (Kerala High Court) As per Section 12AA of the Income Tax Act, the Commissioner is empowered to call for documents or information from the assessee, which are necessary to satisfy the authority about the genuineness of the activities of the institution. The Division Bench of this Court had also directed that […]...

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Payment of Royalty, license fee etc. as a condition of import of goods forms part of Assessable Value

M/s Fujitsu Ten India Pvt. Ltd. Vs. Commissioner of Customs (CESTAT Delhi)

Rule 10(1)(e) of the Valuation Rules stipulates that all other payments actually made are to be made as a condition of sale of the imported goods by the buyer to the seller or by the buyer to the third party to satisfy and obligation of the seller to the extent that such payments are not included in the price actually paid or payable, sh...

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No Service tax on construction of Era business school & hostel for NIT Calicut

M/s. Era Infra Engg. Pvt. Ltd. Vs. CST (CESTAT Delhi)

Ld. Counsel for the appellant submits that the projects in question are not commercial in nature as Era Business School is an educational institution recognized by AICTE and awarding degrees/diploma recognized by law. It is his further submission that National Automative Testing Center is for testing the vehicles for homologation which is...

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No penalty for non offering LTCG to Tax due to ignorance of law

Sri Sachindra Nath Kayal Vs. ITO Warrd-23(1) (ITAT Kolkata)

Sri Sachindra Nath Kayal Vs. ITO (ITAT Kolkata) It undisputed fact that assessee has earned LTCG which was not offered to tax. It is also undisputed that the disclosure of the same made in balance-sheet of the assessee. Thus, we note that non- offering of LTCG to the tax was not deliberate. It was out […]...

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Royalty for use of Dabur brand by Overseas Subsidiary is an international transaction and TP Adjustment can be applied

Dabur India Ltd. Vs. Pr. Commissioner of Income Tax- III (Delhi High Court)

A two-Judge Bench of the Delhi High Court in Dabur India Ltd. vs. Pr. Commissioner of Income Tax held that Transfer Pricing adjustment is applicable to overseas subsidiary despite of receiving any royalty. ...

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VAT Scrutiny in Kerala- Guidelines for planning collection of Data

The Government has given instructions to complete the back log VAT works and ensure improved revenue performance. The Department has developed the SCRUTINY MODULE to do the scrutiny and assessments efficiently as per the law, without any errors....

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Posted Under: Income Tax |

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